Mixed Reactions Amid Trump Tariff War Concerns... Tesla ↓ Intel ↑ [New York Stock Market Briefing]

Tesla Falls Over 6% on News of OpenAI Acquisition Attempt

Intel Rises Over 6% Following U.S. Vice President's Remarks

As U.S. President Donald Trump shows signs of escalating a 'tariff war' by imposing additional tariffs on China and steel and aluminum tariffs, the New York stock market closed mixed without significant reaction on the 11th (local time).

On this day, the Dow Jones Industrial Average closed at 44,593.65, up 123.24 points (0.28%) from the previous day. The S&P 500 index rose 2.06 points (0.03%) to 6,068.50, while the tech-heavy Nasdaq index fell 70.41 points (-0.36%) to 19,643.86.

Mirae Asset Securities researcher Seo Sang-young said, "The U.S. stock market started with a decline amid individual stock market conditions due to the impact of Trump's tariffs and ahead of Federal Reserve Chairman Jerome Powell's hearing. Amid this, Powell's expression of confidence in the economy and mention of delayed monetary policy led to a solid Dow and a declining Nasdaq," he said. "In the late session, there was an influx of supply and demand centered on the semiconductor sector, and interviews with Zelensky had a positive impact, but semiconductor sector sell-offs reappeared just before the close," he pointed out.

President Trump officially announced that he would impose a 25% tariff on all steel and aluminum products imported into the United States, as he had announced the previous evening.

He also reaffirmed that he would announce a 'reciprocal tariff' concept, imposing tariffs on products from other countries equivalent to the tariff rates those countries impose on U.S. products.

Although the market's immediate reaction to the announced tariff signing was limited, experts are concerned that the 'Trump-initiated tariff war' may become full-fledged.

Terry Sandven, chief equity strategist at US Bank Wealth Management, said, "Corporate values are overvalued, companies are restrained in their future performance outlook, and inflation is continuing," adding, "Overall, the level of uncertainty is high, which implies increased volatility."

Meanwhile, among individual stocks, Tesla fell 6.3%. This was reported as news emerged that CEO Elon Musk is attempting to acquire OpenAI, the developer of ChatGPT.

Additionally, Intel surged 6.1% after U.S. Vice President J.D. Vance attended the Paris AI Action Summit and expressed a firm stance on actively responding to attempts by 'hostile countries' to threaten U.S. security using AI, identifying it as a beneficiary stock.

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com