The S&P 500 ended flat Tuesday in the wake of Trump’s 25% tariffs on steel

U.S. stocks drifted to a mixed close following President Donald Trump’s latest tariff escalation and after the Federal Reserve hinted interest rates may not change for a while.

The S&P 500 ended flat Tuesday in its first trading since Trump imposed 25% tariffs on foreign steel and aluminum. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite slipped 0.4%.

Movements in the bond market were likewise modest. Treasury yields inched higher after Federal Reserve Chair Jerome Powell said again that the Fed is in no hurry to cut interest rates further. Coca-Cola’s stock jumped following its latest profit report.

The S&P 500 rose 2.06 points, or less than 0.1%, to 6,068.50.

The Dow Jones Industrial Average rose 123.24 points, or 0.3%, to 44,593.65.

The Nasdaq composite fell 70.41 points, or 0.4%, to 19,643.86.

The Russell 2000 index of smaller companies fell 12.24 points, or 0.5%, to 2,275.70.