US Stock Futures Edge Higher after S&P 500 Record Close
U.S. stock futures advanced slightly as the S&P 500 reached a fresh record high in a volatile session just before market close. Futures tied to the S&P 500 (ES=F) and Dow Jones (YM=F) gained marginally, while Nasdaq (NQ=F) futures climbed 0.2%.
Market Roundup
After a subdued start to the week following an extended weekend, the S&P 500 surged in Tuesday's afternoon session to close at an all-time high of 6,129.58. The index achieved its highest level since January 23rd despite headwinds including potential tariffs from President Trump, industry shake-ups, and the Federal Reserve's cautious approach to interest rates.
Notable Developments
- President Trump announced plans to impose new tariffs on automobiles as early as April 2nd. A flat tariff of around 25% would impact foreign automakers selling in the U.S.
- Intel's (INTC) stock rallied after news emerged of potential mergers among its competitors.
- Meta (META) stock declined, breaking a 20-session winning streak.
- Artificial intelligence (AI) stocks continued their upward trajectory in after-hours trading.
- Investors await the release of minutes from the Fed's January meeting on Wednesday.
Earnings Season and Outlook
Wednesday will see earnings reports from Etsy (ETSY) and Carvana (CVNA). Asian markets experienced a downturn, reversing a five-day rally, due to tariff concerns and sustainability worries surrounding a recent rally in Chinese stocks. HSBC reported higher-than-expected profits and announced a share buyback program. Oil prices rose amid ongoing peace talks between the U.S. and Russia following disruptions caused by the Ukraine war.