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Stock futures were mostly falling early Wednesday after gaining in the previous session as the U.S. trade war started to hit economic data, an ominous sign that the real-world impact of President Donald Trump’s tariffs will soon be felt.
A measure of China’s export orders plunged to the lowest since 2022, when the Covid-19 pandemic was choking off output, while overall manufacturing was the weakest in a year. Those figures followed data from the Conference Board showing consumer expectations falling to the lowest since 2011.
First-quarter gross domestic product figures will be published today, along with the Federal Reserve’s preferred inflation gauge. There’s a long list of earnings from the likes of technology giants Meta Platforms and Microsoft, car maker Stellantis, and leisure company Norwegian Cruise Line Holdings.
The S&P 500 and Dow Jones Industrial Average have enjoyed a six-day winning streak coming into the session. Indications from Commerce Secretary Howard Lutnick that trade deals are imminent helped push stocks higher.
Futures tracking the Dow were flat, before the market opened. S&P 500 futures slipped 0.2%, and contracts tracking the Nasdaq 100 retreated 0.3%.
Yields on government bonds were lower than yesterday. The benchmark 10-year Treasury was at 4.176%, compared with 4.239%. The 2-year note was at 3.678%. The dollar index, a measure of the greenback against a basket of peers, was little changed.
