This is an edition of the Markets P.M. newsletter, a recap of the day's most important markets moves, delivered after the closing bell. If you're not subscribed, sign up here.
What Happened in Markets Today
Canadian tariffs on U.S. goods kicked in on Tuesday. These affect $20 billion worth of products, including steel, appliances, dairy and electronics and were in retaliation for duties that President Trump imposed on Canadian products.
Oil rose after Iran-backed Houthi militants attacked energy infrastructure in Saudi Arabia on Tuesday morning. The strikes hit gas- and oil-storage facilities, as well as a major refinery, which was taken offline. Front-month Brent crude futures rose above $99, before settling at $97.92 a barrel.
Stocks fell. The Dow declined 1.2%, or 628 points, while the S&P 500 fell 0.6%. The Nasdaq ended the day down 0.3%.
Shares of Howmet Aerospace fell 11%, making it the worst performer in the S&P 500, after GE Aerospace announced that it would acquire competitor Consolidated Precision Products. The acquisition could be bad news for Howmet if it means GE takes more of its blade-and-vane manufacturing in house.
Amgen stock shed 10% after Novartis announced that its heart-disease drug, pelacarsen, failed to reduce the risk of cardiovascular events compared with a placebo. Amgen is developing a similar drug. Amgen was the worst performer in the Dow.
Markets at a Glance
One Big Story
Robinhood Markets agreed to add Crypto.com's yes-or-no contracts to its trading platform and take minority stakes in both the digital-currency exchange and its prediction-markets business. This marks Robinhood's latest foray into event-based contracts, which have become popular among individual traders.
What's Coming Up
Later this week, there will be fresh readings on initial jobless claims, existing home sales and inflation.
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About Us
Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by Jinjoo Lee, a writer for Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.