Recovery Continues from Tariff Fallout, Stocks Still Red

Investors tried to recover from a steep Monday selloff after President Donald Trump pushed the tariff deadline once again and signaled flexibility on that timing as well with countries willing to negotiate.The Dow Jones Industrials remained negative 79.99 points to 44,326.37.The S&P 500 index removed 5.09 points to 6,224.89The NASDAQ Composite stumbled 4.1 points to 20,408.41.Nvidia shares rose 0.6% on Tuesday. The chipmaker is also closing in on reaching a $4-trillion market cap. Tesla shares also rebounded 1% after losing 6.1%.On the other hand, big banks were the worst performing cohort following a downgrade from HSBC. Shares of JPMorgan and Bank of America shed 2%, while Goldman Sachs slipped 1%.Trump late Monday said the new Aug. 1 tariff deadline is “not 100% firm,” adding that “If they call up and they say something a different way, we’re going to be open to that.”His comments came after he posted letters to countries announcing new tariffs on their respective imports.Stocks sold off Monday following Trump’s posts, with the Dow tumbling more than 400 points, after the president set 25% tariffs on goods imported from South Korea and Japan. Overall, at least 14 countries are set to face new duties including South Africa and Kazakhstan.However, some traders no longer forecast the latest U.S. tariffs to be as strict as initially feared, with many expecting that the worst from the trade war has now passed.Prices for the 10-year treasury were lower, raising yields to 4.42% from Monday’s 4.39%. Treasury prices and yields move in opposite directions. Oil prices sagged 11 cents to $67.82 U.S. a barrel. Gold prices dropped $25.60 to $3,317.20 U.S. an ounce.