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US stock futures jumped on Monday as investors welcomed reports that the next wave of President Trump’s tariffs will be more targeted than threatened.
S&P 500 futures (ES=F) rose 0.9% on the heels of the broad benchmark snapping a four-week losing streak. Dow Jones Industrial Average futures (YM=F) advanced 0.7%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) led the gains, up 1.1%.
Markets are weighing signs that proposed US reciprocal tariffs will be narrower than expected when Trump announces them on April 2, per reports from Bloomberg and The Wall Street Journal. That’s providing some relief from fears that an escalating trade war will drive up inflation and further slow the economy.
The yield on the 10-year Treasury (^TNX) rose about four basis points to 4.29% as worries about a tariff hit to growth and global trade eased, and appetite for risk sharpened.
CME – Delayed Quote USD
As of 7:13:11 AM EDT. Market Open.
ES=F YM=F NQ=F
Looking at economic data for the week to come, a reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures Index, is due Friday. The PCE comes alongside a treading of the University of Michigan’s consumer confidence survey, as well as updates to Purchasing Managers’ Indexes for the manufacturing and services sectors.
On the earnings front, quarterly results from Lululemon (LULU), Gamestop (GME), and Dollar Tree (DLTR) are the highlights in a quiet week of releases.
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Trump’s ‘Liberation Day’ tariffs to be more targeted than threatened: Reports
This morning’s markets boost comes courtesy of weekend reports that President Trump’s ‘Liberation Day’ round of reciprocal tariffs will be more measured than feared.
The White House has promised like-for-like tariffs on all US trading partners, with an announcement expected on April 2. Investors have become increasingly worried about the potentially huge impact on global trade and the economy from a tit-for-tat trade war.
But Bloomberg and The Wall Street Journal report that Trump’s administration has narrowed its reciprocal tariff focus to the “dirty 15” countries — the about 15% of countries with a trade balance unfavorable to the US. At the same time, Trump won’t bring in proposed duties on chips, cars and drugs on April 2, the WSJ said.
Bloomberg reported:
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Good morning. Here’s what’s happening today.
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23andMe files for bankruptcy, stock tumbles
23andMe shares plug over 40% before the bell after the troubled DNA testing company filed for Chapter 11 bankruptcy.
The move is aimed at making it easier for 23andMe to find a buyer for the $50 million genetic test provider, though its board has rebuffed a buyout from co-founder Anne Wojcicki. The company also said on Sunday that Wojcicki has stepped down as CEO following a series of failed takeover bids.
