March 5 - U.S. major indexes are under pressure on Wednesday morning amid fears that President Donald Trump's tariffs may slow economic growth. The S&P 500 slid about 0.4% while the Nasdaq Composite fell roughly 0.5%. The Dow Jones Industrial Average edged down 11 points after losing over 1,300 points in the past two sessions.
Commerce Secretary Howard Lutnick noted Tuesday that an agreement on tariffs with Canada and Mexico is expected soon, with Trump weighing relief measures for key economic sectors.
Automaker stocks showed relative strength amid the broader market selloff. General Motors (GM, Financial) surged more than 3% and Ford (F, Financial) advanced about 2% as investors hoped eased tariffs might reduce rising material costs.
Despite a slightly better-than-expected service sector reading, weak job growth from the ADP private payroll report reinforced concerns. Trump defended the tariffs during his Tuesday night address, dismissing any little disturbance from trade frictions as acceptable, while major indexes have fallen more than 3% on the week.
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