Gold shot to a record high and stocks were subdued on Tuesday as investors braced for further shifts in U.S. trade policy and waited to hear from Federal Reserve Chair Jerome Powell on tariffs and inflation.

Wall Street is taking President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are rising on Monday. The S&P 500 was up 0.6% in morning trading, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy.