Wall Street lost momentum before the opening bell Tuesday after new tariffs were imposed by U.S. President Donald Trump, the Associated Press reports. The declines added to a big selloff Monday. Futures for the S&P 500 and Nasdaq each fell 0.6% in premarket trading, and futures for the Dow Jones Industrial Average slipped 0.3%.
Anxiety over tariffs is also bleeding into the corporate side of the economic equation. Target reported Tuesday that sales and profit in the crucial holiday quarter both fell from a year ago, though they were better than expected. The Minnesota retailer said there will be “meaningful pressure” on its profits to start the year because of tariffs and other costs.
Walgreen’s jumped 4.8% in the early going after The Wall Street Journal reported that the struggling pharmacy chain is in the midst of a deal to go private. Citing unnamed sources, it reported that private-equity firm Sycamore Partners would take the struggling drugstore chain off the public market for around $10 billion and that a deal could be reached as soon as Thursday.
Monday’s loss shaved the S&P 500’s gain since Election Day down to just over 1% from a peak of more than 6%. That rally had been built largely on hopes for policies from Trump that would strengthen the U.S. economy and businesses.
