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U.S. stock index futures rose Tuesday evening after Commerce Secretary Howard Lutnick suggested that President Donald Trump might negotiate with Mexico and Canada following the imposition of steep tariffs. This comes after two days of sharp declines in major indices due to trade tensions.
S&P 500 Futures climbed 0.7% to 5,832.25 points, Nasdaq 100 Futures increased 0.9% to 20,572.25, and Dow Jones Futures gained 0.6% to 42,834.0 by 18:58 ET (23:58 GMT).
On March 4, 2025, Trump enforced a 25% tariff on imports from Canada and Mexico, alongside a 20% duty on Chinese goods, sparking immediate retaliatory actions. Canada condemned the tariffs, while China’s finance ministry announced new levies of 15% on agricultural imports and 10% on dairy products.
In an interview with Fox Business, Lutnick stated Trump is willing to "meet in the middle" with Canada and Mexico, hinting at possible negotiations to ease trade tensions. The tariffs have raised concerns over economic growth and inflation, already a pressing issue for U.S. consumers.
Stocks took a hit during regular trading, with the S&P 500 dropping 1.2% to 5,778.18, the Dow Jones falling 1.6% to 42,521.66, and the NASDAQ Composite slipping 0.4% to 18,285.65.
Financial stocks suffered, with Morgan Stanley (NYSE:MS) plunging 5.7%, while JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) each declined nearly 4%. Automakers also struggled as Ford (NYSE:F) fell 2.9%, Stellantis (BIT:STLAM) lost 4.4%, and General Motors (NYSE:GM) dropped 4.6%.
However, the tech sector saw some recovery, with NVIDIA (NASDAQ:NVDA) rebounding 1.6% after its recent downturn. Broadcom Inc. (NASDAQ:AVGO) and Super Micro Computer Inc. (NASDAQ:SMCI) also posted gains.
