Traders at the New York Stock Exchange experienced a busy day on October 3, 2024. Stock futures rose slightly in the evening after a day filled with ups and downs due to President Trump’s tariff announcements. Investors are now looking forward to a consumer inflation report due the next day.
The Dow Jones Industrial Average futures went up by 84 points, or 0.2%. Similarly, the S&P 500 and Nasdaq 100 futures also increased by 0.2% and 0.3%, respectively. This slight rise followed a turbulent trading day where all major stock averages ended in the red. At their lowest, the S&P 500 was down 10% from its recent high.
On Tuesday, the Dow closed down by nearly 480 points, a drop of 1.1%. The Nasdaq Composite fell by about 0.2%. The market reacted to Trump’s announcement of doubling import duties on Canadian steel and aluminum to 50%, following Ontario’s decision to impose a 25% tax on electricity exports to the U.S.
However, later in the day, Ontario Premier Doug Ford announced a pause on the electricity surcharge. White House trade advisor Peter Navarro then clarified that Trump would not raise tariffs on steel and aluminum to 50%, but the 25% duty on these metals would still take effect.
Looking ahead, traders are preparing for the consumer price index (CPI) report set for Wednesday. Economists predict a 0.3% rise in CPI for February and an annual inflation increase of 2.9%. This report could influence the Federal Reserve’s next actions, especially as concerns about inflation and economic growth resurface.
As Warren Pies from 3Fourteen Research notes, traders are awaiting a policy response either from the Fed or the administration. Given the current uncertainties, he suggests it might not be the right time to jump back into buying stocks.
Check out this related article: Market Update: March 11, 2025 – Stocks Slide as Tariff Fears and Economic Uncertainty Fuel Ongoing Sell-Off
Source linkBreaking News: Markets,Stock markets,Markets,United States,Dow Jones Fut (Mar'23),S&P 500 Fut (Mar'23),NASDAQ 100 Fut (Mar'23),S&P 500 Index,Dow Jones Industrial Average,NASDAQ Composite,business news
