Stocks fall on tariff concerns following Trump's trade announcement, with S&P 500 facing resistance at 5700

From Investing.com: 2025-05-06 09:52:00

Stocks fell on Tuesday due to tariff concerns as the 2-day FOMC meeting began. President Trump announced plans for further trade tariffs, weighing on investor sentiment. The Fed is expected to leave interest rates unchanged at the meeting. In corporate news, Ford fell 2% after suspending its 2025 guidance, while DoorDash dropped 3% after missing Q1 revenue estimates. Planatir Technologies also fell 8% despite posting earnings in line with estimates. The S&P 500 faced resistance at 5700, with support at 5600. In the FX markets, the USD fell while GBP/USD rose.

Oil rebounded from a 4-year low following a drop in prices due to OPEC+ boosting output. Prices have lost over 10% in the past six sessions, dropping 20% since April. Despite the rebound, concerns about market oversupply persist. The rise in oil prices today is likely a technical rebound, with WTI still below the $60.00 psychological level.



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