Wall Street edges higher as US-EU trade talks unfold; global markets broadly gain

US stock market today: Markets on Wall Street moved slightly higher in early trading on Wednesday as investors monitored the onset of President Donald Trump's 50% tariffs on steel and aluminum imports.

Meanwhile, U.S. and European trade officials met in Paris to negotiate a resolution to their ongoing tariff dispute.At the open, the Dow Jones Industrial Average was up 64.12 points, or 0.15%, at 42,583.76, while the S&P 500 gained 12.73 points, or 0.21%, to 5,983.10. The Nasdaq Composite also advanced, rising 47.46 points, or 0.25%, to 19,446.42.Meanwhile, Futures on all three major US indices—the S&P 500, Dow Jones Industrial Average, and Nasdaq—rose by 0.2% in early, low-volume trading.The European Union’s top trade negotiator, Maroš Šefčovič, met with US Trade Representative Jamieson Greer on the sidelines of an Organisation for Economic Cooperation and Development (OECD) meeting in Paris. Šefčovič described the discussions as “advancing in the right direction at pace.” However, expectations for a major breakthrough remain low, as key differences between Brussels and Washington are unlikely to be resolved swiftly.

As of early Wednesday, there was no formal update regarding the status of the steel and aluminum tariffs, which are anticipated to significantly impact a wide range of industries and contribute to rising costs for consumers.Steel and aluminum sourced from abroad are key components in both everyday items such as soup cans and paper clips, as well as large consumer goods like stainless-steel refrigerators and automobiles.

Economists have cautioned that these tariffs could severely strain both businesses and consumers financially.Still, optimism lingers on Wall Street that President Trump may eventually secure trade agreements that ease tariffs, especially with major economies. US officials noted Trump is expected to speak with Chinese President Xi Jinping later this week.Among individual stocks, Wells Fargo advanced 2.5% after the Federal Reserve lifted its asset cap on Tuesday.

The central bank stated that the lender is no longer subject to the strict limits imposed in 2018 following its sales scandal. The bank has spent several years working to rebuild trust and demonstrate improved governance.Shares of Dollar Tree fell 1.8% in premarket trading, despite posting strong first-quarter results. The pullback was driven by the company’s cautious forecast, which projected up to a 50% decline in second-quarter earnings per share due to tariff-related cost pressures.

A day earlier, rival Dollar General reported record quarterly sales of $10.44 billion and raised its full-year profit and sales outlook, reflecting increased spending at discount retailers.Cybersecurity firm CrowdStrike dropped 7% after its second-quarter guidance fell short of analyst expectations. The company is also facing legal action from Delta Air Lines over a technology outage last summer.In European markets, Germany’s DAX and France’s CAC 40 each rose 0.7% at midday, while the UK’s FTSE 100 edged up 0.2%.In Asia, South Korea’s Kospi led gains, surging 2.7% to 2,770.84 following the election of liberal opposition candidate Lee Jae-myung as president. His win concludes a period of political upheaval triggered by conservative leader Yoon Suk Yeol’s brief imposition of martial law. Lee is expected to prioritize fiscal spending and advance trade negotiations with the USJapan’s Nikkei 225 rose 0.8% to 37,747.45, supported by strength in technology and pharmaceutical stocks.Toyota Motor Corp gained 1.9% after revealing plans to acquire Toyota Industries Corp.—a supplier of auto components and lift trucks—for $33 billion and take the company private. Shares of Toyota Industries declined nearly 12% in response.Hong Kong’s Hang Seng Index was up 0.6% to 23,654.03, and the Shanghai Composite Index rose 0.4% to 3,376.20. In Australia, the S&P/ASX 200 closed 0.9% higher at 8,541.80. Taiwan’s Taiex jumped 2.3%.US Treasury yields remained steady following Tuesday’s upbeat job market data, marking a pause after a two-month upward trend. Yields had previously risen on concerns over the US government’s growing fiscal deficit amid proposed tax cuts. Elevated yields can raise borrowing costs for households and businesses and weigh on stock valuations.In the energy market, US benchmark crude oil rose 3 cents to $63.44 per barrel. Brent crude, the international standard, gained 5 cents to $65.68 per barrel.On the currency front, the US dollar strengthened slightly to 144.19 Japanese yen from 144. The euro edged up to $1.1386 from $1.1370.