Closing Bell Movers: Futures extend selloff as midnight tariff deadline looms

In the opening 90 minutes of the evening session, U.S. equity futures continued the broad based decline seen in the latter part of the day session, with S&P500 down 1.4%, Nasdaq 100 off by 1.6%, and Dow Industrials down 1.2%. In commodities, WTI crude oil is accelerating is retreat with a 3% fall to $57.50, though gold is trading off U.S. session lows at $2,987.

Investors hoping for a pause or willingness to fast-track trade negotiations as a resolution in the 11th hour prior to reciprocal tariffs going into effect as of midnight on Wednesday were sorely disappointed.  The promising start on Wall St. reacting to indications of a fissure in the trade tariff standoff, which saw S&P 500 up 4% and Nasdaq up 4.5% in the opening hour, merely set up a proverbial “sell-the-rip” bear market flush on the headlines that Trump is planning to proceed with implementing tariffs that would amount to 104% on many Chinese goods just after midnight.  Materials, Consumers Discretionary, and Energy were the worst sectors on the S&P, with Financials and Utilities seeing the most narrow declines.  Fixed income markets were also counterintuitively biased again as yields on the U.S. 10-year rose another 11 basis points to 4.26%, as the two day bounce has now erased all of last week’s move lower.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Aehr Test Systems (AEHR) up 3.2%
• Karman Holdings (KRMN) up 2.1%
• Mama’s Creations (MAMA) up 2.0%

ALSO HIGHER –

• Peabody Energy (BTU) up 16.6%, extending gains as Trump signs executive order to designate coal as a “critical mineral” for national security

DOWN AFTER EARNINGS –

• Cal-Maine Foods. (CALM) down 4.2%
• Kura Sushi USA (KRUS) down 3.3%