Copper prices surged and the Dow industrials slipped on Tuesday after President Trump announced a surprisingly large tariff on imports of the metal, and declared that he would hold firm on his latest deadline for trade deals with foreign countries.

Investors are digesting Trump's stiff tariffs on imports from more than a dozen countries and delayed the return of sweeping April levies.

The S&P 500 has outpaced the Dow Jones Industrial Average despite President Trump's rejection of exceptions to the Aug. 1 date he set to launch his latest tariffs. Meanwhile, the Nasdaq has had a day in the green.