New York: US stocks mostly fell early Thursday after the Trump administration announced trade tariffs on imported metals, while General Motors shares soared following a big investment in its autonomous driving business.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 24,528.35.
The broad-based S&P 500 dropped 0.3 percent to 2,716.04, while the tech-rich Nasdaq Composite Index added 0.1 percent at 7,470.82.
Trade-war fears were back at the forefront after Commerce Secretary Wilbur Ross said the US would impose steep tariffs on steel and aluminum from Canada, Mexico and the European Union.
The EU is expected to impose retaliatory tariffs on a number of products.
AK Steel rose 3.7 percent while US Steel and Century Aluminum both jumped 5.1 percent.
General Motors surged 10.9 percent after it announced that Japanese telecom giant SoftBank would invest $2.25 billion in GM’s autonomous car program, which is aiming to be commercialized in 2019.
Source: Brecorder
