Tuesday's relatively muted action in markets follows losses on Monday when Trump posted a flurry of letters to social media that announced new tariff rates ranging from 25% to 40% on more than a dozen countries starting August 1.

The Dow Jones index rallied 240 points Monday on U.S.-Canada trade news after Trump suspended trade talks Friday.

Despite slipping into negative territory in mid-afternoon trading, the S&P 500 finished the day up 0.5% at 6,173 and the Nasdaq Composite added 0.5% to 20,273, new all-time closing highs for each index.