The trader works on the floor of the New York Stock Exchange during the afternoon trading on October 3, 2024.
Michael M. Santiago | Getty Images
Stock futures rose Tuesday evening after President Donald Trump's tariff uncertainty sent a major average on a roller coaster ride. Investors were also awaiting a planned consumer inflation report on Wednesday.
Futures linked to Dow Jones Industrial Average Advanced 84 points, or 0.2%. S&P 500 Futures It was 0.2% higher Nasdaq 100 futures We won 0.3%.
Out-of-hours actions take place after a customs policy whirlwind day that caused losses on all three major averages. At the lowest point of the session, S&P 500 It has been reduced by 10% since closing. 30 stock Dow Almost 480 points, or 1.1%, low, low Nasdaq Composite We posted a decrease of approximately 0.2%.
Earlier in the day, Trump said he would double the import tax on Canada's steel and aluminum imports to 50% as of Wednesday. The move corresponded to Ontario's decision to install a 25% collection of electricity exported to the US.
Later on Tuesday, Ontario Prime Minister Doug Ford said he would suspend additional fees. White House trade adviser Peter Navarro continued Tuesday afternoon by telling CNBC that Trump would not raise Canadian steel and aluminum tariffs to 50%. However, the 25% mandate for these metals will still be in effect Wednesday.
Traders face another catalyst on Wednesday: February's consumer price index reading. The economist voted by Dow Jones predicts that CPI will rise by 0.3% last month and headline inflation will rise by 2.9% from 12 months ago.
The results inform the next policy steps for the Federal Reserve as markets begin to rekindle concerns about inflation and slowing growth.
“We're just waiting for some sort of policy response from the Fed or the administration,” 3Fourteen co-founder Warren Pies told CNBC's “Closing Bell” on Tuesday. “I think it's going to be a little late, so I don't think it's time to buy some dip yet.”
Investors have become burglars on the Wall Street side as investors worry that their duties can drive the US economy into a recession given that consumers already handle sustained high prices for essential products such as eggs and coffee.
