All three major US stock indexes were down around midday trading Tuesday as President Donald Trump's tariffs on trade partners took effect and prompted reprisals, stoking concerns over the state of the economy.

In company news, Target (TGT) reported fiscal Q4 adjusted earnings Tuesday of $2.41 per diluted share, down from $2.98 a year earlier but above the consensus expectation of analysts polled by FactSet calling for $2.26. Fiscal Q4 revenue was $30.92 billion, down from $31.92 billion a year earlier but above the FactSet consensus of $30.78 billion. For 2025, the retail giant said it expects adjusted EPS of $8.80 to $9.80 on net sales growth of about 1%. Analysts polled by FactSet expect non-GAAP EPS of $8.70 on revenue of $106.33 billion. Chief Executive Brian Cornell said Tuesday in a CNBC interview that customers are likely to see price increases on certain goods like fruit and vegetables "in the next couple of days" due to the implementation of Trump's tariffs. Target shares were down 5.9% around midday.

Best Buy (BBY) reported fiscal Q4 adjusted earnings Tuesday of $2.58 per diluted share, down from $2.72 a year earlier but above the FactSet consensus of $2.40. Fiscal Q4 revenue was $13.95 billion, down from $14.65 billion in the year-ago period but above the FactSet consensus of $13.68 billion. The company said it expects fiscal 2026 adjusted EPS of $6.20 to $6.60 on revenue of $41.4 billion to $42.2 billion. Analysts surveyed by FactSet expect $6.58 adjusted EPS on $41.75 billion in revenue. Best Buy CEO Corie Barry said on the company's earnings call that price increases are "highly likely" due to the tariffs imposed by President Trump on China and Mexico. Best Buy shares were down about 15%.

Walgreens Boots Alliance (WBA) is nearing the completion of a go-private deal with Sycamore Partners for around $10 billion, The Wall Street Journal reported late Monday, citing people familiar with the matter. The deal could be completed as soon as Thursday, according to the report. Walgreens shares were up 6.4%.

Honeywell International (HON) said Tuesday it agreed to acquire Sundyne from Warburg Pincus for $2.16 billion in cash. Sundyne makes pumps and gas compressors used in process industries. The deal is expected to close in Q2, subject to regulatory approvals and other conditions. Honeywell shares were down 1.4%.

A consortium consisting of BlackRock (BLK) and Terminal Investment Limited has agreed to buy all shares in Hutchison Port Holdings and all shares in Hutchison Port Group from CK Hutchison, said Edith Shih, CK Hutchison's company secretary, in a circular. The purchase price would be $14.21 billion under the terms of the deal. Separately, BlackRock's Global Infrastructure Partners is close to raising $25 billion for its latest fund, Bloomberg reported Tuesday, citing people familiar with the matter. The GIP Fund V is expected to hit its initial $25 billion target by the final close, which is scheduled for the coming weeks, the report said. BlackRock shares were down 3.2%.

Tesla (TSLA) sold 30,688 China-made electric vehicles in February, a 49.2% decrease from the year-ago period, Reuters reported Tuesday, citing data from the China Passenger Car Association. Tesla shares were down 6.5%.

Starbucks (SBUX) has named Cathy Smith chief financial officer, according to a regulatory filing. Smith has served as the CFO and treasurer of Nordstrom (JWN) since 2023. Starbucks shares were down 1.4%.

Price: 113.28, Change: -7.48, Percent Change: -6.19