Stocks close mixed as US turns up heat in trade war with China

Saul Loeb/Pool Photo via AP

US President Donald Trump and Chinese President Xi Jinping, right, arrive for a meeting on the sidelines of the G-20 Summit in Hamburg, Germany, Saturday, July 8, 2017.

Stocks were mixed Wednesday after the Federal Reserve left its key rate steady and as trade tensions between the US and China escalated. Tech was mostly higher after Apple earnings. The dollar climbed higher, and the 10-year Treasury yield jumped above the key 3% level for the first time in more than a month.

Here's the scoreboard:

Dow Jones industrial average: 25,337.82 −77.37 (-0.30%)

S&P 500: 2,815.95 -0.34 (-0.01%)

Nasdaq Composite: 7,707.29 +35.50 (+0.46%)

1. Washington more than doubled its tariff threats against Beijing. The White House is preparing to increase the size of proposed tariffs on an additional $200 billion worth of Chinese goods to 25% from 10%, the Wall Street Journal reports.
2. As expected, the Federal Reserve held its benchmark interest rate unchanged. At the same time, the central bank noted the strength of the economy, a signal it remains on track for a rate hike in September.
3. The Trump administration is set to impose sanctions on Turkey, a NATO ally. The sanctions, which target Turkey's minister of justice and minister of interior, are meant to penalize the government for failing to release a detained American pastor who has been imprisoned in the country for nearly two years. The Turkish lira plunged to a record low following the announcement.
4. Earnings season rolls on. Apple surged after it topped Wall Street expectations, with its market cap now approaching $1 trillion. Tesla reported mixed results after the bell - follow Business Insider for live updates.

And a look at the upcoming economic calendar:

• The Bank of England holds a policy meeting.
• Barclays, CBS and BMW report earnings.

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