US Stocks slipped on Tuesday as the Trump administration reiterated its hard-line stance on trade, washing out solid gains in tech shares. After stocks initially rose as higher rates lifted bank shares. The Dow fell 70 points or -0.26% after rising as much as 73 points. The S&P 500 closed -0.1% lower as losses in utilities off set a rise in energy. The NASDAQ gained +0.2% as Amazon and Apple shares rose. Google-parent Alphabet also climbed on Tuesday.
In politics, President Donald Trump said at the UN General Assemble the U.S. "will no longer tolerate abuse" on trade. "We will not allow our workers to be victimized, our companies to be cheated and our wealth to be plundered and transferred,". Trump's comments came after U.S. Trade Representative Robert Lighthizer said the US was prepared to move ahead on a trade deal with Mexico that excluded Canada. Lighthizer said negotiations with Canada are at an impasse. Shares of Ford and General Motors fell -2.1% and -3.5%, respectively, following Lighthizer's comments.
