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Wall Street little changed ahead of Trump's tariff move


By Sruthi Shankar

(Reuters) - U.S. stocks gave up earlier gains on Thursday ahead of Donald Trump's announcement of his hefty metals tariffs amid easing concerns that the move could ignite a global trade war.

Trump, who is expected to sign a proclamation imposing tariffs at 03:30 p.m ET, promised and would likely be exempted from the tariffs on and aluminum imports if they agree on a trade deal with the

Trump also said he was sticking with 25 percent tariffs on and 10 percent on aluminum.

"As has been in the past, what Trump says and what finally actually materializes are two different things," said Randy Frederick, vice of trading and derivatives for in Austin,

"It might be just wise to sit on the sidelines before we get some more clarity."

At 11:45 a.m. ET, the Dow Jones Industrial Average was down 28.9 points, or 0.12 percent, at 24,772.46, the 500 was up 0.3 points, or 0.011 percent, at 2,727.1.

The was up 14.91 points, or 0.2 percent, at 7,411.55.

Worries over the likelihood of a global trade war triggered by Trump's tariff plans have dominated markets since last Thursday, with Gary Cohn's exit heightening such concerns.

The plan has faced with strong opposition from most of key partners, with and warning they would respond in the event of a trade war with the

"If he (Trump) does announce much more draconian measures that are going to knock onto other products, I think there will be a sell-off," said Dec Mullarkey, at Sun Life based in Wellesley, MA.

was among the top boosts to the 500, rising 12 percent after agreed to buy the for $54-billion deal. shares slipped 7.6 percent.

The deal boosted the healthcare index, up 0.55 percent. also rose 0.62 percent.

fell more than 10 percent after the issued a disappointing full-year profit forecast.

turned 9.8 percent lower after trading up premarket on strong results.

Declining issues outnumbered advancers on the NYSE by 1,381 to 1,322. On the Nasdaq, 1,380 issues fell and 1,328 advanced.

(Reporting by in Bengaluru; Editing by Sriraj Kalluvila)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 22:29 IST