11:42 AM EDT, 04/09/2025 (MT Newswires) -- The three major US stock indexes were mixed in late-morning trading Wednesday following recent announcements by China and the European Union of retaliatory tariffs on the US.

China announced it will impose an 84% tariff on US goods starting Thursday in response to the implementation of US tariffs of 104% on Chinese imports shortly after midnight. Meanwhile, the EU on Wednesday adopted tariffs that will hit around 21 billion euros ($23.25 billion) worth of US goods in response to the 25% duties President Donald Trump imposed in March on the bloc's steel and aluminum exports, Bloomberg reported Wednesday.

In company news, a recession is now "a likely outcome" of President Donald Trump's widespread tariff policy, JPMorgan Chase ( JPM ) Chief Executive Jamie Dimon said Wednesday in an interview on Fox Business. Shares of JPMorgan ( JPM ) were down 1.3% around midday.

Delta Air Lines ( DAL ) reported better-than-expected Q1 earnings Wednesday but opted not to reaffirm its full-year outlook due to an uncertain macroeconomic environment. Adjusted earnings ticked up to $0.46 per share from $0.45 a year ago and topped the $0.38 consensus estimate of analysts surveyed by FactSet. First-quarter operating revenue was $12.98 billion, up from $12.56 billion in the year-ago period and in-line with the FactSet consensus. Delta shares were up 6.3%.

The cost of an Apple ( AAPL ) iPhone could rise by more than 90% if final assembly is shifted to the US and the tech giant is required to pay reciprocal tariffs on imported sub-assemblies, Bank of America analysts said Wednesday in a research note. Even without the tariffs, the cost could increase by about 25% due to higher labor costs in the US, the analysts said. Apple ( AAPL ) shares were up 3.3%.

Amazon.com ( AMZN ) has canceled orders for some products made in China and other Asian countries, Bloomberg reported Wednesday, citing a document it reviewed and people familiar with the matter. Amazon ( AMZN ) orders for beach chairs, air conditioners, scooters and other merchandise from multiple vendors were halted after President Donald Trump announced planned tariffs on China, Vietnam, Thailand and several other countries on April 2, according to the report. Separately, Amazon ( AMZN ) is considering a $15 billion warehouse expansion plan to build around 80 new logistics facilities in US cities and rural areas, Bloomberg reported Wednesday, citing people familiar with the matter. The e-commerce giant is reaching out to potential capital partners to submit proposals for the project, the report said, citing the people. Amazon ( AMZN ) shares were up 0.1%.

Walmart ( WMT ) on Wednesday reiterated its sales and operating income outlooks for fiscal 2026, shrugging off concerns that tariff-related uncertainty could force the retailer to pull its guidance. In February, the retail giant estimated full-year sales will rise by 3% to 4% and adjusted operating income will rise by 3.5% to 5.5%, each at constant currencies. Walmart ( WMT ) shares were up 3.3%.

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