Stock market today: Dow, S&P 500, Nasdaq futures waver as Trump ratchets up trade tensions
US stock futures wavered as President Trump ratcheted up trade tensions with US trade partners.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) held steady. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) ticked up 0.1%.
Stocks teetered lower on Tuesday as Trump spoke during a wide-ranging cabinet meeting, where he said a 50% tariff on copper was in the works and threatened 200% duties on pharmaceuticals. The president also reaffirmed that the pause he placed on "reciprocal" tariffs in April will end August 1, saying "no extensions will be granted" to countries that have not struck deals before then.
Read more: The latest on Trump's tariffs
Tuesday's relatively muted action in markets follows losses on Monday when Trump posted a flurry of letters to social media that announced new tariff rates ranging from 25% to 40% on more than a dozen countries starting August 1.
On Wednesday, Wall Street is looking forward to the release of the minutes from the Federal Reserve's June meeting. Fed officials held interest rates steady in June and indicated two rate cuts this year are likely.
LIVE 1 update- 8 mins ago Rian Howlett
Copper prices soar following Trump's announcement of tariffs on imports
Copper (HG=F) futures pumped over 17% following an announcement from President Trump that he'll instill a 50% on imports of the metal.
Bloomberg reports:
Read more here.
Today's stock market volatility, evidenced by wavering Dow Futures and the S&P 500 as well a Nasdaq fiasco; underscores how President Trump’ s ongoing trade tensions extend far beyond economic headlines to influencing jittery investors in finance worldwide.
