Stock futures in the US were mostly lower on Tuesday, with contracts on the S&P 500 losing 0.3%, the Dow Jones declining 90 points, and the Nasdaq 100 falling 0.5%, as traders digested the latest tariff news and awaited Fed Chair Powell's testimony to Congress for further insights into the Fed's plans for the year, as well as comments on inflation and trade policy from the new administration.
President Trump has signed an executive order imposing a 25% tariff on steel and aluminum imports with no exceptions or exemptions. Shares of steel and aluminum producers rose in premarket trading, namely Cleveland-Cliffs (4.2%), US Steel Corp (0.5%), Nucor (1.8%) and Alcoa (0.6%).
On the other hand, megacaps Apple (-0.5%), Nvidia (-0.7%), Microsoft (-0.3%), Amazon (-0.6%), Meta (-0.3%) and Alphabet (-0.5%) were lower in premarket hours. Meanwhile, the earnings season continues with shares of Coca-Cola rising more than 3% before the opening bell after the company's sales topped estimates.
Source: Trading Economics
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