Market Opens in Red as Investors Brace for Federal Reserve's Rate Decision

The United States markets experienced a downturn at the opening on Tuesday, with the Dow Jones Industrial Average falling by 340 points, a 0.85% decrease. This decline comes as investors remain cautious ahead of the Federal Reserve's imminent rate decision, expected on Wednesday.

Trump Announces New Tariffs on Pharmaceutical Imports

Adding to the market's unease, President Donald Trump revealed plans to introduce new tariff rates on pharmaceutical imports, with an announcement anticipated within the next two weeks. Furthermore, Trump is set to discuss potential tariffs on foreign-made movies in a meeting with film industry leaders.

Earnings Reports Show Mixed Results

On the corporate front, DoorDash reported a significant 21% annual revenue increase for the first quarter. Meanwhile, companies like Rivian and AMD are preparing to release their quarterly results after the market closes.

Key Performers and Currency Movements

Noteworthy declines included Nvidia, which dropped by 2.01%, and Palantir, which saw a 10.03% decrease. The Nasdaq 100 wasn't spared, with Vertex Pharmaceuticals plunging 7.75%. In currency markets, the euro gained 0.19% against the dollar, trading at 1.13380 by 9:23 am ET.