U.S. stock futures were relatively flat on Tuesday morning after President Donald Trump announced new tariffs on 14 more countries and pushed the deadline to August 1. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were up 0.26% and 0.11%, respectively, while the Dow Jones Industrial Average (DJIA) futures were slightly down 0.05% at 4:38 a.m. EST, July 8.
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The moves in futures came after Trump added more countries to his tariff list on Monday. A total of 14 countries now face new trade duties, including Japan, South Korea, Malaysia, and South Africa. Trump also pushed the tariff deadline to August 1, instead of this Wednesday.
On Monday, all major indexes ended lower. The Dow fell 0.94%, the S&P 500 dropped 0.79%, and the Nasdaq Composite lost 0.92%. The new round of tariff threats has added to worries about global trade and rising prices.
In key stock market news, Tesla (TSLA) shares fell after CEO Elon Musk announced plans to form a new political party, adding volatility to tech-heavy indexes like the Nasdaq.
Markets pulled back as investors reacted to a wave of trade news. Monday’s actions may be just the start, with more updates likely in the days ahead. White House press secretary Karoline Leavitt said additional letters could be sent out soon.
President Trump also warned that countries supporting the “Anti-American policies” of the BRICS group, which includes Brazil, Russia, India, and China, could face an extra 10% tariff.
Still, some investors believe the market has already weathered the worst of the tariff impact and remain hopeful that the Q2 earnings season will help push the S&P 500 to new record highs.
This week, investors are watching for the Federal Reserve’s June meeting minutes, expected Wednesday.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.4%. Simultaneously, WTI crude oil futures were trending lower, hovering near $67.53 per barrel as of the last check. At the same time, the Gold Spot U.S. Dollar Price decreased to nearly $3,328 per ounce on Tuesday.
Elsewhere, European stocks opened higher even as trade tensions continued to cloud the outlook.
Asia-Pacific Markets Ended Higher Today
Asia-Pacific indices moved higher on Tuesday as investors weighed President Donald Trump’s new tariff threats against 14 countries.
Hong Kong’s Hang Seng Index was up 1.06%. Also, Japan’s Nikkei and Topix indices gained 0.26% and 0.17%, respectively. At the same time, China’s Shanghai Composite and Shenzhen Component indices also closed higher by 0.70% and 1.47%, respectively.
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