US Stock Futures Dip as China Retaliates to Trump's Tariffs
US stock futures fell amid heightened trade tensions between the US and China. Nasdaq futures (NQ=F) declined 0.3%, S&P 500 futures (ES=F) lost 0.2%, and Dow futures (YM=F) slipped 0.3%.
Trump's Tariffs on China Draw Retaliation
President Trump's plan to impose a 10% tariff on Chinese goods has triggered an immediate response from China. The world's second-largest economy retaliated with its own tariffs on US products, including coal and oil.
Tech Giants Feel the Heat
Companies with exposure to China experienced significant losses. Nvidia (NVDA) shares dropped nearly 3%, while Apple (AAPL) and Tesla (TSLA) plunged 3.39% and 5.17%, respectively.
Palantir Reports Strong Results
In a positive development for tech stocks, Palantir (PLTR) reported better-than-expected first-quarter and annual revenue forecasts, leading to a 23.9% surge in its shares.
US Dollar Strengthens
US dollar indexes continued to rise, despite a slight pullback from all-time highs. The Canadian dollar and Mexican peso also recovered after the postponement of tariffs against those countries.
China Investigates Google and Others
China launched an anti-monopoly investigation into Google (GOOG) and placed two US companies on its "unreliable entity list" in retaliation for US tariffs.
Gold Rises as Safe Haven
Gold (GC=F) rose towards a record high as investors sought a stable asset amid trade tensions. Spot gold reached $2,850 an ounce before retreating slightly.