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US stock futures slid on Tuesday, eyeing a pullback from their recent rally amid growing warnings that investor relief over a cooling in trade tensions and in US inflation may be misplaced.
Dow Jones Industrial Average futures (YM=F) traded flat in the wake of component Home Depot’s (HD) mixed earnings report. Meanwhile, S&P 500 futures (ES=F) dropped roughly 0.2% on the heels of a sixth straight day of gains for the benchmark, and contracts on the tech-heavy Nasdaq 100 (NQ=F) backed off 0.3%.
Since the US and China struck a deal to temporarily roll back tariffs last week, markets have been shaking off fears of a trade war and enjoying a rally. But concerns are growing — including from JPMorgan CEO Jamie Dimon — that investors’ confidence could be overblown. Tariff levels remain high, and a growing chorus of Federal Reserve officials say they see interest-rate cuts on hold until September amid trade uncertainty.
Read more: The latest on Trump’s tariffs
Focus is now on Home Depot’s results for clues to the Trump tariff fallout after retail giant Walmart (WMT) warned last week that it will have to push up prices. Home Depot’s profit fell short as same-store sales faltered, but its revenue topped forecasts and the home improvement chain held to its previous guidance. Its shares stepped higher in premarket trading.
Several Fed policymakers, including St. Louis Fed president Alberto Musalem, are on deck to speak later in the day. Investors will listen out for how much pressure they expect tariffs to put on prices and consumers — and how that feeds through to the wider economy.
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UnitedHealth stock on pace to add to rebound
Shares in UnitedHealth were set to build on the previous session’s rebound, up 2% in premarket trading even as the company continues to grapply with an abrupt leadership change and a report of a criminal fraud probe.
The health insurer’s stock jumped over 8% on Monday after an SEC filing showed its returning CEO Stephen Hemsley and other company insiders bought a chunk of shares. UnitedHealth’s stock slumped to a five-year low last week amid the negative headlines.
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Home Depot reports earnings miss as it navigates Trump’s tariffs
Home Depot (HD) stock popped over 2% after the home improvement retailer reported earnings and reaffirmed financial guidance for 2025.
Yahoo Finance’s Brooke DiPalma reports:
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Good morning. Here’s what’s happening today.
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JPMorgan, Citi expect Europe stocks to beat US by most in decades
Is it time to “Sell America”? Wall Street strategists are offering up more fuel for the debate, as investors gauge the economic drag of tariffs and inflation on the economy.
Some strategists are betting that stocks in Europe will outperform their US counterparts this year by the most in at least two decades, Bloomberg reports:
Read more here.
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CATL stock jumps 16% on Hong Kong debut in biggest IPO this year
Contemporary Amperex Technology Co.’s stock (3750.HK) jumped 14% on its Hong Kong trading debut, in the world’s biggest listing of 2025.
Shares in the Chinese battery giant — a key supplier to Tesla (TSLA) — closed at $306.20 apiece, compared with the subscription price of $236. CATL raised $4.6 billion in its offering in the face of a Pentagon blacklisting and trade tensions.
Bloomberg reports:
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Oil trades flat as markets digest Trump pulling back from Ukraine-Russia peace talks
