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Russian (RU) Updated Tue, Apr 29, 2025, 2:05 AM 1 min read
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US stock futures drifted higher on Tuesday after the Trump administration said it will soften some auto tariffs and as Wall Street geared up for a wave of earnings reports and economic data.
S&P 500 futures (ES=F) rose 0.3%, while those on the the tech-heavy Nasdaq 100 (NQ=F) added rouhgly 0.4%. Dow Jones Industrial Average futures (YM=F) put on 0.2%.
The Trump administration will act on Tuesday to ease the impact of its auto tariffs by effectively making sure US carmakers already paying tariffs aren't charged other levies such as on steel, reports said.
CBOT - Delayed Quote USD
As of 5:05:43 AM EDT. Market Open.
YM=F ES=F NQ=F
President Trump's upbeat tone on trade negotiations, particularly with China, and softened stance toward the Federal Reserve helped lift markets on Monday, which saw stocks closed mixed.
Read more: The latest on Trump's tariffs
Trump's tariffs and whether companies are exposed or sheltered from their impact will remain top of mind for investors as critical earnings reports roll out this week.
On Tuesday, General Motors (GM) and Spotify (SPOT) are among the closely watched companies reporting before the bell, whereas Starbucks (SBUX) will release its results after the market closes.
Investors will also receive fresh data on jobs openings, the US trade deficit, and consumer confidence on Tuesday.
Wall Street won't get a break as the week unfolds, with tech heavyweights Meta (META), Microsoft (MSFT), Amazon (AMZN), and Apple (AAPL) set to report quarterly results on Wednesday and Thursday. New readings on inflation, GDP, and the labor market are expected later this week too.
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Gold slides after White House offers auto tariff relief
Hopes for a reprieve in President Trump's trade war are dragging gold (GC=F) prices lower early on Tuesday as the rush to shelter eases.
Gold futures fell almost 0.7% after Commerce Secretary Howard Lutnick confirmed that some imported autos will be spared separate tariffs on steel and aluminum, if they already pay other duties. Some levies on foreign parts used in US assembly of cars and trucks will also be reduced.
“Although negotiations may progress slowly, the White House’s renewed willingness to engage has shifted market sentiment from panic selling to cautious optimism, putting some downward pressure on gold,” Pepperstone Group research strategist Dilin Wu said in a note, per Bloomberg.
Oil sinks as global economic outlook shrinks demand
Crude oil slipped Monday evening as the ongoing trade war between the US and China weakens the outlook for demand for the commodity.
Bloomberg reports:
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