Dow rises 400 points, hits high of the session as Lutnick hints trade deal coming: Live updates

The S&P 500 rose for a sixth day Tuesday, hitting its highs of the day as the White House said a major trade deal was close to being announced

The broad market index gained 0.8%, while the Nasdaq Composite advanced 0.7%. The Dow Jones Industrial Average climbed 400 points, or 1%.

Stocks came under some pressure earlier in the session as Treasury Secretary Scott Bessent failed to detail further progress on trade deals in remarks from the White House. Bessent noted substantial talks with Japan and reiterated again a deal framework could be close with India. But Bessent had no further details on China and wouldn’t confirm if negotiations were even taking place with the country.

Shares of Amazon dropped Tuesday after White House press secretary Karoline Leavitt, standing beside Bessent, said that if a report was true that the e-commerce giant is planning to list tariff costs of goods on its site, it would be considered a “hostile and political act.” The company later said that while a plan to display tariff surcharges on its site for discount store Amazon Haul was being considered, it’s “not going to happen.”

General Motors also declined after the automaker reported better-than-expected profit but said it was reassessing future guidance and suspending share buybacks as it awaits clarity on the impact from the levies. Shares had risen earlier on reports that Trump was willing to make concessions on foreign-made auto parts used in domestic production.

GM’s decision follows a number of other companies that have announced they’re reconsidering their full-year forecasts in the wake of rising global trade tensions. Last week, American Airlines and Skechers withdrew their 2025 outlooks, with both companies citing economic uncertainty.

During Monday’s session, the S&P 500 eked out a gain of less than 0.1%, allowing the index to keep its winning streak alive with five straight days of gains. The Dow added about 0.3%, while the Nasdaq Composite ticked 0.1% lower.

“I think they’re probably trapped in a in a pretty tight range here,” said Ross Mayfield, investment strategist at Baird, adding that the S&P 500 could trade between 5,100 and 5,700. “I think we can bounce around there for quite a while in kind of some volatile, choppy trading. Until we get some resolution on the trade front, I don’t think much else matters.”

That includes earnings season, he said. This week marks a busy week on that front, with about one-third of S&P 500-listed firms slated to post results between Monday and Friday. Big Tech is of particular focus, with Meta Platforms and Microsoft expected on Wednesday, and Apple and Amazon scheduled for Thursday.

“I don’t know that there’s much that could come out from this earnings quarter that would materially impact markets to the upside or downside,” he also said. “We’re in a policy-induced sell-off and potential recession, and it’s going to take a policy change to get us out of there.”