U.S. futures dipped on Tuesday morning after U.S. President Donald Trump announced a global 25% tariff on steel and aluminum imports, “without exceptions or exemptions.” This move raised concerns about a potential escalation of trade tensions. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.41%, 0.17%, and 0.28%, respectively, at 3:35 a.m. EST, February 11.
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The previous trading session saw positive market sentiment. The Nasdaq Composite (NDAQ) led the gains, climbing 1%, while the S&P 500 and the Dow Jones rose 0.7% and 0.4%, respectively. The upside was led by steel and aluminum stocks, including Cleveland-Cliffs (CLF) and Nucor (NUE), which gained 17.9% and 5.6%, respectively, following the tariff news.
In key stock market news, Monday.com (MNDY) surged over 25% after reporting an impressive Q4 earnings report that beat expectations. At the same time, ON Semiconductor (ON) fell 8.2% after missing Q4 earnings and revenue estimates, and providing a cautious outlook.
Looking ahead, investors are closely watching testimony from Federal Reserve Chair Jerome Powell before Congress for clues regarding the central bank’s monetary policy outlook.
On the earnings front, several companies, including Coca-Cola (KO), Shopify (SHOP), Energy Transfer (ET), Lyft (LYFT), Upstart (UPST), and Super Micro Computer (SMCI), are scheduled to report results today.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.515% as of writing. Simultaneously, WTI crude oil futures are trending higher, hovering near $72.89 per barrel as of the last check.
Elsewhere, European indices opened higher on Tuesday as investors looked past Trump’s latest tariff announcement.
Asia-Pacific Markets Ended Lower on Tuesday
Most of the Asia-Pacific indices were in the red today as investors assessed the impact of Trump’s new tariff on all steel and aluminum imports.
Notably, the Hang Seng Index closed lower by 1.06%. Further, China’s Shanghai Composite and Shenzhen Component indices declined 0.12% and 0.69%, respectively. Also, Japan’s Topix index was down 0.15%, while the Nikkei index gained 0.04%.
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