US pre-open: Futures higher despite ongoing tariff uncertainty
By Iain Gilbert
Date: Monday 03 Mar 2025
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Monday as despite ongoing uncertainty surrounding Donald Trump's import tax proposals.
As of 1245 GMT, Dow Jones futures were up 0.42%, while S&P 500 and Nasdaq-100 futures were 0.56% and 0.78% firmer, respectively.
The Dow closed 601.41 points higher on Friday after last month's personal consumption expenditures price index from the Bureau of Economic Analysis revealed PCE growth had eased to 2.5% on an annualised basis in January, down from 2.6% in December.
Turning to the new week, Trump's policy proposals remained in focus ahead of the bell as he continues to stir up market volatility, with Berkshire Hathaway chief executive Warren Buffett also cautioning that punitive duties could trigger inflation and hurt consumers.
"They're an act of war, to some degree," said Buffett. "Over time, they are a tax on goods. I mean, the Tooth Fairy doesn't pay 'em."
Commerce secretary Howard Lutnick noted that while the exact tariff set to be levied against Mexico and Canada was still "fluid", the additional 10% duty on Chinese imports was "set", while Treasury secretary Scott Bessent also revealed that Mexico has offered to match the White House's tariffs on China, possibly as a way of getting out of the tariffs itself.
Cryptocurrencies were also in focus prior to the opening bell after Trump revealed that the US government would create a strategic crypto reserve, sending Bitcoin up 10% to almost $94,000, just days after dropping to a three-month low of less than $80,000.
On the macro front, S&P Global's February manufacturing PMI will be published at 1445 GMT, while January construction spending and the ISM's February manufacturing index will follow at 1500 GMT.
Reporting by Iain Gilbert at Sharecast.com
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