Stock Market Today: Trump Tariff Threats Keep Pressure on Stocks
The president warned of 25% tariffs being levied on automobiles, semiconductor chips and pharmaceutical imports.



Joey Solitro
Stocks were choppy yet again Wednesday as investors weighed President Donald Trump's latest tariff threats and parsed through the minutes from the January Fed meeting. Still, all three indexes closed in positive territory, though gains were limited.
The S&P 500 finished the session up 0.2% at 6,144 – a new record close – the Nasdaq Composite gained 0.07% to 20,056, and the Dow Jones Industrial Average edged 0.2% higher to 44,627.
Speaking to reporters Tuesday, Trump said he plans to levy tariffs "in the neighborhood of 25%" on vehicle imports as soon as April 2, and that he's considering similar taxes on foreign semiconductors and pharmaceuticals. While no timeline was given for the chip and pharmaceutical tariffs, Trump added that these will increase throughout the year.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"The actions reflect a meaningful broadening in potential commerce disruptions and risks sending several export-oriented economies into downturns," says José Torres, senior economist at Interactive Brokers.
Fed minutes signal uncertainty
Meanwhile, the minutes from the latest Federal Open Market Committee (FOMC) meeting showed that central bankers are concerned Trump's tariff policies will slow the disinflation trend.
FOMC participants "continued to note elevated uncertainty regarding the scope, timing, and potential economic effects of possible changes to trade, immigration, fiscal, and regulatory policies," the minutes stated, which creates "difficulty" for officials to assess "the importance of such factors for the baseline projection."
"The minutes of the January FOMC meeting didn't break new ground, but underscored the lack of urgency to ease policy further," says Sal Guatieri, senior economist at BMO Capital Markets. They also revealed that central bankers "are increasingly worried that the inflation risks are tilted to the upside, more recently due to the uncertainty around trade and immigration policies."
Housing starts slump to start 2025
Elsewhere on the economic calendar, data from the Census Bureau showed housing starts declined 9.8% month over month in January to a seasonally adjusted annual rate of 1.37 million. Building permits – a better indicator of future construction – ticked 0.1% higher to a seasonally adjusted annual rate of 1.48 million.
"This decline in housing starts is going to put downward pressure on residential investment during the first quarter of the year and is in line with our view that economic growth during the year will be weaker than in 2024," says Eugenio Alemán, Ph.D., chief economist at Raymond James.
Sherwin-Williams hikes its dividend
In single-stock news, Sherwin-Williams (SHW, -0.3%) raised its quarterly dividend by 10.5% to 79 cents per share. This marks the 47th straight year the paintmaker has hiked its payout, making it one of the best dividend growth stocks around.
And Wall Street is generally upbeat toward the Dow Jones stock (SHW joined the 30-stock index in November). Of the 29 analysts covering Sherwin-Williams tracked by S&P Global Market Intelligence, 11 say it's a Strong Buy, five have it at Buy, 11 call it a Hold and two rate it a Sell or Strong Sell. This works out to a consensus Buy recommendation.
Argus Research analyst Alexandra Yates is one of those with a Buy rating on SHW. Sherwin-Williams is a global leader in the manufacturing, distribution and sale of paints and coatings, and the company "is uniquely positioned" to benefit from higher demand trends over the long term, Yates writes.
Stocks on the move
Etsy (ETSY) stock fell 10.1% after the online marketplace came up short of fourth-quarter revenue expectations.
Toll Brothers (TOL) shares declined 5.9% after the homebuilder missed top- and bottom-line expectations for its first quarter.
Bumble (BMBL) stock plunged 30.3% after the online dating platform beat revenue expectations for its fourth quarter but issued a weak forecast for its first quarter.
Related content
- Earnings Calendar and Analysis for This Week
- Warren Buffett's Biggest Misses
- How Amazon Stock Became a Member of the 100,000% Return Club
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

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.
- Joey SolitroContributor
-
Stock Market Today: S&P 500, Nasdaq Hit New Highs on Retail Sales Revival
Strong consumer spending and solid earnings for AI chipmaker Taiwan Semiconductor Manufacturing boosted the broad market.
-
Higher Summer Costs: Tariffs Fuel Inflation in June
Tariffs Your summer holiday just got more expensive, and tariffs are partially to blame, economists say.
-
Stock Market Today: S&P 500, Nasdaq Hit New Highs on Retail Sales Revival
Strong consumer spending and solid earnings for AI chipmaker Taiwan Semiconductor Manufacturing boosted the broad market.
-
If You'd Put $1,000 Into Berkshire Hathaway Stock 20 Years Ago, Here's What You'd Have Today
Berkshire Hathaway is a long-time market beater, but the easy money in BRK.B has already been made.
-
New SALT Cap Deduction: Unlock Massive Tax Savings with Non-Grantor Trusts
The One Big Beautiful Bill Act's increase of the state and local tax (SALT) deduction cap creates an opportunity to use multiple non-grantor trusts to maximize deductions and enhance estate planning.
-
Know Your ABDs? A Beginner's Guide to Medicare Basics
Medicare is an alphabet soup — and the rules can be just as confusing as the terminology. Conquer the system with this beginner's guide to Parts A, B and D.
-
I'm an Investment Adviser: Why Playing Defense Can Win the Investing Game
Chasing large returns through gold and other alternative investments might be thrilling, but playing defensive 'small ball' with your investments can be a winning formula.
-
Stock Market Today: Powell Rumors Spark Volatile Day for Stocks
Stocks sold off sharply intraday after multiple reports suggested President Trump is considering firing Fed Chair Jerome Powell.
-
Callable CDs Have High Rates: We Still Don't Recommend You Get Them
Investors must carefully consider the trade-offs, as falling interest rates could lead to reinvestment at a lower yield and make selling on the secondary market difficult.
-
Five Big Beautiful Bill Changes and How Wealthy Retirees Can Benefit
Here's how wealthy retirees can plan for the changes in the new tax legislation, including what it means for tax rates, the SALT cap, charitable giving, estate taxes and other deductions and credits.