US Stock Futures Dip on Trade Tariff Concerns
US stock futures edged lower as investors grappled with President Donald Trump's announcement of tariffs on imported steel and aluminum.
* S&P 500 (ES=F) futures: -0.2%
* Dow futures (YM=F): -0.1%
* Nasdaq futures (NQ=F): -0.2%
Tech Sector Sentiment Dampened by AI Spending Fears
In the tech sector, concerns over AI spending continued to affect investor confidence in the "Magnificent Seven" companies: Amazon (AMZN), Google (GOOG), Apple (AAPL), Nvidia (NVDA), Microsoft (MSFT), and Tesla (TSLA). Meta (META), the standout performer, is the sole company to post double-digit gains year-to-date.
Commodities Market
Coffee futures surged 6%, reaching an all-time high over $4.30 per pound. Panic buying amid low yield and high demand contributed to a 35% price increase in 2023.
Earnings Season
Coca-Cola, Super Micro Computer (SMCI), Lyft (LYFT), and DoorDash (DASH) are scheduled to release their earnings reports on Tuesday.
Gold Boosted by Market Uncertainty
Gold (GC=F) continued to benefit from uncertainty in stock markets. Trump's tariffs pushed the safe-haven asset to a new all-time high for the second consecutive week, reaching above $2,921 per ounce.