12:03 PM EDT, 03/11/2025 (MT Newswires) -- The Dow Jones Industrial Average and S&P 500 Composite were both down in late-morning trading Tuesday after President Donald Trump said he ordered his Commerce Secretary to add an additional 25% tariff on Canadian steel and aluminum, bringing the total to 50%.

In company news, Oracle (ORCL) reported fiscal Q3 non-GAAP net income late Monday of $1.47 per diluted share, up from $1.41 a year earlier but below the consensus estimate of analysts surveyed by FactSet calling for $1.49. Fiscal Q3 revenue was $14.13 billion, up from $12.28 billion a year earlier but below the FactSet consensus of 14.38 billion. Oracle expects fiscal Q4 non-GAAP EPS of $1.61 to $1.65 and fiscal Q4 revenue to grow 8% to 10% in US dollars at current exchange rates, Chief Executive Safra Catz said. Oracle shares were down 4.2% near noon.

Meta Platforms ( META ) has started testing its own microchip design for training artificial intelligence systems, Reuters reported Tuesday, citing unnamed sources. The new chip, designed in collaboration with Taiwan Semiconductor Manufacturing ( TSM ) was made to process only AI-specific tasks, potentially making it more efficient than integrated graphics processing units made by Nvidia ( NVDA ) , according to the report. Meta shares were up 1.4%.

Delta Airlines (DAL) cut its Q1 earnings-per-share guidance on Monday to $0.30 to $0.50 from $0.70 to $1.00 as well as its revenue-growth outlook to 3% to 4% from 7% to 9%. Delta shares were down by nearly 8%.

Southwest Airlines ( LUV ) said Tuesday it now expects operating revenue per available seat mile to grow by 2% to 4%, down from its previous guidance of 5% to 7%. Available seat miles, or capacity, are now expected to drop by around 2% in Q1, compared with a prior estimate of a 2% to 3% decline. The airline said it will start charging customers who are not Rapid Rewards A-List Preferred members, A-List members, or clients traveling on select business class for their first and second checked bags, effective May 28. Rapids Rewards A-List Preferred members and customers traveling on business select fares will get two free checked bags, while A-List members and other select travelers will get one free checked bag. The airline also said it will roll out a new basic fare on its lowest-priced tickets bought on or after May 28. Southwest ( LUV ) shares were up 9.6%.

Verizon Communications' ( VZ ) subscriber growth is expected to be "probably soft" in Q1, Chief Revenue Officer Frank Boulben said Tuesday at Deutsche Bank's Media, Internet & Telecom Conference. Verizon shares were down 7.0%.

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