US Stock Futures Flat, China Retaliates to Tariffs
Key Points:
* US stock futures traded near flatline after China retaliated to Trump's tariffs.
* Chinese goods face a 10% tariff implemented Tuesday.
* Nvidia (NVDA) and Apple (AAPL) declined significantly, while Tesla (TSLA) led auto stock losses.
* Palantir (PLTR) surged over 23% after exceeding revenue expectations.
* US dollar indexes continue to rise, with Canadian dollar and Mexican peso recovering after tariff postponements.
China's Anti-Monopoly Investigation and Retaliatory Tariffs:
* China initiated an investigation into Google (GOOG) and other US companies over monopoly measures.
* PVH Corp and Illumina were added to China's "unreliable entity list."
* China imposed tariffs on US goods, including coal and oil, in retaliation to the tariffs.
Gold Rises Amidst Trade Tensions and Tariff Delays:
* Gold (GC=F) surged toward a record high as demand increased for a stable asset.
* Trump's proposed 30-day tariff pause against Canada and Mexico led to a dollar retreat.
* Markets remain unsettled, boosting gold's appeal as a safe haven.
* Concerns exist over the impact of a potential trade war on the US economy and monetary policy.