US Stock Futures Edge Higher After Trump Tariff Delay
NASDAQ Futures (NQ=F): +0.7%
S&P 500 Futures (ES=F): +0.5%
Dow Futures (YM=F): +0.3%
US stock futures made steady gains after President Donald Trump agreed to postpone steep tariffs on Canada and Mexico for 30 days.
Trump reached deals with both countries on Monday, postponing the implementation of 25% tariffs that were scheduled to take effect on Tuesday. In exchange, Mexico and Canada agreed to increase troop presence at their borders with the US, among other measures, to provide additional time for trade negotiations.
However, Trump's plan to impose a 10% tariff on Chinese goods remains in place, and he is expected to speak with Chinese President Xi Jinping this week. Companies with exposure to China, such as chipmaker Nvidia (NVDA) and iPhone maker Apple (AAPL), saw their shares decline. EV manufacturer Tesla (TSLA) also underperformed, with shares falling 5.1%.
On the positive side, Palantir (PLTR) reported strong first-quarter and annual revenue forecasts, exceeding expectations. This news sent shares soaring by 23.9%.
Meanwhile, the US dollar index (DX=F) continued its upward trend after a slight pullback from near-record highs. The Canadian dollar and Mexican peso also rebounded after news that tariffs would not be implemented on Tuesday.