Stocks slipped on Tuesday as the Trump administration reiterated its hard-line stance on trade, washing out solid gains in tech shares.
The Dow Jones Industrial Average fell 69.84 points to 26,492.21 after rising as much as 72.80 points. The S&P 500 closed 0.1 percent lower at 2,915.56 as losses in utilities off set a rise in energy. The Nasdaq Composite, however, advanced 0.2 percent to 8,007.47 as Amazon and Apple shares rose. Google-parent Alphabet also climbed on Tuesday
President Donald Trump said at the United Nations General Assemble the U.S. "will no longer tolerate abuse" on trade. "We will not allow our workers to be victimized, our companies to be cheated and our wealth to be plundered and transferred," Trump added.
Trump's comments came after U.S. Trade Representative Robert Lighthizer said the United States was prepared to move ahead on a trade deal with Mexico that excluded Canada. Lighthizer said negotiations with Canada are at an impasse.Shares of Ford and General Motors fell 2.1 percent and 3.5 percent, respectively, following Lighthizer's comments.
The major indexes fell from their session highs after Trump's speech.
"It was clearly an America First speech and one that will resonate in the midterms," said said Quincy Krosby, chief market strategist at Prudential Financial. "It does not mean there won't be negotiations, but he's underscoring that the U.S. is demanding a level playing field."
"This is going to be a long process," said Krosby. "Until it is resolved, the market will continue to be drawn by headlines."