Market Opens in the Red Amid Tariff Talks

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 scheduled for Wednesday. The market's mood was further influenced by signals from the White House regarding new tariff rates.

Trump Announces New Tariffs on Pharmaceutical Imports

President Donald Trump revealed plans to impose new tariffs on pharmaceutical imports, with an announcement expected within the next two weeks. Additionally, the President is set to meet with film industry leaders to discuss potential tariffs on foreign-made movies.

Earnings Reports Highlight Mixed Results

On the earnings front, DoorDash reported a 21% annual revenue increase in the first quarter, while Rivian and AMD are poised to release their quarterly results after the market closes.

Market Performance Overview

The Dow Jones Industrial Average fell by 0.85%, with Nvidia leading the losses at 2.01%. The S&P 500 and Nasdaq 100 also declined, dropping 0.92% and 1.32% respectively. Notably, Palantir and Vertex Pharmaceuticals saw significant drops.

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