Wall Street Eyes Recovery As S&P 500, Nasdaq Futures Rise After Trump's Tariff-Driven Selloff Wipes Out $9 Trillion In Six Weeks
U.S. stock futures rose on Tuesday following a volatile day of trading on Monday that led the indices to close on a mixed note. Futures of major benchmark indices were higher in premarket.
The sell-off that began on Thursday has driven the Nasdaq into bear market territory, whereas the S&P 500 and Dow Jones continue to be in the correction zone.
As China’s Commerce Ministry said that it "resolutely opposes" U.S. President Donald Trump‘s threat to impose additional 50% duties on Chinese imports, the ministry vowed to take countermeasures to protect its interests, intensifying trade tensions that have already triggered market turmoil.
Major indices were significantly down from recent highs as of Tuesday. The S&P 500 was 17.65% lower, the Nasdaq 100 was down 21.56%, and the Dow Jones declined 15.77%, following a week of tariff-driven selloffs.
The 10-year Treasury bond yielded 4.17% and the two-year bond was at 3.77%. However, the CME Group's FedWatch tool‘s projections showed markets pricing a 71.4% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting.
Futures
Change (+/-)
Dow Jones
2.03%
S&P 500
1.67%
Nasdaq 100
1.42%
Russell 2000
2.06%
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, advanced in premarket on Tuesday. The SPY was up 1.13% to $510.07, while the QQQ declined 1.09% to $428.30, according to Benzinga Pro data.
Cues From Last Session:
Real estate, materials, and utilities sectors led Monday’s S&P 500 decline, pulling the U.S. stocks to a mixed close, with the Dow Jones falling for its third consecutive session.
Conversely, communication services and information technology stocks bucked the trend, closing higher.
Within tech, Tesla Inc. (NASDAQ:TSLA) shares fell roughly 2.6%, while Apple Inc. (NASDAQ:AAPL) lost 3.7%. Market volatility stemmed from Trump’s Truth Social post, threatening 50% U.S. tariffs on China following China’s 34% retaliatory tariffs.
The Manheim Used Vehicle Value Index reported a 0.7% month-over-month drop in March, consistent with February’s decline.
The Dow Jones index slumped 349 points or 0.91% to 37,965.60, whereas the S&P 500 index fell 0.23% to 5,062.25. Nasdaq Composite bucked the trend to end 0.099% higher at 15,603.26, and the small-cap gauge, Russell 2000, tumbled 0.92% to 1,810.14.
Index
Performance (+/-)
Value
Nasdaq Composite
0.099%
15,603.26
S&P 500
-0.23%
5,062.25
Dow Jones
-0.91%
37,965.60
Russell 2000
-0.92%
1,810.14
Insights From Analysts:
Lawrence McDonald, founder of Bear Traps Report, calculates that Trump’s tariff-driven selloff has ...
https://www.benzinga.com/general/market-summary/25/04/44679853/wall-street-eyes-recovery-as-sp-500-nasdaq-futures-rise-after-trumps-tariff-driven-selloff
