On February 13, 2025, traders were busy on the floor of the New York Stock Exchange.
U.S. stock futures had a rocky start on Wednesday. New jobs data raised more worries about the economy and shifted focus away from hopes of a deal regarding President Trump’s controversial tariffs.
Futures for the Dow Jones Industrial Average and S&P 500 were both down by about 0.1%. Meanwhile, Nasdaq 100 futures were nearly flat.
Overnight, stock futures gained some momentum after Commerce Secretary Howard Lutnick mentioned that an agreement with Canada and Mexico might be announced soon. He also noted that Trump was looking into which sectors could get tax relief.
This news briefly lifted stocks like automakers, which had been struggling due to rising material costs. However, even with optimism about tariffs fading, Trump mentioned in a Tuesday night address that a “little disturbance” from tariffs was acceptable, affecting both Canada and China.
But that optimism didn’t last long. The ADP’s private payroll report revealed that job growth in February was much lower than economists had expected. This added to growing worries about a slowing U.S. economy.
Trump’s tariffs have caused major shifts in the market this week. The tech-heavy Nasdaq was very close to hitting correction territory, which means it was down 10% from its peak. After the declines on Tuesday, the S&P 500 gave back all its gains since Election Day last November.
Michael Green, chief strategist at Simplify Asset Management, pointed out that Trump brings a lot of uncertainty. He emphasized that a single tweet or announcement can dramatically alter market perceptions.
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