From Yahoo Finance: 2025-05-06 13:35:00

U.S. stocks traded lower Tuesday afternoon, with the Dow falling 300 points, the S&P 500 sliding 0.62%, and the Nasdaq dropping 0.73%. The small-cap Russell 2000 also fell 1%.

Palantir stock dropped 13% despite strong first-quarter results, with the U.S. trade deficit widening more than expected in March to $140.5 billion, a 14% jump from February.

Ford posted Q1 revenue of $40.7 billion but withdrew its full-year guidance due to uncertainty over tariffs. Mattel reported a 2% increase in Q1 revenue but also scrapped its 2025 forecast due to up to $270 million in tariff-related costs.

Trump’s proposal to impose 100% tariffs on foreign films has left observers scratching their heads, as it would involve targeting licensing fees or crafting a new levy on digital media.

OpenAI has scrapped a controversial plan to convert its AI business to a for-profit structure, while AMD’s results are expected after the bell today. Other companies reporting include Arista Networks, Duke Energy, Ferrari, DoorDash, and Marriott International.

Read more: The Dow drops 300 points as even more companies pull their forecasts and Wall Street eyes the Fed