The New York Stock Exchange opened lower on Tuesday, as comments from US President Donald Trump regarding potential tariffs on pharmaceuticals weighed on market sentiment, alongside a series of mixed corporate earnings reports.

In early trading, the Dow Jones Industrial Average fell by 342.07 points, or 0.83%, to 40,876.76 points, while the broader S&P 500 index decreased by 0.90% to 5,599.29 points.

The Nasdaq Composite dropped by 1.17%, losing 209.22 points, bringing it to 17,635.02 points.

President Trump's tariff policy remains at the forefront of concerns, as he announced on Monday that he would unveil tariffs on pharmaceutical products within the next two weeks.

This plan appears to conflict with the market's expectation for progress in negotiations to avoid a trade war.

Last week, the Trump administration hinted that discussions regarding potential agreements were underway; however, the market has yet to see tangible results from these talks.

The prevailing uncertainty has caused consumers, businesses, and even the Federal Reserve to adopt a cautious stance.

The US central bank is expected to keep interest rates steady during its monetary policy meeting concluding tomorrow, with market participants closely monitoring any signals regarding the future trajectory of borrowing costs.

Among individual stocks, WK Kellogg experienced a 13% drop on Tuesday after it lowered its forecast for organic sales and profits for 2025 due to decreased consumer spending on its products.

Ford Motor Company saw its shares decline by 0.20% after suspending its annual guidance amid tariff uncertainties.

Pharmaceutical manufacturers Eli Lilly and Pfizer also registered slight declines in early trading.