US stock futures edged lower on Wednesday as investors weighed President Trump’s latest 25% tariff salvo and waited for Federal Reserve minutes for insight into future policy.
Futures on the S&P 500 (ES=F) and the Dow Jones Industrial Average (YM=F) slipped roughly 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were up just above the flat line.
Markets are caught in wait-and-see mode as they wait for the true impacts of President Trump’s threatened tariffs to show themselves. But stocks have managed to stay broadly upbeat: The S&P 500 (^GSPC) reached a fresh record on Tuesday in a dramatic rally just 10 minutes before market close.
That suggests stock markets could prove resilient in the face of Trump’s fast-moving trade policy overhaul. Another tariff threat came late on Tuesday, when the president said to expect additional duties on autos, chips, and pharmaceuticals. A flat tariff “in the neighborhood of 25%” would apply to all foreign automakers and start as soon as April 2, he said.
As of 8:20:05 AM EST. Market Open.
YM=F ES=F NQ=F
Investors are meanwhile treading carefully as they count down to Wednesday’s release of minutes from the Fed’s January meeting. The focus is on policymakers’ view of how far Trump’s tariffs could spur inflation, and what that means for the chances of rate cuts. In recent days, Fed officials have reiterated they expect to keep rates on hold while they assess the state of the economy.
As earnings season winds down, Etsy (ETSY) and Carvana (CVNA) are set to release results on Wednesday. Meanwhile, Microsoft (MSFT) and Apple (AAPL) are set to make product announcements later in the day.
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