U.S. stock market futures rose slightly in mixed trading on Tuesday, as investors weighed newly appointed President Donald Trump's executive orders on issues including energy and immigration, while awaiting his first steps on trade policy.
Trump did not announce concrete plans for additional tariffs and surcharges on major trading partners as expected. However, he said he was considering imposing duties on Canadian and Mexican goods as early as Feb. 1.
While investors remained cautious, brokerage Goldman Sachs cut its forecast for tariffs this year to 25% from the 40% it had expected in December.
Dow E-minis rose 211 points, or 0.48%, S&P 500 E-minis rose 22 points, or 0.36%, and Nasdaq 100 E-minis rose 91.25 points, or 0.43%. Futures on the Russell 2000 index, which is more focused on domestic small-cap companies, added 0.6%.
Shares of automakers General Motors and Ford rose 0.8% and 1.5%, respectively, while Tesla, led by Elon Musk, rose 2% in premarket trading.
Shares of U.S.-listed Chinese companies Xpeng and Li Auto rose 5.7% and 5.4%, respectively, as there was no immediate sign of surcharges on goods from China.
The market remains sensitive to any reports of Trump’s tariff policies, given concerns that the move could trigger a global trade war and new inflationary pressures.
“Tariffs mean a stronger U.S. dollar due to higher import prices and weaker global growth, while no tariffs mean stronger global trade and a more robust global growth backdrop,” said Kyle Rodda, senior market analyst at Capital.com.
“As with the first Trump administration, the market is very sensitive to headline risk, especially around the trade war.”
