04:36 PM EDT, 07/08/2025 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 closed lower on Tuesday after President Donald Trump said he planned to implement a 50% duty on copper imports.

The Dow fell 0.4% to 44,240.76, and the S&P eased 0.1% to 6,225.52. The Nasdaq was little changed at 20,418.46, paring earlier gains. Among sectors, consumer staples paced the declines. while energy led the gainers.

US Treasury yields rose with the 10-year rate increasing 3 basis points to 4.42% and the two-year rate rising 0.4 basis points to 3.91%.

August West Texas Intermediate crude oil gained 0.6% to $68.36 a barrel.

Trump also said he would announce "very high" tariffs on pharmaceutical products.

"Today, we're doing copper," Trump reportedly said during a Cabinet meeting. "I believe the tariff on copper, we're going to make it 50%."

In economic news, US small business optimism held largely intact in June, with taxes remaining owners' biggest concern ahead of the passage of Trump's tax and spending bill, a survey by the National Federation of Independent Business showed Tuesday.

"With the One Big Beautiful Bill Act now signed into law, concerns related to tariffs are likely to return as a top-of-mind concern for small businesses," Andrew Foran, an economist at TD Economics, said in a note.

US consumer credit use rose by $5.1 billion in May, compared with a $10.5 billion increase expected in a survey compiled by Bloomberg. Revolving credit use declined by $3.5 billion in May after increasing by $7.5 billion in April, while nonrevolving credit, which includes purchases of vehicles, rose by $8.6 billion after a $9.4 billion gain in the previous month.

In company news, Albemarle (ALB) shares rose 7.2%, the third-biggest gain on the S&P, after the US Environmental Protection Agency withdrew new use rules placing restrictions on 18 chemicals. Chemours ( CC ) shares jumped 9.7%, Dow (DOW) increased 5.8%, and LyondellBasell Industries ( LYB ) gained 4.9%

Intel ( INTC ) shares rose 7.2%, the second-largest advance on the S&P. The company said in a Worker Adjustment and Retraining Notification Act filing that it is planning to shed 529 employees in Oregon as part of a permanent workforce reduction.

Fair Isaac ( FICO ) shares fell 8.9%, the biggest drop on the S&P. Federal Housing Finance Agency director Bill Pulte said that lenders may start using rival VantageScore to evaluate creditworthiness for government-sponsored Fannie Mae or Freddie Mac mortgages, CNN reported.

Gold decreased 0.9% to $3,312.70 per troy ounce, and silver dropped 0.3% to $36.81 per troy ounce.