Merchants work on the ground of the New York Inventory Trade on the final day of buying and selling for the 12 months on Dec. 31, 2024 in New York Metropolis.
Spencer Platt | Getty Photos
Inventory futures have been decrease on Sunday, as buyers braced for a data-packed week forward and eyed reviews that President Donald Trump could announce a brand new spherical of tariffs on Monday.
Futures tied to the Dow Jones Industrial Common fell 62 factors, or 0.14%. S&P 500 futures slipped 0.16%, whereas Nasdaq 100 futures ticked down 0.24%.
Trump advised reporters on Sunday that he is planning to announce a blanket 25% tariff on all metal and aluminum imports on Monday, in accordance with a Bloomberg report. Trump didn’t specify when the tariffs can be imposed and famous that he would additionally concern retaliatory tariffs on nations that tax U.S. imports. The information comes as Trump’s beforehand introduced duties on China are set to enter impact at midnight on Sunday.
The specter of extra tariffs comes forward of a slew of financial information this week. The January client value index report is due out Wednesday at 8:30 a.m. ET, adopted by preliminary weekly jobless claims and the producer value index on Thursday. Federal Reserve Chair Jerome Powell may even communicate earlier than Congress on Monday morning.
“Steep tariffs and heightened coverage uncertainty may push companies to more and more undertake wait-and-see behaviors and pull again on hiring,” mentioned Lydia Boussour, senior economist at EY-Parthenon. “This might result in a extra extreme job slowdown, weaker revenue and restrained client spending amidst a lot greater inflation.”
The market stays jittery on a mixture of inflation fear coupled with concern over how Trump’s plan for tariffs may adversely have an effect on the U.S. economic system. Buyers may even look towards extra main company earnings, together with McDonald’s on Monday and Coca-Cola on Tuesday.