Wall Street shifted lower in early trading Wednesday as markets took in more corporate earnings reports while considering the impact of tariffs being imposed by the United States and China.

U.S. President Donald Trump has imposed sweeping tariffs on Canada, Mexico and China, triggering volatility in the commodity and energy markets. The move includes a 25% tariff on Canadian and Mexican exports and a 10% levy on Chinese imports,

President Donald Trump’s weekend announcement of tariffs on Mexico, Canada and China translated into a shock for market-based inflation expectations, prompting traders to now expect an annual headline rate from the consumer-price index that’s closer to 3% for much of 2025.

Google's parent company and other tech stocks are weighing on a mixed Wall Street Wednesday as the focus swings back toward how much profit businesses are making. Alphabet fell 8.8% even though Google’s parent company reported stronger profit for the latest quarter than analysts expected.