US benchmark equity indexes ended higher Wednesday after the White House granted a one-month tariff exemption to automakers.
* President Donald Trump is exempting automakers from tariffs on Mexico and Canada for a month. Trump recently met with leaders of certain US automakers, who urged him to waive 25% tariffs on vehicles that comply with the US-Mexico-Canada Agreement's rules of origin, according to CNBC.
* Two surveys provided mixed signals regarding the US services sector in February, as the Institute for Supply Management's data showed activity unexpectedly picking up pace, while S&P Global (SPGI) indicated a growth slowdown.
* Both reports, however, pointed to uncertainty around Trump's policies on trade tariffs.
* April West Texas Intermediate crude oil closed down $1.90 to settle at $2.78 per barrel, while May Brent crude, the global benchmark, was last seen down $1.70 to $69.34 as rising inventories, the U.S. trade wars and a slowing American economy overcame the support provided by an increase in crude inventories.
* Ford Motor (F), General Motors (GM), and Stellantis (STLA) shares rose 5.5%, 6.5%, and 9.1% respectively, as the White House announced a one-month Delay in tariffs.
* Abercrombie & Fitch (ANF) shares plunged nearly 10% after the apparel retailer guided for a slowdown in sales growth in fiscal 2025, while its Q1 earnings outlook fell short of Wall Street estimates.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.