U.S. stocks fell slightly on Tuesday amid continued uncertainty regarding high tariffs, with declines in consumer goods and healthcare stocks, while banks reported positive results.
The S&P 500 Index fell by 9.38 points, or 0.17 percent, closing at 5,396.59 points.
The Nasdaq Composite Index also decreased by 10.30 points, or 0.06 percent, closing at 16,821.18 points.
The Dow Jones Industrial Average fell by 155.21 points, or 0.38 percent, to reach 40,369.58 points.
The quarterly results of companies, including Bank of America and Citigroup, contributed to gains in the financial sector; which led to gains in the S&P 500 sector.
Executives at banks warned that U.S. consumer spending faces serious risks if the disruptions caused by President Donald Trump's trade policy continue.
Trump announced the imposition of sweeping tariffs in April; which caused market disruptions and fueled fears of a global trade war and a potential recession, and investors have not been able to focus on anything else since then.
Trump hinted at possible exemptions from the 25 percent tariffs imposed on car and parts imports.
Canada announced on Tuesday that it would allow some exemptions for local automotive manufacturers and manufacturers in specific sectors from the retaliatory tariffs provided they meet certain conditions.
The CEO of Johnson & Johnson said that tariffs on drugs could cause disruptions in the supply chain, and that favorable tax policies would be a more effective tool to boost U.S. manufacturing capacity for both drugs and medical devices.