U.S. stocks were lower for a second straight session on Tuesday as comments from U.S. President Donald Trump and Treasury Secretary Scott Bessent provided little clarity to the timeline for any trade deals.

Market Snapshot

The Dow Jones Industrial Average fell 389.83 points, or 0.95%, to 40,829.00, the S&P 500 lost 43.48 points, or 0.77%, to 5,606.90 and the Nasdaq Composite lost 154.58 points, or 0.87%, to 17,689.66.

Market Movers

Palantir - Palantir Technologies fell 12%. The data analytics company reported first-quarter adjusted earnings of 13 cents a share, in line with analysts' expectations, on revenue of $884 million that rose 39% from a year earlier and beat forecasts of $862 million. Palantir also raised its raised its full-year outlook. "We are delivering the operating system for the modern enterprise in the era of [artificial intelligence], " said CEO Alexander C. Karp. "Consequently, we are raising our full-year guidance for total revenue growth to 36% and our guidance for U.S. commercial revenue growth to 68%." Coming into the earnings report, Palantir shares had risen 65% in 2025.

Ford - Ford Motor rose 2.7%. The auto maker posted first-quarter earnings that beat analysts' estimates but suspended guidance for the full year because of uncertainty over President Donald Trump's tariffs on its business. The company expects tariffs to reduce adjusted pretax earnings by $1.5 billion. Ford's electric-vehicle business posted a loss of $800 million in the quarter.

Tesla - Fellow auto makers traded mixed. General Motors ticked up 0.2% and Jeep maker Stellantis declined 0.7%. Electric-vehicle maker Tesla fell 1.8%. Tesla sold just 885 vehicles in Germany in April, down 46% from a year earlier, according to the Federal Motor Transit Authority.

Hims & Hers Health - Hims & Hers Health, the health and wellness company, reported first-quarter earnings that topped Wall Street estimates. But the company introduced long-term sales guidance that was lower than expectations. For the second quarter, Hims & Hers expects revenue of between $530 million to $550 million, compared with expectations of $564.6 million. The stock, however, soared 18.1%.

Pony AI - Shares of Pony.ai soared 47.6% on Tuesday. Uber and Pony.ai unveiled a strategic partnership Tuesday to launch autonomous robotaxi services in the Middle East.

WeRide - Shares of WeRide surged 31.7% on Tuesday following the announcement of a significant expansion of its strategic partnership with Uber. The collaboration, which initially launched in Abu Dhabi and is set to commence in Dubai, will now extend to 15 additional cities globally over the next five years, marking a substantial push into European markets.

Moderna - Moderna was down 12.3% after the Food and Drug Administration named Dr. Vinay Prasad as its top vaccine regulator. Prasad has questioned the safety of Covid-19 vaccines and the FDA's regulatory approach toward them. Other biotech companies fell sharply, with the SPDR S&P Biotech ETF down 6.2%.

Vertex Pharmaceuticals - Vertex Pharmaceuticals posted first-quarter adjusted profit of $4.06 a share, below estimates of $4.32. Revenue of $2.77 billion also missed analysts' estimates of $2.85 billion. The company also disclosed narrower-than-expected access to its new non-opioid painkiller, Journavx. The stock fell 10%.

Clorox - Clorox finished down 2.4% after the cleaning-products maker reported fiscal third-quarter adjusted earnings that missed analysts' estimates as revenue fell 8% to $1.67 billion. The company also updated its fiscal-year guidance to "reflect recent changes in the macroeconomic and geopolitical environment" and the "impact of tariffs on earnings." Clorox said for fiscal 2025 it expects sales down 1% to flat, compared with a prior outlook of down 1% to up 2%.

Constellation Energy - Constellation Energy, the largest producer of carbon-free energy in the U.S., reported first-quarter earnings that missed analysts' expectations, but shares were up 10.3% following an upbeat full-year forecast from the company.

DoorDash - DoorDash, the food-delivery app maker, fell 7.4% after the company reached an agreement to acquire London-based food-delivery app Deliveroo for $3.86 billion and New York-based restaurant technology start-up SevenRooms for $1.2 billion. DoorDash also reported mixed first-quarter earnings.

SolarEdge - SolarEdge Technologies surged 11.2% after the maker of technology for solar-panel installations reported a narrower-than-expected first-quarter adjusted loss and said tariffs would cut margins by only two percentage points.

Neurocrine Biosciences - Neurocrine Biosciences jumped 8.4%. First-quarter revenue at the biopharmaceutical company of $572.6 million beat estimates of $559.6 million. Sales of Ingrezza, a treatment for movement disorders, rose 8% from a year earlier to $545 million.

Upwork - Upwork rose 18% after the platform for freelancers posted first-quarter earnings and revenue that topped Wall Street expectations.

Market News

Bessent, Greer to Meet China to Start Trade Talks This Week

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel later this week to Switzerland for trade talks with China led by Vice Premier He Lifeng, jump-starting negotiations between the two nations.

The travel was announced in statements Tuesday from the Chinese and US governments. It will be the first confirmed trade talks between the countries since President Donald Trump announced sweeping tariffs, led by punishing levies on China.

Bessent, in an interview on Fox News, said the talks Saturday and Sunday will center on deescalation rather than a big trade deal, “but we’ve got to deescalate before we move forward.”

Rush to Beat Tariffs Boosts US Trade Deficit to Record High in March

The U.S. trade deficit widened to a record high in March as businesses boosted imports of goods ahead of President Donald Trump's sweeping tariffs, which dragged gross domestic product into negative territory in the first quarter for the first time in three years.

The report from the Commerce Department on Tuesday showed the nation imported a record amount of goods from 10 countries, including Mexico and Vietnam. Imports from China were, however, the lowest in five years and could drop further as Trump has hiked duties on Chinese goods to a staggering 145%.

There are reports of a massive decline in cargo from China.