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    Thursday, June 11
    Stock Market

    S&P 500, Dow, Nasdaq slip with fresh tariffs, Fed minutes in focus

    6 Mins Read


    US stocks opened lower on Wednesday as investors weighed President Trump’s latest 25% tariff salvo and waited for Federal Reserve minutes for insight into future policy.

    The benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) each slipped roughly 2% while the Dow Jones Industrial Average (^DJI) fell 0.3%.

    Markets are caught in wait-and-see mode as they wait for the true impacts of President Trump’s threatened tariffs to show themselves. But stocks have managed to stay broadly upbeat: The S&P 500 (^GSPC) reached a fresh record on Tuesday.

    That suggests stock markets could prove resilient in the face of Trump’s fast-moving trade policy overhaul. Another tariff threat came late on Tuesday, when the president said to expect additional duties on autos, chips, and pharmaceuticals. A flat tariff “in the neighborhood of 25%” would apply to all foreign automakers and start as soon as April 2, he said.

    SNP – Free Realtime Quote USD

    As of 10:54:40 AM EST. Market Open.

    ^GSPC ^DJI ^IXIC

    Investors are meanwhile treading carefully as they count down to Wednesday’s release of minutes from the Fed’s January meeting. The focus is on policymakers’ view of how far Trump’s tariffs could spur inflation, and what that means for the chances of rate cuts. In recent days, Fed officials have reiterated they expect to keep rates on hold while they assess the state of the economy.

    As earnings season winds down, Etsy (ETSY) released results early Wednesday that disappointed investors. Meanwhile, Microsoft (MSFT) and Apple (AAPL) are set to make product announcements later in the day.

    LIVE 11 updates

    • Josh Schafer

      Hims & Hers shares soar 20% on at-home lab testing facility acquisition

      Hims & Hers (HIMS) stock rallied as much as 20% early Wednesday morning after the health and wellness platform said it plans to introduce at-home lab testing through its platform.

      The company will provide the new service through its acquisition of at-home lab testing facility Trybe Labs. The acquisition will allow Hims & Hers to support at home blood draws and comprehensive blood testing.

      Shares of Hims & Hers, which were heavily shorted, have been on a wild ride this year. The stock is now up more than 180% since the start of 2025.

    • Josh Schafer

      Alibaba said to be among potential investors in DeepSeek

      DeepSeek, the operator of an upstart Chinese AI chatbot, may be seeking funding from a Alibaba (BABA, 9988.HK) and Chinese-state affiliated funds, according to a report from The Information.

      The Information noted that Alibaba declined to comment on the report but added that if DeepSeek accepts its funding, that could mark a shift in the Chinese startup’s business model.

      It could lead DeepSeek to “pivot away from a primary focus on research toward building a business that generates meaningful revenue and eventually profits, according to people with knowledge of those discussions,” the Information said.

      Alibaba’s stock, which has rallied nearly 50% this year in part due to AI excitement, was little changed just after the open.

      Read more here.

    • Alexandra Canal

      Stocks open lower

      Stocks opened lower on Wednesday as markets digested Trump’s latest tariff threat and awaited Fed minutes, due later this afternoon.

      The benchmark S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) each slipped roughly 2%, while the Dow Jones Industrial Average (^DJI) fell 0.3%.

      DJI – Free Realtime Quote USD

      As of 10:54:40 AM EST. Market Open.

      ^DJI ^GSPC ^IXIC

    • Josh Schafer

      Electric-vehicle maker Nikola files for bankruptcy

      Nikola (NKLA) filed for bankruptcy Wednesday morning, ending a slow decline for the electric-vehicle maker that was once a retail trader darling.

      The filing ends several embattled years of struggles for the EV car company that came public via a special purpose acquisition company (SPAC) in 2020. In its chapter 11 bankruptcy filing, Nikola listed assets between $500 million and $1 billion, and liabilities between $1 billion and $10 billion.

      Read more here.

    • Etsy stock falls after holiday sales miss

      Etsy (ETSY) shares slid roughly 6% in premarket trading after the online marketplace’s holiday sales fell short of Wall Street estimates.

      Fourth quarter revenue came in at $852.2 million, compared with the $862.8 million expected, as spending on gifts and hand-made goods faltered. It still grew 1.2% fr Q4 a year ago, thanks to strength in Etsy ads, the company said.

      Another key metric — consolidated gross merchandise sales (GMS) — also missed the mark, coming in at $3.74 billion, versus the $3.88 billion expected. GMS indicates the total dollar value of everything sold on Etsy’s platform.

      The downbeat revenue figures eclipsed a profit beat, with earnings per share of $1.03 topping the $0.93 estimated by analysts.

    • Europe stocks retreat as earnings stutter, tariffs loom

      The record-setting rally in European stocks hit a wall on Wednesday as disappointing earnings added to caution over Trump’s plan for tariffs on cars, chips, and drugs.

      The pan-European Stoxx 600 (^STOXX) index pulled back 0.5% after closing at an all-time high on Tuesday. Philips (PHG, PHIA.AS) shares fell over 10% in Amsterdam after the medical gear maker forecast a drop in sales thanks to weak Chinese spending.

      In London, the FTSE 100 index (^FTSE) slid 0.4% as a surprise jump in inflation to its highest level in 10 months dented hopes for interest rate cuts.

      Elsewhere, Germany’s DAX (^GDAXI) sank 0.8%, while the CAC (^FCHI) in Paris retreated 0.7% as concerns about security and trade built amid tariff threats and a warming in US-Russia relations.

    • Trump plans 25% tariffs on autos from early April

      President Trump has turned his tariff bazooka on imports of autos, chips, and pharmaceuticals, vowing late Tuesday to impose additional duties of at least 25%.

      Reuters reports:

      Automakers around the world — including the US — were already facing a risk that Trump’s already announced tariffs on Mexico would hit their plants there. US-listed shares of Stellantis (STLA) slid over 2% in premarket trading on Wednesday, while Toyota (TM) shed 1%. Volkswagen’s (VOW3.DE) pulled back over 2% in Europe.

      Read more on the planned tariffs here.

    • Jenny McCall

      Good morning. Here’s what’s happening today.

    • Asia stocks slump

      Asian markets have slumped, reversing a five-day rally, under pressure from President Donald Trump’s tariff threats and concerns over the sustainability of a $1 trillion rally in Chinese stocks.

      Bloomberg reports:

      Read more here.

    • HSBC beats market expectations on profit, announces share buyback

      HSBC (HSBC) released reports from last quarter Wednesday, with the multinational banking corporation unveiling a 6.6% rise in annual profit — beating market expectations and falling interest rates.

      Reuters reports:

      Read more here.

    • Oil gains as US-Russia peace talks gain traction

      Oil pushed upward Wednesday against the backdrop of the Ukraine-Russia war continuing to cause oil disruptions. Markets are poised for a quick response to the US-Russian peace talks in an evolving situation.

      From Reuters:

      Read more here.



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