Market Opens Lower as Investors Eye Fed Decision and New Tariffs

United States markets opened lower on Tuesday, with the Dow Jones Industrial Average dropping 340 points, as investors remained cautious ahead of the Federal Reserve's rate decision. The S&P 500 and Nasdaq 100 also saw declines, with notable losses from Nvidia and Vertex Pharmaceuticals.

Trump Announces New Tariffs on Pharmaceutical Imports

Adding to the market's unease, President Donald Trump revealed plans to impose new tariffs on pharmaceutical imports, with an announcement expected within two weeks. The president also mentioned a potential meeting with film industry leaders to discuss tariffs on foreign-made movies.

Earnings Reports Show Mixed Results

On the earnings front, DoorDash reported a 21% increase in annual revenue for the first quarter, while Rivian and AMD are set to release their quarterly results later in the day.

The euro gained 0.19% against the dollar, trading at 1.13380 by 9:23 am ET.