U.S. stocks declined due to tariff concerns

U.S. stock markets fell at midday due to concerns about the possible effects of tariffs on the economy. The Dow Jones Industrial Average, S&P 500, and Nasdaq all showed declines. FedEx was the biggest loser in the S&P 500. The company cut its outlook, citing "weakness and uncertainty" in the U.S. industrial sector. Nike also warned that tariffs and low consumer confidence would decrease demand for its products, causing its shares to drop. Lennar, a homebuilder, saw its stock slide as it anticipated a weak housing market. In contrast, Boeing's shares rose after the Pentagon selected it to build a new fighter jet. Meanwhile, Lockheed Martin's stock fell on the same news. Tesla shares went up following an all-hands meeting with CEO Elon Musk. He expressed confidence in the company's future, easing concerns about his involvement with the Trump administration. Super Micro Computer's shares increased after an upgrade from JPMorgan, which expected better performance due to more shipments of Nvidia's Blackwell chips. In commodities, gold prices fell, while oil futures and the yield on the 10-year Treasury note remained stable. The U.S. dollar rose against the euro and the British pound but remained steady against the yen. Most major cryptocurrencies also declined.