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Stock market today: S&P 500, Dow notch fresh records as Wall Street shrugs off Trump’s tariff threat
US stocks on Tuesday shrugged off President-elect Donald Trump’s threat to impose new tariffs on China, Canada, and Mexico, with two major indexes securing fresh records.
The S&P 500 (^GSPC) rose nearly 0.6% to nab a record close, while the tech-heavy Nasdaq Composite (^IXIC) also jumped about 0.6%. The Dow Jones Industrial Average (^DJI) reversed earlier losses to finish the day up around 0.3% as it reclaimed another back-to-back record.
The index had been under pressure for most of the day after drugmaker Amgen (AMGN) tumbled as much as 12% on weight-loss data that failed to impress Wall Street. Shares pared losses by the end of the trading session, closing down around 5%.
Markets were initially caught off guard by Trump’s pledge late Monday to slap big tariffs on the US’s biggest trading partners on his first day in office. His comments fired up trade war fears and dented Wall Street’s hopes that Treasury Secretary nominee Scott Bessent would rein in any extreme moves by the new administration.
Carmaker stocks, both domestic and abroad, fell on the heels of Trump’s “America First” push. Nissan (7201.T) and Honda Motor (HMC), which have auto plants in Mexico, came under pressure, along with Ford (F), General Motors (GM), and Stellantis (STLA).
Outside of possible tariffs, investors also digested the release of the minutes from the Federal Open Market Committee meeting ended Nov. 7, which showed officials prefer a gradual pace of interest rate cuts if the economy remains on solid footing.
“Participants anticipated that if the data came in about as expected, with inflation continuing to move down sustainably to 2% and the economy remaining near maximum employment, it would likely be appropriate to move gradually toward a more neutral stance of policy over time,” the minutes read.
Some officials noted that a resurgence of inflation, which has remained sticky, along with a downturn in the labor market, could force the central bank to pause its easing cycle.
The release sets the stage for the October reading of the Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation gauge, on Wednesday. LIVE 13 updates
Folarin Balogun (r) of the U.S. celebrates scoring his team’s second goal with Weston McKennie during their World Cup match against Paraguay on June 12 in Inglewood, Calif. The U.S. defeated Paraguay and, later, Australia. The U.S. wraps up group play against Turkey on Thursday evening. Win, lose or draw, the U.S. has already won its group and will advance to the knockout round.
Richard Heathcote/Getty Images
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Richard Heathcote/Getty Images
INGLEWOOD, Calif. — For the U.S. men’s national soccer team, a loss in Thursday night’s FIFA World Cup game against Turkey wouldn’t change anything.
A win, though, would be history.
The squad’s earlier wins over Paraguay and Australia, plus two losses by Turkey to the same teams, mean the Americans have already won their group and clinched a favorable path in the knockout round, no matter the outcome of Thursday’s game.
But the American men have never won more than two games in a single World Cup. A third win would be new territory for this team, which has not been shy about its aspirations in this tournament and its confidence about living up to them.
“The group stage is not done yet. We want to end it the right way. We want to end it the way we came into it and continue to build off of the momentum that we’ve been creating,” said defender Mark McKenzie, speaking to reporters Wednesday.
Because the outcome of the game does not affect knockout-round placement, the U.S. can rest key starters who will enter the match with a yellow card. For those players — defenders Antonee Robinson and Chris Richards, midfielder Tyler Adams and forward Folarin Balogun — picking up a second yellow card against Turkey would result in a suspension in the Round of 32. (Any single yellow cards will be cleared after the group stage concludes.)
The team could also choose to ease in forward Christian Pulisic, who is expected to be available for the game after sitting out the U.S.-Australia game with a minor calf injury.
Turkey had come into the World Cup with high expectations. With talented young stars like the 21-year-old attackers Arda Güler of Real Madrid and Kenan Yildiz of Juventus, the team was thought by many — from analysts to the players themselves — to be a dark horse capable of a deep run.
Instead, they were eliminated last week when their loss to Paraguay followed the U.S. win over Australia, prompting apologies from Turkey’s despondent players to their fans after the game.
On Wednesday, Yildiz echoed that apology and promised to “give our best” in Thursday’s game against the U.S. “We had high expectations. I know because all of our country was supporting us and thought we will come very far,” Yildiz said. “Hopefully for the next game we can make a good result and go out with pride.”
The U.S. and Turkey last faced each other in an international friendly in June 2025, which Turkey won 2-1. The U.S. roster for that game was missing several key players, including Pulisic, Robinson, Balogun and midfielder Weston McKennie.
“We had a really young team, but we went out there and put in a good performance. I don’t think the result necessarily reflected how we played,” Richards said. “Whoever’s on the field, I know we’re going to go out there and give 110 percent.”
A federal judge on Wednesday permanently barred President Donald Trump’s administration from implementing most of his first executive order on elections, part of which sought to require people to show documentary proof of citizenship when they register to vote.
The ruling by U.S. District Court Judge Denise Casper in Boston effectively converts a preliminary injunction she issued a year ago, in which she temporarily blocked many of Trump’s efforts to overhaul elections, into a permanent ban.
Casper rejected the Republican administration’s argument that the lawsuit to block the changes brought by Democratic state attorneys general was premature because the rules had yet to be put in place. Instead, she agreed that the Constitution gives states and Congress the authority to regulate elections, and that Trump’s requirements violated the separation of powers.
The Constitution “does not grant the President any specific powers over elections,” wrote Casper.
Among other proposed changes, Trump’s order would have required people to provide documentary proof of citizenship when registering to vote, prevented mail ballots from being counted if they arrive after Election Day, even if they were postmarked by then, and punished states that failed to comply by withholding certain federal money.
In a statement, New York Attorney General Letitia James said she was grateful the court had blocked Trump’s “unconstitutional attempt to seize control of our elections” and would continue to defend voting rights in this year’s midterm elections.
“Generations of Americans fought tirelessly for the right to vote, and we honor their legacy by protecting that right against anyone who tries to undermine it,” said James, a Democrat.
A voter casts a ballot during New York’s primary election on Tuesday, June 23, 2026, in New York. (AP Photo/Ryan Murphy)
California Attorney General Rob Bonta, whose state was the lead plaintiff in the case, said the ruling reaffirmed the constitutional principle that it s up to the states and Congress to set election rules.
“While we are proud of this result, we are clear-eyed that President Trump’s attacks on voting rights and our elections show no signs of slowing down,” Bonta, a Democrat, said in a statement. “So let me be clear: we will keep fighting back every step of the way.”
Requests for comment sent to the White House and he U.S. Department of Justice were not immediately returned.
The ruling was the latest in a series against the elections executive order Trump signed just months after taking office for his second term. The Republican president has since signed another executive order on elections that seeks to create a national voter list and limit mail balloting. That directive also faces multiple legal challenges.
Last fall, a federal judge in Washington, D.C., overseeing a separate challenge to the first election executive order by civil rights and Democratic Party-aligned groups blocked the government from taking steps to include the proof-of-citizenship requirement on the federal voter registration form. That judge later barred Trump’s defense secretary from requiring documentary proof of citizenship when military personnel register to vote or request ballots.
In an apparent nod to the difficulty of implementing a proof-of-citizen requirement by executive order, Trump is pushing legislation in the Republican-controlled Congress to create such a mandate. The SAVE America Act has passed the House but has stalled in the Senate, leading Trump to advocate for eliminating the filibuster that is blocking the legislation.
On Wednesday, he abruptly canceled the expected signing of a bipartisan housing bill, saying he would not sign legislation until Congress passes his proof of citizenship requirement for voting.
The president and many of his Republican allies have been promoting the narrative that voting by noncitizens is a major problem, when in fact it’s quite rare. The federal voter registration form already requires people to attest that they are U.S. citizens. Violating that is punishable as a felony that can lead to prison or deportation.
In another major voting case, the U.S. Supreme Court is due to issue an opinion soon on whether mail ballots must arrive by Election Day. That could immediately change the rules in 14 states that allow grace periods ranging from days to weeks if the ballots are postmarked by Election Day.
Casper, who was nominated by Democratic President Barack Obama, is the chief judge for the U.S. District Court for the District of Massachusetts.
new video loaded: Mamdani Allies Sweep New York Primaries
transcript
transcript
Mamdani Allies Sweep New York Primaries
Mayor Zohran Mamdani’s progressive coalition had a big night on Tuesday. Brad Lander, Darializa Avila Chevalier and Claire Valdez won their Democratic House primaries.
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“I see a New York that we can all afford. I see a New York that truly invests in its babies, not bombs.” Reporter: “What’s the first thing you’re looking forward to doing in Congress?” “Well, tomorrow — thank you — I mean, tomorrow morning, you know, I’m going to be back at 26 Federal Plaza doing court watching, and we want to carry that into Congress as well.”
By Julie Yoon
June 24, 2026
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