Markets appear to be settling a day after a broad rally was fueled by hopes the Trump administration may take a more targeted approach to tariffs.
Futures for the S&P 500, the Nasdaq and the Dow Jones Industrial Average all rose less than 0.1% before Tuesday's opening bell.
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Financial information is displayed on the floor at the New York Stock Exchange in New York, Monday, March 24, 2025. (AP Photo/Seth Wenig)
Financial information is displayed on the floor at the New York Stock Exchange in New York, Monday, March 24, 2025. (AP Photo/Seth Wenig)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 25, 2025. (AP Photo/Ahn Young-joon)
The display board with the Dax curve in the trading hall of the Frankfurt Stock Exchange, Germany, Thursday, March 20, 2025. (Arne Dedert/dpa/dpa via AP)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 25, 2025. (AP Photo/Ahn Young-joon)
A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 25, 2025. (AP Photo/Ahn Young-joon)
KB Homes slid 8.6% after it fell significantly short of Wall Street's first quarter sales and profit forecasts. Already mired in a slump, homebuilders are now faced with potentially rising costs due to tariffs, which they will have to pass on to buyers. KB's results and grim forecast dragged a host of other homebuilders' shares down with it, including Toll Brothers, LGI and Lennar.
Tesla shares ticked up 1.3% despite more grim sales figures from Europe.
European sales of Tesla electric cars were almost cut in half during the first two months of the year compared with a year earlier, even as the overall market for battery-powered cars grew, according to the European Automobile Manufacturers Association.
In addition to an aging model line, sales declines are also being blamed in part on CEO Elon Elon Musk’s endorsement of Germany’s far-right party in last month’s national election, his embrace of fringe political movements, and a gesture during a Trump event in January that many saw as a Nazi salute. Tesla is also facing increasing competition from Chinese carmakers such as BYD.
Wall Street has several economic updates this week. The Conference Board releases its consumer confidence survey for March on Tuesday. On Friday, the U.S. government releases the personal consumption expenditures price index for February, a measure of inflation closely watched by the Federal Reserve.
Stocks have been roiled for weeks by concerns that a trade war could hinder economic growth and increase inflationary pressures.
A new round of tariffs is scheduled to go into effect on April 2, but President Donald Trump has been unclear on his plans, saying Monday that even though he wants to charge “reciprocal” rates — import taxes to match the rates charged by other countries -- that “we might be even nicer than that.”
In a Truth Social post, Trump said Venezuela has been “very hostile” to the U.S. and any county purchasing its oil will pay a 25% tariff on all exports to the U.S. starting April 2.
“U.S. tariffs remain a critical headwind for the region to navigate. Any slowdown in trade could weigh on Asia’s export-driven economies, while shifting supply chains may complicate investment flows,” Junrong Yeap of IG said in a commentary.
That would likely more than double the already high tariffs facing China, which in 2023 bought 68% of the oil exported by Venezuela, according to a 2024 analysis by the U.S. Energy Information Administration. The U.S. also imports oil from Venezuela.
In Asian trading, Tokyo's Nikkei 225 gained 0.5% to 37,780.54, while the Kospi in South Korea lost 0.6% to 2,615.81.
Hong Kong's Hang Seng sank 2.4% to 23,344.25 as heavy selling of tech-related shares pulled the benchmark lower.
Cell phone maker Xiaomi's Hong Kong-traded shares dropped 6.3% and delivery app company Meituan lost 4.4%. E-commerce giant Alibaba was down 3.8%.
The Shanghai Composite index was unchanged at 3,369.98.
Taiwan's Taiex gained 0.8% and the SET in Thailand lost 0.5%.
In Europe at midday, Germany’s DAX added 1.1%, while the CAC 40 in Paris was up 1.3%. Britain’s FTSE 100 advanced 0.7%.
Financial information is displayed on the floor at the New York Stock Exchange in New York, Monday, March 24, 2025. (AP Photo/Seth Wenig)
Financial information is displayed on the floor at the New York Stock Exchange in New York, Monday, March 24, 2025. (AP Photo/Seth Wenig)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 25, 2025. (AP Photo/Ahn Young-joon)
The display board with the Dax curve in the trading hall of the Frankfurt Stock Exchange, Germany, Thursday, March 20, 2025. (Arne Dedert/dpa/dpa via AP)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 25, 2025. (AP Photo/Ahn Young-joon)
A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 25, 2025. (AP Photo/Ahn Young-joon)
VANCOUVER, British Columbia (AP) — As members of the Le family headed out the door to enjoy music, food and camaraderie at the annual Filipino heritage festival in Vancouver over the weekend, their 16-year-old son decided to instead stay home to finish homework.
Then news began arriving of a car plowing through the crowds.
His father, Richard Le, his stepmother Linh Hoang and his 5-year-old sister Katie Le, were among 11 people killed, said Richard Le’s brother, Toan Le, in the latest fatal car ramming incident around the globe.
The teenage boy is in a state of shock, Le said, grappling with the sudden loss. Katie Le was nearing graduation from kindergarten and was described as a vibrant and joyful child in a GoFundMe page posted by Toan Le.
Hours before the attack, Makayla Bailey saw her friend Kira Salim, a teacher and school counselor, for the first time in awhile and Salim had apologized for not being out and about more.
“I told them, ‘It’s ok it’s been crappy out, the weather sucks, summer’s coming so I’m sure we’ll see each other a lot more,’” Bailey said, recalling in an interview Salim's drag king performances that audiences loved.
“I didn’t think it would be the last conversation we would ever have," said Bailey.
Salim, who Baily said had “so much personality,” was among the celebrants killed in the attack, according to the New Westminster School District, where Salim worked.
The black Audi SUV sped down a closed, food-truck-lined street Saturday evening and struck people attending the Lapu Lapu Day festival, which celebrates Datu Lapu-Lapu, an Indigenous chieftain who stood up to Spanish explorers who came to the Philippines in the 16th century.
Thirty-two people were hurt. Seven were in critical condition and three were in serious condition at hospitals on Monday, Vancouver Police Department spokesperson Steve Addison said.
Those killed include nine females and two males ranging in age from 5 to 65, according to Addison. All of them lived in the Vancouver metropolitan area, he said.
The attack happened minutes after a performance by Apl.de.ap, a Filipino-American artist from the band the Black Eyed Peas, the singer said in an Instagram post Sunday, urging his followers to keep the victims in their prayers.
A 30-year-old man was charged with multiple counts of murder in the deaths, and mourners including the Canadian prime minister remembered the dead at vigils across the city.
Kai-Ji Adam Lo was charged with eight counts of second-degree murder in a video appearance before a judge Sunday, said Damienne Darby, spokeswoman for British Columbia prosecutors. Lo has not yet entered a plea.
A woman who answered the phone Monday at the home of Lo’s mother, Lisa Lo, said that the mother was too distraught to speak to a reporter.
Investigators ruled out terrorism as a motive and said more charges were possible. They said Lo had a history of mental health issues.
“I can confirm that Kai-Ji Lo did have contact with police in a neighboring jurisdiction on April 25th, the day before the vehicle attack,” Addison said Monday at a media briefing. “That contact was not criminal in nature and it did not rise to the level where a mental health intervention was required.”
The Associated Press could not immediately reach an attorney representing him. Online records showed that Vancouver Provincial Court issued a publication ban barring the release of details about the legal case against Ko. Such bans are common in Canada to protect the rights of the accused to a fair trial as well as the privacy of crime victims.
While attending a vigil, Vancouver Mayor Kenneth Sim said the Filipino community and the city were "heartbroken, were sad, were scared and there’s a bit of anger there, too.”
Interim Police Chief Steve Rai said there was no indication of a motive but that the suspect has “a significant history of interactions with police and health care professionals related to mental health.”
Video of the aftermath showed the dead and injured along a narrow street in South Vancouver. The front of the SUV was smashed in.
Kris Pangilinan, who brought his pop-up clothing and lifestyle booth to the festival, saw the vehicle roll slowly past a barricade before the driver accelerated in an area packed with people after a concert. He said hearing the sounds of people screaming and bodies hitting the vehicle will never leave his mind.
“He slammed on the gas, barreled through the crowd,” Pangilinan said. "It looked like a bowling ball hitting bowling pins and all the pins are flying into the air.”
Investigators were collecting evidence at the scene Monday and had executed a search warrant at a Vancouver property, police spokesperson Sgt. Steve Addison said. Investigators were also going through bystander video from the scene.
Officials will review the situation, and it may change how they approach such events, Addison said.
“This was intended to be a safe, fun, family friendly community block party for people to celebrate their community and culture,” Addison said. "The actions of one person stole that away from them.”
Rai said the suspect was arrested after initially being apprehended by bystanders.
Video circulating on social media showed a young man in a black hoodie with his back against a chain-link fence, alongside a security guard and surrounded by bystanders screaming and swearing at him.
“I’m sorry,” the man said, holding his hand to his head. Rai declined to comment on the video.
Canadian Prime Minister Mark Carney visited Sunday, a day before a national election. He canceled his first campaign event and two major rallies on the final day of the campaign before the country votes on Monday.
“Last night families lost a sister, a brother, a mother, father, son or a daughter. Those families are living every family's nightmare,” Carney said. He joined British Columbia Premier David Eby and community leaders Sunday evening in Vancouver.
Carney posted a photo of himself on X lighting a candle at a makeshift memorial near the scene of the attack.
The assault was reminiscent of an attack in 2018, when a man used a van to kill 10 pedestrians in Toronto.
Carayn Nulada said that she pulled her granddaughter and grandson off the street and used her body to shield them from the SUV. She said her daughter made a narrow escape.
“The car hit her arm, and she fell down, but she got up, looking for us, because she is scared,” said Nulada, who described children screaming and victims lying on the ground or wedged under vehicles.
Nulada was at Vancouver General Hospital on Sunday morning, trying to learn about her brother, who was run down in the attack and suffered multiple broken bones.
Doctors identified him by presenting the family with his wedding ring in a pill bottle and said that he was stable but would need surgery.
James Cruzat, a Vancouver business owner, was at the celebration. He heard a car engine rev and then “a loud noise, like a loud bang” that he initially thought might be a gunshot.
“We saw people on the road crying. Others were like running, shouting or even screaming, asking for help," Cruzat said.
Gillies reported from Toronto. Associated Press journalists Manuel Valdes and Lindsey Wasson in Vancouver; Teresa Cerojano in Manila, Philippines; Christopher Weber in Los Angeles; Mark Thiessen in Anchorage, Alaska; and Hannah Schoenbaum in Salt Lake City, Utah, contributed to this report.
Liberal Leader Mark Carney, center, stands with members of the Filipino community alongside Mable Elmore, MLA for Vancouver Kensington, with British Columbia Premier David Eby and his wife Cailey Lynch as they visit a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Sean Kilpatrick/The Canadian Press via AP)
Members of the Filipino community gather at a memorial site, where tents from the Lapu Lapu festival remain up behind police lines, for the victims of an incident where a car drove through a crowd killing multiple people in Vancouver, British Columbia, Monday April 28, 2025. (Rich Lam/The Canadian Press via AP)
Visitors at a memorial site for the victims of an incident where a car drove through a crowd killing multiple people are overcome with emotion in Vancouver, British Columbia, Monday April 28, 2025. (Rich Lam/The Canadian Press via AP)
Vancouver Police detectives walk along where a car drove through a crowd killing multiple people on the weekend in Vancouver, British Columbia, Monday April 28, 2025. (Rich Lam/The Canadian Press via AP)
Messages of support and teddy bears are left at a memorial site for the victims of an incident where a car drove through a crowd killing multiple people in Vancouver, British Columbia, Monday, April 28, 2025. (Rich Lam/The Canadian Press via AP)
Mourners leaves flowers at a memorial site for the victims of an incident where a car drove through a crowd killing multiple people in Vancouver, British Columbia, Monday, April 28, 2025. (Rich Lam/The Canadian Press via AP)
A small shoe lies among the debris and evidence markers on the street while police investigate after a vehicle drove into a crowd Saturday killing multiple people at a street festival, in Vancouver, British Columbia, Sunday, April 27, 2025. (Rich Lam/The Canadian Press via AP)
People embrace outside a community meeting for the victims after a vehicle drove into a crowd Saturday and killed multiple people at a Filipino heritage festival, in Vancouver, British Columbia, Sunday, April 27, 2025. (Darryl Dyck/The Canadian Press via AP)
Liberal Leader Mark Carney, British Columbia Premier David Eby and Vancouver Mayor Ken Sim light candles as they visit St. Mary the Vigil South Hill Church as Fr. Expedito Farinas looks on, after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Sean Kilpatrick/The Canadian Press via AP)
People listen to community members speak during a vigil for the victims after a vehicle drove into a crowd Saturday and killed multiple people at a Filipino heritage festival, in Vancouver, British Columbia, Sunday, April 27, 2025. (Darryl Dyck/The Canadian Press via AP)
Liberal Leader Mark Carney takes a moment after lighting a candle at a memorial for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Sean Kilpatrick/The Canadian Press via AP)
Gerard Gaba, left, and his mother Wilma Gaba, attend a vigil after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
Liberal Leader Mark Carney visits St. Mary the Vigil South Hill Church with British Columbia Premier David Eby, Vancouver Mayor Ken Sim, hidden, and MLA Mable Elmore as Fr. Expedito Farinas looks on in Vancouver, B.C., after a vehicle drove into a crowd during a Filipino heritage festival, in Vancouver, British Columbia, Sunday, April 27, 2025. (Sean Kilpatrick/The Canadian Press via AP)
A woman pays her respects at a memorial for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
Liberal Leader Mark Carney takes a moment after lighting a candle at a memorial for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Sean Kilpatrick/The Canadian Press via AP)
From left, Glenda Ahyeng, sister Liza Ahyeng and Shane Ahyeng hold cell phone lights during a vigil for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
Liza Ahyeng wipes away tears at a memorial for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
Liberal Leader Mark Carney, center, hugs a Filipino community member as he visits a memorial for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Sean Kilpatrick/The Canadian Press via AP)
Members of the Vancouver Police forensics team examines the scene where a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Sean Kilpatrick/The Canadian Press via AP)
Liberal Leader Mark Carney takes a moment as he visits a memorial for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Sean Kilpatrick/The Canadian Press via AP)
Liza Ahyeng wipes away tears at a memorial for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
Liza Ahyeng, center right, hugs another attendee at a vigil for victims after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
People visit a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
Two women embrace at a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
People visit a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
People visit a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
Sarah Edmilao, a member of the Filipino community who says friends had attended earlier in the day, views flowers at a growing memorial near a site the day after a driver killed multiple people during a Filipino festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
British Columbia Premier David Eby, second from right, and Member of the Legislative Assembly of B.C., Mable Elmore, walk with members of the Filipino community to a press conference after a vehicle drove into a crowd during a Lapu Lapu Day festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Rich Lam/The Canadian Press via AP)
British Columbia Premier David Eby, left, delivers remarks after a vehicle drove into crowd during a Lapu Lapu Day festival in Vancouver, British Columbia, Sunday, April 27, 2025. (Rich Lam/The Canadian Press via AP)
A young child and his mother leave a teddy bear and flowers, near the location where a vehicle drove into crowd at a street festival, in Vancouver, Sunday April 27, 2025. (Rich Lam/The Canadian Press via AP)
A man leaves flowers on a fence, near the location where a vehicle drove into crowd at a street festival last night, in Vancouver, British Columbia, Sunday April 27, 2025. (Rich Lam/The Canadian Press via AP)
Vancouver police secure the scene after a car drove into a crowd at the Lapu Lapu Festival in Vancouver, British Columbia, Saturday April 26, 2025. (Rich Lam/The Canadian Press via AP)
Vancouver police examine a black car suspected to be involved at a scene after a vehicle drove into a crowd at the Lapu Lapu Festival in Vancouver, British Columbia, Saturday April 26, 2025. (Rich Lam/The Canadian Press via AP)
Visitors stand near a growing memorial the day after a driver killed multiple people during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
People view a growing memorial near the scene where a driver killed multiple people the previous day during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
A handwritten note in a frame is seen at a growing memorial for victims the day after a driver killed multiple people during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
NDP Leader Jagmeet Singh walks with Rosita Taruc, front centre, as he arrives to attend mass at St. Mary's Parish, after multiple people that were stuck by a car were killed on Saturday at a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. Darryl Dyck/The Canadian Press via AP)
NDP Leader Jagmeet Singh talks with Rosita Taruc, right, as NDP candidate for Vancouver Kingsway Don Davies, back centre, listens as they arrive to attend mass at St. Mary's Parish after multiple people that were stuck by a car were killed at a Filipino heritage festival, in Vancouver, British Columbia, Sunday, April 27, 2025. (Darryl Dyck/The Canadian Press via AP)
Esperanza Bermudez, right, who lives across the street from the scene, is comforted by friend Manjit Claire, left, the morning after a driver killed multiple people during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
Adonis Quita, center, who witnessed the event, sings during a worship service at the Filipino Fellowship Baptist Church the day after a driver killed multiple people during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
Evidence markers and Vancouver Police vehicles sit at a scene after a driver killed multiple people Saturday during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
Vancouver Police survey the scene after a driver killed multiple people Saturday during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
A victim covered with a cloth lies near a food truck after a car drove into a crowd at the Lapu Lapu Festival in Vancouver, British Columbia, Saturday April 26, 2025. (Rich Lam/The Canadian Press via AP)
People comfort each other near the scene the day after a driver killed multiple people during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
A couple hugs near the scene the day after a driver killed multiple people during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
Debris and evidence markers lay on the street while police investigate after a vehicle drove into a crowd at a street festival Saturday evening killing multiple people, in Vancouver, British Columbia, Sunday, April 27, 2025. (Rich Lam/The Canadian Press via AP)
Members of the Vancouver Police forensics team examine a victim's phone while investigating the scene where a vehicle drove into a crowd Saturday killing multiple people at a street festival, in Vancouver, British Columbia, Sunday, April 27, 2025. (Rich Lam/The Canadian Press via AP)
A member of the Vancouver Police forensics team picks up a shoe while investigating the scene where a vehicle drove into a crowd Saturday night at a street festival, in Vancouver, British Columbia, Sunday, April 27, 2025. (Rich Lam/The Canadian Press via AP)
Visitors pay their respects at a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
A member of the public lights a candle near the scene where a vehicle drove into crowd on Saturday at a street festival killing multiple people, in Vancouver, British Columbia, Sunday, April 27, 2025. (Rich Lam/The Canadian Press via AP)
Two people react at a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP Photo/Lindsey Wasson)
A handwritten note is seen near flowers and the flag of the Philippines at a growing memorial the day after a driver killed multiple people during a Filipino community festival Sunday, April 27, 2025, in Vancouver, British Columbia. (AP Photo/Lindsey Wasson)
