U.S. stocks opened lower Tuesday as investors digested weak manufacturing data, rising tensions inside the Federal Reserve, and ongoing tariff-related pressures on the consumer economy.

The Dow Jones Industrial Average fell 24.01 points, or 0.05%, to 45,258.5, while the S&P 500 slipped 3.48 points, or 0.05%, to 6,435.84. The Nasdaq Composite declined 14.17 points, or 0.07%, to 21,435.1. The Russell 2000 outperformed, up 0.22% at 232.88.

Fed Turmoil

Markets were confronted with unusual political drama after President Donald Trump on Monday removed Federal Reserve Governor Lisa Cook , citing “gross negligence in financial transactions” and declaring he had lost confidence in her integrity. The rare presidential dismissal of a sitting Fed governor comes as dissent within the central bank is at its highest since the late 1980s, with two governors breaking from majority votes at recent policy meetings.

The move comes amid rising dissent inside the Federal Open Market Committee. According to Apollo’s historical analysis, two Fed governors dissented from policy votes this year, the most since the late 1980s. That level of division underscores tensions over how to balance inflation risks with slowing growth.

Weak Manufacturing Data

Economic data offered little comfort. The Commerce Department reported that durable goods orders fell 2.8% in July to $302.8 billion, extending a revised 9.4% plunge in June. The back-to-back declines underscore mounting pressure on manufacturers as tariffs and global strains weigh on demand.

Corporate Movers

Shares of Wayfair remained under pressure after CFRA reiterated its Hold rating. The firm noted that potential new tariffs on imported furniture represent another headwind, even as the company explores advertising and logistics levers to defend margins.

Meanwhile, Nvidia looms large ahead of Wednesday’s quarterly results. Analysts expect about $46 billion in revenue, with AI chip sales driving growth. But risks remain, including ongoing exposure to China and intensifying competition from rivals.

Commodities

In commodities trading, gold futures edged up 0.06% to $3,419.70, signaling modest safe-haven demand. Crude oil slid 1.57% to $63.78, extending recent losses.