US Stock Futures Edge Lower on Trump's Tariff Announcement
US stock futures declined on Tuesday as investors considered President Trump's decision to impose 25% tariffs on imported steel and aluminum.
Equity Futures
* S&P 500 futures (ES=F): -0.2%
* Dow futures (YM=F): -0.1%
* Nasdaq futures (NQ=F): -0.2%
Tariffs on Steel and Aluminum
The tariffs, which take effect on March 4th, target all countries, including Canada and Mexico, the top suppliers of these metals to the US.
Tech Sector Concerns
Investor confidence in the "Magnificent Seven" tech giants (Amazon, Google, Apple, Nvidia, Microsoft, Tesla, Meta) remains subdued due to concerns over AI spending. Meta, however, has gained double-digits this year.
Commodities
* Coffee futures surged 6% to an all-time high of $4.30 per pound due to low supply and high demand.
* Gold (GC=F) continued its rally, reaching an all-time high of $2,921 an ounce amid uncertainty in stock markets.
Earnings Reports
* Coca-Cola, Super Micro Computer, Lyft, and DoorDash are scheduled to release their earnings reports on Tuesday.