Today, Trump’s focus on tariffs hasn’t abated — but he has dialed back the more maximalist tariff levels he initially outlined. Combined with signs of a shakier labor market, investors are more convinced that the Fed will err on the side of supporting the economy by lowering interest rates to support overall business activity.

U.S. stocks drifted to a mixed finish as President Donald Trump’s tariffs on dozens of countries had only a muted effect on markets worldwide.