US stock futures experienced overnight volatility on Sunday, driven by uncertainty surrounding the upcoming tariffs on major U.S. trading partners. Despite this, some markets saw gains, including cryptocurrencies.
The S&P 500, Nasdaq, and Dow Jones Industrial Average futures were mixed, with slight changes of 0.1% each. The news of US President Donald Trump’s plans to impose tariffs on Canada and Mexico is set to come into effect on Tuesday. However, the exact level of duties remains unclear due to Commerce Secretary Howard Lutnick’s description as a “fluid situation.”
In contrast, cryptocurrencies surged in response to Trump’s announcement that five digital assets — Bitcoin, Ethereum, XRP, Solana, and Cardano — would be included in a new U.S. strategic cryptocurrency reserve. Bitcoin surpassed $94,000, while Ethereum rose above $2,500.
This week’s earnings reports are expected to reveal modest growth in certain sectors, including Target, Macy’s, Abercrombie & Fitch, Costco, Broadcom, Marvell, Okta, and Zscaler. However, AI chip giant Nvidia tanked after its earnings report, which failed to meet investor expectations.
The upcoming February jobs report is also expected to shed light on the US economy’s health, with modest job growth and a steady unemployment rate of 4% anticipated. Consumer spending unexpectedly fell 0.2% last month, raising concerns about the economy’s stability.
Overall, investors will be closely monitoring the developments in tariffs, cryptocurrencies, and earnings reports this week, as they seek to understand the US economy’s outlook and potential market fluctuations.
Source: https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-mixed-ahead-of-trump-tariff-moves-as-bitcoin-crypto-surge-000830769.html