() The Dow Jones Industrial Average and S&P 500 were lower when markets opened Wednesday, but the Nasdaq was fractionally higher.

While the Dow was down 170 points, or 0.5%, as of 9:35 a.m. Eastern time, the Nasdaq composite was 0.5% higher.

So far this morning, foreign markets have been in the red.

This comes as new, sweeping taxes on goods from other countries have taken effect as part of what President Donald Trump called “Liberation Day.” Roughly 60 countries were being singled out for the reciprocal tariffs, the majority of which are set at half of the tariff those countries place on U.S. goods.

Trump’s 104% tariffs were imposed on China on Wednesday. China raised its retaliatory tariffs on the United States from 34% to 84%. In addition, the European Union approved retaliatory tariffs on $23 billion in goods as a response to Trump’s 25% tariffs on imported steel and aluminum.

How markets are affecting people

Consumer spending is likely going to pull back in light of this. Jamie Dimon, the CEO of JPMorgan Chase and investor Bill Ackman, who has been an ally of Trumps, said people will start pulling their purse strings.

“So long as you have rates going up … inflation is sticky and credit spreads are gapping out, which they’re going to, I think you’ll see more credit problems,” Dimon said on  Fox Business’ “Mornings with Maria” program.

Businesses could also suffer, Ackman said on X Wednesday morning.

“I am receiving an increasing number of emails and texts from small business people I do business with or have invested in, expressing fear that they will not be able to pass on their increased costs to their customers and will suffer severely negative consequences,” Ackman wrote.

The stock markets are tied to people’s 401ks and other retirement accounts. While markets have historically bounced back, those who are planning on retiring this or next year may have to potentially delay that.

A company called Empower says its seen people starting to dip into their retirement on hardship withdrawals. That’s ticking up about 15 to 20% to them based on historical norms.

The Associated Press and Reuters contributed to this report.

This story is developing. Refresh for updates.