Stocks Ended Mostly Lower on Prospect of Tariff Exemptions

U.S. stocks ended mostly lower on Wednesday, after the White House suggested possible carve-outs for Canada and Mexico in planned tariffs on steel and aluminum imports. The Dow Jones Industrial Average fell 82.76 points, or 0.33%, to 24,801.36. The S&P 500 was down 1.32 points, or 0.05%, to 2,726.80. While the Nasdaq Composite gained 24.64 points, or 0.33%, to 7,396.65.

Oil prices dropped by more than 2% on Wednesday as data revealed a fresh weekly record for domestic crude production. April West Texas Intermediate crude lost $1.45, or 2.3%, to settle at $61.15 a barrel. May Brent crude fell $1.45, or 2.2%, to $64.34 a barrel.

Canada and Mexico may be exempt from US plans to impose tariffs on metal imports, the White House says. Other countries too may also see “carve outs” on national security grounds, press secretary Sarah Sanders said.