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US open: Stocks higher following Trump inauguration
(Sharecast News) - Wall Street stocks were in the green early on Tuesday as the first full day of Donald Trump's second presidential term got underway. As of 1530 GMT, the Dow Jones Industrial Average was up 0.57% at 43,737.51, while the S&P 500 advanced 0.39% to 6,019.82 and the Nasdaq Composite came out the gate 0.05% firmer at 19,639.15.
The Dow opened 249.68 points higher on Monday, extending gains recorded in the previous session.
Trump was still firmly in focus early on Tuesday, with the president making tariff comments as he was signing executive orders, stating he was mulling over the idea of slapping 25% tariffs on both Mexico and Canada on 1 February due to their border policies. He also mentioned that China may be in the firing line if the country refuses to approve a deal for the sale of TikTok but fell short of specifying any plans for tariffs.
Elsewhere, Trump declared a national energy emergency to increase fossil fuel production and said he would stop leasing Federal land for wind farm usage as he stated his return to the White House was the beginning of a period of growth and success for the US.
Also drawing an amount of attention, Tesla chief executive Elon Musk, an ally and major financial backer of the president, caused outrage over a one-armed gesture he gave during a speech celebrating Trump's inauguration. Musk thanked the crowd for "making it happen", before placing his right hand over his heart and then thrusting the same arm out into the air straight ahead of him, with many likening the gesture to a Nazi salute.
In the corporate space, 3M shares were rising on Tuesday after the carrier forecast growth in profit and sales for 2025 on the back of its new restructuring and growth strategies being implemented by chief executive officer William Brown. Q4 results met or slightly exceeded market expectations, with adjusted earnings of $1.68 per share surpassing analysts' estimates of $1.66. Revenue for the period rose marginally to $6.01bn, ahead of the $5.78bn consensus forecast.
Still to come, Netflix will report earnings after the close.
No major data points were scheduled for release on Tuesday.
Reporting by Iain Gilbert at Sharecast.com
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