US stock futures edged lower on Wednesday as investors weighed President Trump’s latest 25% tariff salvo and waited for Federal Reserve minutes for insight into future policy.
Futures on the S&P 500 (ES=F) and the Dow Jones Industrial Average (YM=F) slipped roughly 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were up just above the flatline.
Markets are caught in wait-and-see mode as they wait for the true impacts of President Trump’s threatened tariffs to show themselves. But stocks have managed to stay broadly upbeat: The S&P 500 (^GSPC) reached a fresh record on Tuesday in a dramatic rally just 10 minutes before market close.
That suggests stock markets could prove resilient in the face of Trump’s fast-moving trade policy overhaul. Another tariff threat came late on Tuesday, when the president said to expect additional duties on autos, chips, and pharmaceuticals. A flat tariff “in the neighborhood of 25%” would apply to all foreign automakers and start as soon as April 2, he said.
CBOT – Delayed Quote•USD
44,592.00
–
(-0.11%)
As of 7:52:18 AM EST. Market Open.
YM=FES=F NQ=F
Investors are meanwhile treading carefully as they count down to Wednesday’s release of minutes from the Fed’s January meeting. The focus is on policymakers’ view of how far Trump’s tariffs could spur inflation, and what that means for the chances of rate cuts. In recent days, Fed officials have reiterated they expect to keep rates on hold while they assess the state of the economy.
As earnings season winds down, Etsy (ETSY) and Carvana (CVNA) are set to release results on Wednesday. Meanwhile, Microsoft (MSFT) and Apple (AAPL) are set to make product announcements later in the day.
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Europe stocks retreat as earnings stutter, tariffs loom
The record-setting rally in European stocks hit a wall on Wednesday as disappointing earnings added to caution over Trump’s plan for tariffs on cars, chips, and drugs.
The pan-European Stoxx 600 (^STOXX) index pulled back 0.5% after closing at an all-time high on Tuesday. Philips (PHG, PHIA.AS) shares fell over 10% in Amsterdam after the medical gear maker forecast a drop in sales thanks to weak Chinese spending.
Elsewhere, Germany’s DAX (^GDAXI) sank 0.8%, while the CAC (^FCHI) in Paris retreated 0.7% as concerns about security and trade built amid tariff threats and a warming in US-Russia relations.
Today at 11:57 AM UTC
Trump plans 25% tariffs on autos from early April
President Trump has turned his tariff bazooka on imports of autos, chips, and pharmaceuticals, vowing late Tuesday to impose additional duties of at least 25%.
Automakers around the world — including the US — were already facing a risk that Trump’s already announced tariffs on Mexico would hit their plants there. US-listed shares of Stellantis (STLA) slid over 2% in pre-market trading on Wednesday, while Toyota (TM) shed 1%. Volkswagen’s (VOW3.DE) pulled back over 2% in Europe.
Asian markets have slumped, reversing a five-day rally, under pressure from President Donald Trump’s tariff threats and concerns over the sustainability of a $1 trillion rally in Chinese stocks.
HSBC beats market expectations on profit, announces share buyback
HSBC (HSBC) released reports from last quarter Wednesday, with the multi-national banking corporation unveiling a 6.6% rise in annual profit — beating market expectations and falling interest rates.
Oil pushed upwards Wednesday against the backdrop of the Ukraine-Russia war continuing to cause oil disruptions. Markets are poised for a quick response to the US-Russian peace talks in an evolving situation.
