Stock Futures Edge Higher on Trade Delay
US stock futures gained ground on Tuesday after President Donald Trump agreed to postpone steep tariffs on Canada and Mexico for 30 days.
* Nasdaq futures (NQ=F) jumped 0.7%
* S&P 500 futures (ES=F) climbed 0.5%
* Dow futures (YM=F) advanced 0.3%
Trump reached deals with both countries to delay the implementation of 25% tariffs, originally scheduled to take effect on Tuesday. In exchange, Mexico and Canada agreed to strengthen border security measures.
However, the president's plan to impose a 10% tariff on Chinese goods remains in effect, with talks between Trump and Chinese President Xi Jinping expected this week.
Stocks with exposure to China faced pressure, with Nvidia (NVDA) shares dropping 3% before recovering slightly. Apple (AAPL) plunged 3.39%, while Tesla (TSLA) led declines in auto stocks with a 5.1% slide.
On the positive side, Palantir (PLTR) surged 23.9% in after-hours trading after reporting upbeat revenue forecasts.
US dollar indexes (DX=F) continued their upward trend, while the Canadian dollar and Mexican peso recovered after the news of the tariff delay.