US stock futures drifted down as Wall Street largely shrugged off tariff risks even as President Trump doubled duties on steel and aluminum imports.
Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) slid 0.1%.
CBOT – Delayed Quote USD
As of 1:11:11 AM EDT. Market Open.
YM=F ES=F NQ=F
Trump signed a proclamation on Tuesday evening that hiked tariffs on steel and aluminum imports from 25% to 50%. The United Kingdom is the only country exempt from the increase. The president’s latest tariff move comes amid escalating tensions between the US and key trading partners China and the European Union.
Read more: The latest on Trump’s tariffs
During the day on Tuesday, stocks extended Monday’s gains as an unexpectedly upbeat April JOLTS report and Nvidia’s (NVDA) stock rally lifted investor hopes that the economy can weather the impact of Trump’s trade policy.
Wall Street will get another pulse check on the labor market with the release of ADP employment data on Wednesday. The main event lands on Friday with the closely watched May jobs report.
LIVE 1 update
-
Toyota Industries offer to pivot to private tanks share value
Stock in Toyota Industries (6201.T) sank over 12% late Tuesday after an attempt to take the company private failed to meet investor expectations. A ¥4.7 trillion ($33 billion) deal offered ¥16,300 yen per share, well below Tuesday’s close of ¥18,400.
Parent company Toyota Motor Corporation (TM) has been trying to take the forklifts, engines, and auto parts manufacturer Toyota Industries off the stock market under pressure from government regulators and investors to pull apart entwined company structures.
Toyota’s tender offer drew criticism as it “undermines” minority shareholders. According to Reuters, the offer values the buyout at $26 billion, with the remaining financing structured through loans and preferred share investments.
If the deal goes through a new company will be established. Toyota Motor will invest around ¥700 billion in non-voting shares, while its real estate arm, Toyota Fudosan, will contribute ¥180 billion. Chairman Akio Toyoda plans a ¥1 billion personal investment.
