U.S. stocks ended slightly lower on Tuesday as tariff uncertainty stayed high and shares of consumer and healthcare companies eased, while upbeat results from banks provided some support.

Market Snapshot

The Dow Jones Industrial Average fell 155.83 points, or 0.38%, to 40,368.96, the S&P 500 lost 9.34 points, or 0.17%, to 5,396.63 and the Nasdaq Composite lost 8.32 points, or 0.05%, to 16,823.17.

Market Movers

Palantir - Palantir Technologies rose 6.2%. The data-analytics company closed up 4.6% on Tuesday after the North Atlantic Treaty Organization said it would be using the company’sartificial intelligence-enabled softwareto modernize its military capabilities. William Blair analyst Louie DiPalma said the agreement has “broader geopolitical significance than just another win for Palantir” amid Wall Street concerns that Europe wants to rely less on American defense contractors.

Netflix - Netflix aims to achieve a $1 trillion market capitalizationand double its revenue to $39 billion by 2030, according to The Wall Street Journal, which was told about the forecasts from people who attended the streaming company’s annual business review meeting last month. Netflix also set a goal of tripling its operating income by 2030 from $10 billion last year, one of the people told the Journal.

Netflix shares rose 4.8%. The company is scheduled to report quarterly earnings on Thursday.

Boeing - Boeing was down 2.4% after a Bloomberg report said China ordered its airlines not to take any further deliveries of the company’s jets, marking the latest escalation in the trade war between Washington and Beijing. The aerospace company didn’t immediately respond to a request for comment.

Tesla - Tesla rose 0.7%. The stock chart of the electric-vehicle maker on Monday formed adeath cross, a trading term for when a shorter-term moving average crosses over a longer-term moving average. In this instance, the 50-day moving average moved below the 200-day moving average. A death cross often is a sign that a stock is losing momentum.

Bank of America - Bank of America, the second-largest U.S. bank by assets, postedfirst-quarter earningsof 90 cents a share, beating analysts’ consensus forecast of 82 cents a share. Revenue of $27.4 billion topped forecasts of $26.97 billion but net interest income of $14.4 billion missed expectations of $14.9 billion. The stock was 3.6% higher.

Citigroup - Citigroup posted first-quarter earnings of $1.96 a share, better than Wall Street estimates of $1.85. The bank’s net interest income rose 4% from a year earlier to $14 billion, more than analysts’ forecasts. The stock rose 1.8%.

Johnson & Johnson - Johnson & Johnson posted better-than-expected first-quarter earnings and revenue, boosting its full-year sales outlook to reflect the acquisition of drug developer Intra-Cellular Therapies. The company, which spans multiple sectors including pharma and biotech, reported growth across its innovative medicine and medical technology segments during the quarter. The stock fell 0.5%.

Hewlett Packard Enterprise - Hewlett Packard Enterprise rose 5.1% after Elliott Investment Management took a $1.5 billion stake in the technology company. The New York-based investment management firm plans to engage with the company to boost shareholder value, a person familiar with the matter told Barron’s.

Apple - Shares of Apple fell 0.2%, reversing earlier gains. The stock rose 2.2% on Monday following President Donald Trump’s rollback of certain tariffs for the tech industry. Apple remains down almost 10% since the president’s tariffs announcement on April 2.

Allegro MicroSystems, ON Semiconductor - Allegro MicroSystems fell 9.7% to $19.88 after ON Semiconductor withdrew a proposal to acquire the chip maker for $35.10 a share. In a statement, ON Semiconductor said it determined there was “no actionable path forward.”Allegro spurned ON Semiconductor’s latest proposal, which has an implied equity value of $6.9 billion, in early March. On Semi was up 0.7%.

Applied Digital - Applied Digital, the digital infrastructure company, reported a fiscal third-quarter loss of 8 cents a share, narrower than analysts’ estimates that called for a loss of 10 cents. Revenue jumped 22% to $52.9 million but missed expectations of $64.8 million. The stock cratered nearly 36%.

Dow - Dow Inc. fell 4.1% to $27.70 after shares of the chemical maker were double-downgraded to Underperform from Buy at BofA Securities. The brokerage cut its price target to $28 from $44.

Rocket Lab USA - Rocket Lab rose 10.1% after the space-launch and technology provider obtained new hypersonic business in the U.S. and the U.K. The company announced two new opportunities for its HASTE launch system. HASTE is a “suborbital hypersonic testbed launch vehicle derived from Rocket Lab’s Electron rocket,” according to the company.

Market News

Trump Launches Critical Minerals Probe to Weigh New Tariffs

President Donald Trump launched a probe into the need for tariffs on critical minerals, the latest action in an expanding trade war that has targeted key sectors of the global economy.

If the secretary finds that imports of critical minerals threaten to “impair national security and the President decides to impose tariffs,” those levies would take the place of current so-called reciprocal duties Trump announced earlier this month on US trading partners.

The order covers critical minerals, including rare earth elements, casting them as critical “building blocks of our defense industrial base” and crucial to building jet engines, missile guidance systems, advanced computers, as well as radar, optics and communications equipment. The order also covers uranium as well as processed critical minerals and derivative products.

EU Expects US Tariffs to Stay as Talks Make Little Progress

The European Union and US made scant progress bridging trade differences this week as officials from President Donald Trump’s administration indicated that the bulk of the US tariffs imposed on the bloc will not be removed.

The EU’s trade chief, Maros Sefcovic, left the meeting with little clarity on the US stance, struggling to determine the American side’s aims, according to people familiar with the discussions. He met for about two hours with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer in Washington Monday.

The US officials indicated that the 20% “reciprocal” tariffs — which have been reduced to 10% for 90 days — as well as other tariffs targeting sectors including cars and metals would not be removed outright, said the people, who spoke on the condition of anonymity.

Nvidia Faces $5.5 Billion Charge as US Restricts Chip Sales to China

Nvidia on Tuesday said it would take $5.5 billion in charges after the U.S. government limited exports of its H20 artificial intelligence chip to China, a key market for one of its most popular chips.

Nvidia's AI chips have been a key focus of U.S. export controls as U.S. officials have moved to keep the most advanced chips from being sold to China as the U.S. tries to keep ahead in the AI race. After those controls were implemented, Nvidia began designing chips that would come as close as possible to U.S. limits.

Nvidia shares were down about 6% in after-hours trading.