Stock Market Today: Stocks Struggle Amid Tariff Uncertainty
Boeing dropped after China suspended new aircraft orders, while Bank of America and Citi climbed on earnings beats.



Stocks struggled for direction during a relatively calm day for the equities market. A round of well-received bank earnings helped lift sentiment for most of the day, but uncertainty surrounding President Donald Trump's tariff plans had markets in the red at the close.
Ahead of the opening bell, several big banks reported first-quarter results, including Bank of America (BAC). The financial stock jumped 3.7% after the company beat top- and bottom-line estimates.
Citigroup (C, +1.7%) stock also gained ground after earnings. For the three months ending March 31, the financial firm disclosed higher-than-expected earnings of $1.96 per share on revenue of $21.6 billion.
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Similar to several other big banks, the results for Bank of America and Citi were helped by strong trading revenue.
China halts new Boeing aircraft orders
Off the earnings calendar, Boeing (BA) shares tumbled 2.4% after China halted new orders for the company's aircraft.
According to Bloomberg, Beijing has instructed Chinese airlines to not place any new orders with Boeing and to get approval before taking delivery of jets that have already been ordered.
The news prompted a quick response from President Trump, who posted on Truth Social that China "just reneged on the big Boeing deal, saying that they will 'not take possession' of fully committed to aircraft."
Coca-Cola gets upgraded to Buy
Coca-Cola (KO) was another underperforming Dow Jones stock, dropping 0.8% even after CFRA Research analyst Garrett Nelson upgraded shares to Buy from Hold.
"The recent drop in the dollar relative to other major currencies should turn into a material bottom-line tailwind" for Coca-Cola, which generates more than 60% of its total revenue outside of the U.S.," Nelson says.
The analyst also sees the company's Fairlife milk and protein shake brand as "an underappreciated growth driver" and believes Coca-Cola's dividend will add to its total return potential.
Nelson lifted his price target on KO – one of Warren Buffett's favorite stocks and a long-term Berkshire Hathaway holding – to $80 from $68. This represents implied upside of more than 11% to its April 15 close.
As for the main indexes, the Dow Jones Industrial Average closed the day down 0.4% at 40,368, the S&P 500 fell 0.2% to 5,396, and the Nasdaq Composite was 0.05% lower at 16,823.
Retail sales, Powell on deck
First-quarter earnings will continue to be in focus on Wednesday, with United Airlines (UAL) reporting after tonight's close and Travelers (TRV) disclosing its results ahead of tomorrow's open.
The economic calendar is heating up, too, with March retail sales data due out Wednesday morning.
"Following two dismal months to start the year from a consumer spending perspective, tomorrow's retail sales numbers for March are top of mind," says José Torres, senior economist at Interactive Brokers.
"Household outlays represent almost 70% of the U.S. economy and shall last month's figures be another disappointment, then first-quarter gross domestic product (GDP) is probably going to come in negative," he adds.
Investors will also hear from Federal Reserve Chair Jerome Powell, who is scheduled to speak at 1:30 pm Eastern Standard Time.
"Officials have started to acknowledge more volatile conditions in markets, and have indicated the Fed's commitment to ensure smooth market functioning by using their tools if conditions require it," write Deutsche Bank economists in emailed commentary. They expect similar messaging this week.
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With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
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