US pre-open: Futures higher as traders await tariff updates
By Iain Gilbert
Date: Monday 10 Feb 2025
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Monday despite Donald Trump threatening to hit some of the US's closest trading partners with another round of tariffs.
As of 1235 GMT, Dow Jones futures were up 0.36%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.44% and 0.70% firmer, respectively.
The Dow closed 444.23 points lower on Friday after Donald Trump announced that he was planning to slap reciprocal tariffs on trading partners.
"I'll be announcing that next week reciprocal trade, so that we're treated evenly with other countries," said Trump. "We'll have a news conference, and we'll lay it out pretty simple."
Trump later announced that he plans to introduce a blanket 25% tariff on all steel and aluminium imports but fell short of specifying when the tariffs would be imposed. He also noted that he would also issue retaliatory tariffs on countries that tax US imports.
Trade Nation's David Morrison said: "US stock index futures were all firmer in early trade this morning, recovering a proportion of Friday's losses. The majors ended last week on the backfoot as investors chose to pare their risk exposure ahead of the weekend. This came after President Trump unleashed a clutch of tariff threats, primarily focused at northern and southern neighbours, Canada and Mexico. These were postponed within hours of being announced as both countries promised to boost security at their US borders. But the additional 10% tariff on US imports from China did go ahead. China has instigated retaliatory tariffs on US imports starting today."
In the corporate space, McDonald's reported quarterly earnings that met expectations on the Street despite posting disappointing revenues on the back of a decline in same-store sales in the US.
No major data points were scheduled to be released on Monday.
Reporting by Iain Gilbert at Sharecast.com
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