Futures of major benchmark indices were lower in premarket trading, signaling some profit-taking after two days of advances.
President Donald Trump said Monday that automobile tariffs are imminent, though not all will take effect by April 2. During a White House briefing, he suggested some countries may be exempt but provided no details, per Reuters.
He also introduced a 25% tariff on nations purchasing Venezuelan oil or gas, impacting global prices. A White House official stated that the timeline for industry-specific tariffs, including those on automobiles, pharmaceuticals, and semiconductor chips, remains unclear.
The 10-year Treasury yield stood at 4.35%, while the two-year yield was at 4.05%. According to the CME Group's FedWatch tool, there is an 89.2% chance that the Federal Reserve will keep the interest rates unchanged during its May meeting.
Futures
Change (+/-)
Nasdaq 100
-0.31%
S&P 500
-0.18%
Dow Jones
-0.15%
Russell 2000
-0.49%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, dropped in premarket on Tuesday. The SPY was down 0.11% to $573.44, while the QQQ declined 0.24% to $489.50, according to Benzinga Pro data.
Cues From Last Session:
Consumer discretionary, communication services, and industrials led a broad market rally on Monday, driving U.S. stocks higher.
Tesla Inc. (NASDAQ:TSLA), Meta Platforms Inc. (NASDAQ:META), and Nvidia Corp. (NASDAQ:NVDA) saw significant jumps, with Tesla up around 12%. This optimism was fueled by President Trump’s softened stance on tariffs ahead of the April 2, 2025 deadline, and strong March service sector data.
Specifically, the S&P Global Services PMI climbed to 54.3, and the Chicago Fed National Activity Index rose to 0.18. However, the S&P Global U.S. Manufacturing PMI fell to 49.8, and utility stocks ...
