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Trump preparing auto tariff announcement soon, report says

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Dollar Tree ( DLTR ) up on sale of Family Dollar business

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GameStop ( GME ) climbs on bitcoin bet, higher Q4 profit

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Barclays cuts S&P 500 2025 target

(Updates prices to close)

By Noel Randewich

March 26 (Reuters) - Wall Street stocks ended sharply

lower on Wednesday, dragged down by losses in Nvidia ( NVDA ) and Tesla

as investors awaited information about long-promised U.S.

tariffs on automotive imports.

U.S. President Donald Trump is set to announce plans for

car-industry tariffs at a press conference on Wednesday,

widening the global trade war he kicked off this year. Auto

industry experts expect the move to drive up prices and stymie

production. For weeks, Trump has promised to announce a swath of

reciprocal tariffs on April 2.

Shares of Tesla and General Motors ( GM ) both

lost ground, with investors uncertain about the scale of

tariffs, retaliatory measures from trading partners and

potential ripple effects on the global economy and businesses.

"Markets hate the tariff uncertainty, especially when it

pertains to autos. Autos are ground zero for the negative

economic impacts of tariffs," said Jamie Cox, managing partner

at Harris Financial Group.

Heavyweight chipmakers Nvidia ( NVDA ) and Broadcom ( AVGO )

both fell sharply.

According to preliminary data, the S&P 500 lost 65.10

points, or 1.13%, to end at 5,711.55 points, while the Nasdaq

Composite lost 372.84 points, or 2.04%, to 17,899.02.

The Dow Jones Industrial Average fell 134.07 points, or

0.31%, to 42,444.02.

A survey revealed a decline in optimism among top business

executives in the first quarter.

Businesses wary of tariff-related price hikes scrambled to

build up inventories. Data showed an unexpected increase last

month in orders for durable U.S. manufactured goods.

Barclays revised its S&P 500 target downward to 5,900 points

from 6,600. The S&P 500 has lost 3% so far in 2025, while the

Nasdaq is down over 7%.

The main focus later this week will be the personal

consumption expenditures price index - the Federal Reserve's

favored inflation gauge - due on Friday.

Minneapolis Fed President Neel Kashkari said he was

uncertain about the effect of Trump's tariffs, with the

possibility they could push up prices arguing for higher

interest rates.

Dollar Tree ( DLTR ) rose after the discount-retail chain

said it was nearing a sale of its Family Dollar business to a

consortium of private equity investors for about $1 billion.

GameStop ( GME ) jumped following its board's unanimous

approval to incorporate bitcoin as a treasury reserve asset.