US stock futures climbed up as Wall Street prepare for President Donald Trump’s broad tariffs on America’s top trading partners to take effect today.
Futures attached to the S&P 500 (ES=F) climbed 0.3%, Nasdaq futures (NQ=F) were up 0.5%, and Dow Jones futures (NQ=F) pushed up 0.2% from the flatline.
5,866.75
–
+(0.10%)
As of 2:21:46 AM EST. Market Open.
ES=F YM=F NQ=F
Canada and Mexico have 25% duties on US imports. The countries had been negotiating with the Trump administration to avoid the tariffs, but on Monday, Trump said there is “no room left for Canada or Mexico” to strike a deal.
Read more: Trump tariffs set to take effect on Canada, Mexico as Trump says ‘no room left’ for delay
Canada’s Prime Minister Justin Trudeau released a statement Monday night that detailed retaliatory tariffs that Canada enacted against the US. In total, $107 billion in US products faced immediate duties in response to Trump’s tariffs.
Also on Monday afternoon, Trump signed an executive order doubling US tariffs on China from 10 to 20%. The country “has not taken adequate steps to alleviate the illicit drug crisis,” the order read.
As traders faced the inevitability of new tariffs, a report on Nvidia (NVDA) chips being smuggled into China despite export controls caused shares of the AI giant to tumble. The company closed at its lowest point since September. Shares stabilized after the bell.
Retail giants Best Buy (BBY) and Target (TGT) will report earnings before the market opens on Tuesday, while Crowdstrike (CRWD) and Nordstrom (JWN) will release their reports after the bell.
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