The Dow Jones Industrial Average and S&P 500 Composite were both down in late-morning trading Tuesday after President Donald Trump said he ordered his Commerce Secretary to add an additional 25% tariff on Canadian steel and aluminum, bringing the total to 50%.

In company news, Oracle (ORCL) reported fiscal Q3 non-GAAP net income late Monday of $1.47 per diluted share, up from $1.41 a year earlier but below the consensus estimate of analysts surveyed by FactSet calling for $1.49. Fiscal Q3 revenue was $14.13 billion, up from $12.28 billion a year earlier but below the FactSet consensus of 14.38 billion. Oracle expects fiscal Q4 non-GAAP EPS of $1.61 to $1.65 and fiscal Q4 revenue to grow 8% to 10% in US dollars at current exchange rates, Chief Executive Safra Catz said. Oracle shares were down 4.2% near noon.

Meta Platforms (META) has started testing its own microchip design for training artificial intelligence systems, Reuters reported Tuesday, citing unnamed sources. The new chip, designed in collaboration with Taiwan Semiconductor Manufacturing (TSM) was made to process only AI-specific tasks, potentially making it more efficient than integrated graphics processing units made by Nvidia (NVDA), according to the report. Meta shares were up 1.4%.

Delta Airlines (DAL) cut its Q1 earnings-per-share guidance on Monday to $0.30 to $0.50 from $0.70 to $1.00 as well as its revenue-growth outlook to 3% to 4% from 7% to 9%. Delta shares were down by nearly 8%.

Southwest Airlines (LUV) said Tuesday it now expects operating revenue per available seat mile to grow by 2% to 4%, down from its previous guidance of 5% to 7%. Available seat miles, or capacity, are now expected to drop by around 2% in Q1, compared with a prior estimate of a 2% to 3% decline. The airline said it will start charging customers who are not Rapid Rewards A-List Preferred members, A-List members, or clients traveling on select business class for their first and second checked bags, effective May 28. Rapids Rewards A-List Preferred members and customers traveling on business select fares will get two free checked bags, while A-List members and other select travelers will get one free checked bag. The airline also said it will roll out a new basic fare on its lowest-priced tickets bought on or after May 28. Southwest shares were up 9.6%.

Verizon Communications' (VZ) subscriber growth is expected to be "probably soft" in Q1, Chief Revenue Officer Frank Boulben said Tuesday at Deutsche Bank's Media, Internet & Telecom Conference. Verizon shares were down 7.0%.

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