Markets showed mixed reactions to President Trump’s latest trade announcement, with both the dollar and gold strengthening as safe-haven assets.
The proposed 25% tariffs on steel and aluminum imports sparked volatility across markets, though US stock futures indicated a potential recovery from Friday’s decline.
While the Bloomberg Dollar Spot Index reached its highest point in nearly a week, US stock futures suggested a recovery from Friday’s selloff, with S&P 500 and Nasdaq 100 futures gaining at least 0.4%.
Metal companies saw substantial premarket gains, with US Steel Corp. surging up to 15%. The market’s attention remains divided between the tariff implications and upcoming events, including Fed Chair Powell’s congressional testimony and US CPI data, which could influence the trajectory of interest rate decisions.
European markets also saw notable movements, with BP shares surging on news of Elliott Investment Management’s stake acquisition.