11:57 AM EST, 11/26/2024 (MT Newswires) -- The Nasdaq Composite and S&P 500 Index were both up in late-morning trading Tuesday, while the Dow Jones Industrial Average was down, as Wall Street assesses the potential impact of tariffs promised by President-elect Donald Trump.

Shares in a wide range of companies slid Tuesday after President-elect Donald Trump vowed Monday in posts on Truth Social to levy additional tariffs on Mexico, Canada and China. Automaker stocks were hit particularly hard, with shares of General Motors ( GM ) , Ford Motor ( F ) and Stellantis ( STLA ) down 8%, 2.5% and 4.5%, respectively, near noon. Shares of Constellation Brands (STZ), the maker of Corona and Modelo, were down 3.6%.

Amgen ( AMGN ) said Tuesday a phase 2 study showed that its investigational obesity drug MariTide demonstrated up to 20% average weight loss after a year in people living with obesity or overweight without type 2 diabetes without plateauing. The most common adverse reactions in the phase 2 trial were gastrointestinal in nature, including nausea, vomiting and constipation, Amgen ( AMGN ) said. Shares of Amgen ( AMGN ) were down 10.9%.

Intel ( INTC ) and the US Department of Commerce said Tuesday they have reached an agreement to award the semiconductor maker up to $7.86 billion in direct funding under the US CHIPS Act and Science Act. Separately, Qualcomm's ( QCOM ) takeover interest in Intel ( INTC ) is cooling due to complexities related to the potential deal, Bloomberg reported late Monday, citing unnamed sources familiar with the matter. Intel ( INTC ) shares were down 3.5%, while those of Qualcomm ( QCOM ) were down 0.2%.

The White House said Tuesday it is proposing a new rule to expand coverage of anti-obesity and diabetes medications made by companies such as Novo Nordisk ( NVO ) and Eli Lilly ( LLY ) for Americans with Medicare or Medicaid. Novo Nordisk ( NVO ) shares were up 2.5%, while those of Eli Lilly ( LLY ) were up 6%.

A US Senate subcommittee slammed US airlines over so-called "junk fees" related to seat selection and luggage, multiple media outlets reported Tuesday. American Airlines ( AAL ) , Delta Air Lines ( DAL ) , United Airlines (UAL), Frontier Group ( ULCC ) and Spirit Airlines made a combined $12.4 billion in revenue from seat fees between 2018 and 2023, according to the report by the Senate Permanent Subcommittee on Investigations, according to the reports. Shares of American Airlines ( AAL ) and Frontier Group ( ULCC ) were down 0.6% and 3.5%, respectively. Shares of Delta Air Lines ( DAL ) and United Airlines were up 1% and 2.5%, respectively.

Wells Fargo ( WFC ) is in the final stages of passing regulatory hurdles in order to lift a $1.95 trillion asset cap next year, Reuters reported Tuesday, citing three sources familiar with the situation. The cap could be removed as early as the first half of 2025, one of the sources reportedly told Reuters. Wells Fargo ( WFC ) shares were up 1%.

Nippon Steel's proposed acquisition of US Steel (X) is facing potential scrutiny from US lawmakers, as four House Republicans have called for the preservation of documents related to the national security review of the deal for "any forthcoming oversight needs," Bloomberg reported Tuesday. Meanwhile, Japan's prime minister, Shigeru Ishiba, sent a letter to President Joe Biden last week urging him to approve the deal, emphasizing the importance of maintaining strong US-Japan relations, Reuters reported Tuesday, citing two sources familiar with the matter. Shares of US Steel were up 1.9%.

Best Buy ( BBY ) cut its full-year earnings outlook and lowered its sales guidance Tuesday, as the electronics retailer's fiscal Q3 results came in below market expectations amid softening consumer demand. Adjusted earnings are now expected to be in a range of $6.10 to $6.25per share for fiscal 2025, compared to Best Buy's ( BBY ) prior guidance of $6.35. The retail giant now expects revenue between $41.1 billion and $41.5 billion for the ongoing fiscal year, down from its previous guidance of $41.3 billion to $41.9 billion. Best Buy ( BBY ) shares were down 7.5%.

Rivian Automotive ( RIVN ) said late Monday it received a conditional commitment for a loan of up to $6.6 billion under the US Department of Energy's Advanced Technology Vehicle Manufacturing program. The loan, once finalized will support the construction of its next facility in Georgia and fund the production of its midsize EV platform, the company said. Rivian shares were up 3.1%.

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