Stocks Ended Sharply Lower, Dow Dropped More Than 470 Points

U.S. stocks extended declines and ended sharply lower on Tuesday, after U.S. officials confirmed that tariffs on imported goods from China could be raised by the end of the week. The Dow Jones Industrial Average dropped 473.39 points, or 1.79%, to 25,965.09. The S&P 500 fell 48.42 points, or 1.65%, to 2,884.05. The Nasdaq Composite slid 159.53 points, or 1.96%, to 7,963.76.

Crude-oil prices fell Tuesday, but settled off the session’s worst levels as increasing tensions between the U.S. and Iran and the threat of disruptions to supplies in the Middle East helped to offset worries that a protracted trade conflict between the U.S. and China will hurt energy demand. West Texas Intermediate crude for June delivery lost 85 cents, or 1.4%, to settle at $61.40 a barrel. July Brent crude dropped $1.36, or 1.9%, to finish at $69.88 a barrel.

Papa John’s (PZZA) posted better earnings during the first quarter and reaffirmed its 2019 guidance. The pizza chain reported adjusted earnings of 31 cents per share, exceeding analysts’ estimates for 24 cents per share. Revenue was stronger than estimates at $450.12 million.

Lyft (LYFT) reported its first quarterly results as a public company. The company posted an adjusted loss of $9.02 per share on revenue of $776 million for the quarter, nearly double the revenue from the year-ago quarter.

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