Gains in tech stocks like Nvidia
, Tesla
and Palantir
helped lift the Nasdaq Composite
on Wednesday, sending the tech-heavy index 1.22% higher while the S&P 500
rose 0.49%. The Dow Jones Industrial Average
, meanwhile, fell 82.55 points, or 0.2%, and is on pace for its worst week since March 2023. A softer-than-expected CPI report Wednesday morning may have eased traders’ concerns about the economy, and investors will get another read on inflation at 8:30 a.m. ET with the release of the February producer price index. Follow live market updates.
Canada on Wednesday announced it will impose 25% retaliatory tariffs on more than $20 billion worth of American goods, a response to President Donald Trump’s 25% tariffs on steel and aluminum which took effect the same day. The new Canadian duties — which begin Thursday — apply to steel and aluminum, as well as other U.S. products like computers and sports equipment. A Canadian delegation is set to meet with Commerce Secretary Howard Lutnick for trade talks in Washington on Thursday.
The fiscal year is not yet halfway done, but the U.S. budget deficit has already exceeded $1 trillion. The budget shortfall stands at $1.15 trillion through the first five months of fiscal 2025 — a record for the period. The deficit surged in February, totaling more than $307 billion for the month. That’s more than twice January’s figure and 3.7% higher than the same time last year. The deepening of the national debt comes even as President Trump and billionaire Elon Musk target government spending through the Department of Government Efficiency, which has implemented broad job cuts across agencies.
