Market Opens in the Red Amid Tariff Speculations

United States markets experienced a shaky start on Tuesday, with the Dow Jones Industrial Average dropping 340 points, a 0.85% decrease, as investors tread cautiously ahead of the Federal Reserve's impending rate decision. The market's unease was further compounded by announcements from the White House regarding new tariffs.

White House Announces New Tariffs on Pharmaceutical Imports

President Donald Trump revealed plans to impose new tariff rates on pharmaceutical imports, with an official announcement expected within the next two weeks. This move has added another layer of uncertainty to an already volatile market.

Earnings Reports and Sector Performances

On the earnings front, DoorDash reported a significant 21% annual revenue increase for the first quarter. Meanwhile, tech giants like Nvidia and Palantir saw their stocks tumble, with Palantir experiencing a sharp 10.03% drop. The Nasdaq 100 wasn't spared either, declining by 1.32%, with Vertex Pharmaceuticals leading the losses.

As the market continues to react to these developments, all eyes are on the Federal Reserve's next move and the potential impact of these new tariffs on the global economy.