U.S. stock index futures traded mixed early Tuesday as investors digested the latest developments in President Donald Trump’s tariff strategy. As of 05:30 ET (09:30 GMT), Dow Jones futures were down 40 points (-0.1%), while S&P 500 futures edged up 6 points (+0.1%) and Nasdaq 100 futures gained 55 points (+0.2%).
Wall Street’s major averages closed lower Monday, retreating from record highs as investors locked in profits amid renewed uncertainty around trade policy.
New Tariff Details and Delayed Deadline
President Trump on Monday released letters outlining steep new tariffs on a range of Asian and African nations. These included 25% tariffs on South Korea, Japan, Malaysia, and Kazakhstan; 30% on South Africa; 32% on Indonesia; 35% on Bangladesh; and 36% on Thailand. The implementation date was postponed to August 1, extended from the earlier July 9 deadline.
While Trump noted that August 1 is not a “100% firm” date, he indicated some flexibility and left the door open for continued trade talks. U.S. futures pared losses on those comments.
Importantly, the new tariffs do not overlap with existing levies on sectors such as autos, steel, and aluminum. Notably, no letters were sent to India or the European Union—interpreted by analysts as a sign that negotiations with those regions may be advancing.
Treasury Secretary Scott Bessent said more trade deals could be announced in the coming days.
Amazon Prime Day Begins
In corporate news, Amazon (AMZN) begins its four-day Prime Day event on Tuesday. According to Adobe Analytics, total online sales across U.S. retailers are projected to reach $23.8 billion—a 28.4% increase from last year’s two-day event.
The extended duration follows consumer feedback requesting more time to access deals. In July 2024, U.S. consumers spent $14.2 billion during Prime Day, marking an 11% year-over-year increase, according to Adobe data cited by Reuters.
Fed Minutes in Focus
Tuesday’s economic calendar is relatively light, with investor attention turning to the Federal Reserve’s June meeting minutes, scheduled for release on Wednesday. The Fed has maintained its plan to hold rates steady until the inflationary effects of trade measures are better understood.
Oil Prices Dip on Tariff and Supply Concerns
Crude oil prices edged lower as markets evaluated the impact of new tariffs on global demand and a surprise supply boost from OPEC+.
As of 05:30 ET, Brent crude was down 0.4% at $69.27 per barrel, while West Texas Intermediate (WTI) fell 0.6% to $67.50.
Over the weekend, OPEC+ announced plans to increase output by 548,000 barrels per day (bpd) in August, up from the 411,000 bpd hikes seen in May through July. The larger-than-expected increase added to concerns about a potential supply-demand imbalance amid slowing global growth.
