US equity indexes fell after midday on Tuesday, giving up intraday gains, as the international trade tariff landscape continued to evolve amid companies reporting quarterly results.

The Nasdaq Composite fell 0.2% to 16,802.8, the S&P 500 declined 0.1% to 5,401.8, and the Dow Jones Industrial Average slid 0.1% to 40,468.6. All three indexes traded higher earlier in the session. Financials emerged as the top gainer intraday, while health care and consumer discretionary were the steepest decliners.

President Donald Trump reportedly suggested on Monday that he might consider tariff exemptions for certain automobile manufacturers, as they need "a little bit of time" to move the production of car parts to the US from Canada, Mexico, and other countries. Canada reportedly said its automakers will be allowed to continue to import a certain number of US-made cars and trucks tariff-free, provided they keep manufacturing vehicles domestically.

In contrast, China reportedly ordered domestic airlines to freeze all new Boeing jet deliveries and halt purchases of US aircraft parts. Boeing (BA) declined 1.4% intraday, among the worst performers on the Dow. Late last week, the White House excluded major electronics categories from the 145% levy on Chinese goods and 10% on imports from other trade partners amid concern that the steep level of duties could deeply hurt economic growth.

"The combined weight of universal, reciprocal, retaliatory, and sector-specific tariffs ultimately will decide between recession an no recession," Darrell Cronk, chief investment officer of wealth and investment management at Wells Fargo, said in a note.

The CBOE Volatility Index, also known as the fear index, fell 3% to 29.95, declining for a second consecutive day after surging past 50 last week in the aftermath of the Trump administration's tariff declarations.

US Treasury yields were mixed intraday, with the 10-year down 5.4 basis points to 4.31% and the one-year 1.6 basis points higher at 4.02%.

The Q1 earnings season is underway, with Bank of America (BAC), Citigroup (C), and Johnson & Johnson (JNJ) reporting Q1 earnings and sales Tuesday beating analyst estimates.

Further, in company news, Netflix (NFLX) is targeting $1 trillion in market capitalization and twice the current revenue by 2030, The Wall Street Journal reported Monday, citing sources with knowledge of the matter. At its recent annual business review meeting, company executives shared targets for increasing revenue, advertising sales, and operating income, the WSJ reported. Shares of the online streaming giant jumped 5.7% intraday, the top performer on the S&P 500 and the Nasdaq.

In economic news, Redbook US same-store sales rose 6.6% from a year earlier in the week that ended April 12 after a 7.2% jump in the previous week.

The New York Federal Reserve's Empire State manufacturing index improved to minus 8.1 in April from minus 20 in March, compared with an expected improvement to minus 13.5 in a survey compiled by Bloomberg. The print is among the first manufacturing-sector readings for April, suggesting a slower pace of contraction in the sector.

West Texas Intermediate crude oil futures slipped 0.4% to $61.30 a barrel.

Gold futures rose 0.4% to $3,238.40 per ounce, while their silver counterpart climbed 0.4% to $32.29.