Investors push stocks higher while waiting for Trump's immediate tariff announcement from Rose Garden
On Wednesday, Wall Street rose during a volatile trading session.
Investors were awaiting US President Donald Trump’s planned rollout of reciprocal tariffs, which the White House said would take effect “immediately” after an official announcement from the Rose Garden, according to CNBC.
The S&P 500 recovered from early losses to gain 0.67 percent, closing at 5,670.97.
The Nasdaq Composite added 0.87 percent to end at 17,601.05, while the Dow Jones Industrial Average rose 235.36 points, or 0.56 percent, to finish at 42,225.32. Earlier in the session, the S&P 500 had fallen more than 1 percent.
Tesla led individual stock gains, rising 5.3 percent after news that Trump informed his cabinet that Elon Musk would step away from his advisory role in the coming months.
Uncertainty continued to surround the US tariffs’ scope and structure.
Bloomberg News, citing sources familiar with the matter, reported that as of Tuesday, the Trump administration had not yet decided on the tariff levels and was still reviewing several options.
This lack of clarity has prompted concern about how severely the tariffs may affect certain industries and whether they could slow the US economy.
According to Rep. Kevin Hern, R-Okla., US Treasury Secretary Scott Bessent told lawmakers that the duties set to be announced Wednesday will serve as a “cap,” meaning the announced levels would be the maximum.
Bessent indicated that countries would have the chance to respond and lower their tariff exposure through negotiations or adjustments. Hern relayed this information to CNBC’s Emily Wilkins.
Some investors hope the White House will opt for less aggressive tariffs than initially considered.
The Washington Post reported Monday that a 20 percent tariff on most imports was under discussion, though advisers have warned that multiple possibilities remain under review.
“Markets can deal with a lot of bad news — they sell off and then eventually find some silver lining and begin a recovery (or get the Fed to help along with easing),” said Jan Szilagyi, CEO and co-founder of Reflexivity.
“However, in the current environment the complexity of possible scenarios would be tough to analyze even if you know definitively that one of them will happen — we don’t.”
Portfolio manager Jon Brager of Palmer Square Capital Management commented on the ongoing uncertainty, saying, “We expect to learn a lot more today from the president.”
He added that the market will likely remain on edge until there is clarity on retaliation or escalatory measures from major trading counterparts.
Tariff-related concerns have weighed on stocks in recent weeks.
The S&P 500 has declined in five of the past six weeks. While some market participants remain cautious, others argue the recent selling may have gone too far.
