U.S. Stocks Eye Rebound as Steelmakers Rally on Trump Tariffs
Market Summary
* Dow Jones Industrial Average futures (YM=F) up 0.5%
* S&P 500 futures (ES=F) up 0.4%
* Nasdaq 100 futures (NQ=F) up 0.6%
* Pre-Market Movers:
* Cleveland-Cliffs (CLF): +8%
* Nucor (NUE): +8%
* US Steel (X): +6%
* Alcoa (AA): +5%
Trump's Tariff Pledge
* President Donald Trump announced plans to impose additional 25% tariffs on steel and aluminum imports.
* Investors weigh impact on U.S. steel companies and potential retaliatory tariffs.
Trade War Concerns
* Major U.S. suppliers Canada and Mexico face significant impact.
* Markets anticipate reciprocal tariffs, potentially escalating trade tensions.
* Gains in U.S. stocks suggest investors may be adapting to Trump's trade actions.
Economic Implications
* Tariffs raise concerns over inflation and potential stall in interest rate cuts.
* January consumer price index release on Wednesday will provide inflation clues.
Earnings Calendar
* 78 S&P 500 companies to report earnings this week.
* McDonald's (MCD) reports Monday, with Coca-Cola (KO), Super Micro Computer (SMCI), and Airbnb (ABNB) to follow.