01:32 PM EDT, 03/25/2025 (MT Newswires) -- US equity indexes searched for direction in midday trading Tuesday as investors remained vigilant to headline risk from the Trump administration's trade tariffs and after a consumer confidence gauge fell to a four-year low.

The Nasdaq Composite rose 0.1% to 18,207.5, with the S&P 500 little changed at 5,766.1. The Dow Jones Industrial Average at 42,545.3 was 0.1% lower. All three indexes fell earlier in the session. Communication services topped gainers, while utilities, consumer staples, and real estate led the decliners intraday.

The Financial Times reported that a two-step process under consideration would use emergency powers to impose "substantial" tariffs while conducting probes into other countries' trade practices, Scotiabank said in a note. "We don't know what the April 2nd [trade tariffs] plans will unveil as the guidance changes from day to day."

The initial reciprocal rate will likely be higher than and potentially close to double the nine percentage points increase that a Goldman Sachs survey suggests market participants expect. This is partly because "administration officials have said that the soon-to-be-announced tariff rates are intended as the basis for negotiation, which incentivizes the administration to propose higher rates at the outset."

"Our forecast assumes reciprocal and other tariffs will raise the US effective tariff rate by 10pp (it has already risen over 3pp), with a risk scenario of 15pp," a Goldman note said.

US Treasury yields were mixed intraday, but the 10-year yield was down 2.2 basis points to 4.31%, and the two-year rate traded 2.8 basis points lower at 4.01%.

In economic news, the Conference Board's measure of consumer confidence fell to 92.9 in March, the lowest level since January 2021, from 100.1 in February, below the 94 print expected in a survey compiled by Bloomberg. Looking ahead, expectations for employment, business conditions, and income growth all deteriorated in the month.

"Average 12-month inflation expectations rose again - from 5.8% in February to 6.2% in March - as consumers remained concerned about high prices for key household staples like eggs and the impact of tariffs," Stephanie Guichard, senior economist at The Conference Board, said in a report.

Meanwhile, the Richmond Fed's monthly manufacturing index fell to minus 4 in March from 6 in February, compared with expectations for 1 in a survey compiled by Bloomberg. The index indicates a return to contraction in the sector, which is in line with the New York Fed and the S&P global flash indexes but in contrast with the Philadelphia Fed measure that signaled expansion.

In company news, BTIG upgraded CrowdStrike Holdings ( CRWD ) to buy from neutral, with a price target of $431. The cyber security company's shares rose 3.5% to $385.72 intraday, among the top performers in the S&P 500 and the Nasdaq.

Apple ( AAPL ) is likely to avoid a possible fine as the company has made changes to the iPhone's browser design to comply with the Digital Markets Act, and the European Commission is poised to conclude its investigation early next week, Reuters reported Tuesday, citing people with direct knowledge of the matter. Shares rose 1.3% intraday, the top performer on the Dow.

West Texas Intermediate crude oil futures fell 0.5% to $68.75 a barrel.

Gold futures rose 0.4% to $3,025.41; its silver counterpart jumped 2% to $34.13.