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 detailing steep new tariffs on a range of Asian and African nations. These included levies of 25% on South Korea, Japan, Malaysia, and Kazakhstan; 30% on South Africa; 32% on Indonesia; 35% on Bangladesh; and 36% on Thailand. The implementation date for these tariffs was postponed to August 1, moving from the earlier July 9 deadline.
While Trump signaled some flexibility on the August 1 date, saying it was not “100% firm,” he left the door open for further trade talks. U.S. futures pared losses on those remarks.
Importantly, the new tariffs do not overlap with existing levies on specific sectors like autos, steel, and aluminum. Notably, no letters were sent to India or the European Union—interpreted by analysts as a sign that trade negotiations with those regions may be progressing.
Treasury Secretary Scott Bessent added that more trade agreements could be announced in the coming days.
Amazon Prime Day Begins
In corporate news, Amazon (AMZN) kicks off its extended four-day Prime Day event Tuesday. Adobe Analytics projects online sales will surge to $23.8 billion across U.S. retailers—up 28.4% from last year’s two-day event.
The extended duration follows consumer feedback requesting more time to shop for deals. During July 2024’s Prime Day, U.S. consumers spent $14.2 billion, up 11% year-over-year, according to Adobe figures cited by Reuters.
Fed Minutes in Focus
The economic calendar is light on Tuesday, with attention turning to the Federal Reserve’s June meeting minutes, due Wednesday. The Fed has reiterated its intention to hold rates steady until the inflationary impact of trade measures becomes clearer.
Oil Prices Dip on Tariff and Supply Concerns
Crude oil prices edged lower as markets assessed the potential demand implications of heightened trade tensions and rising OPEC+ output. At 05:30 ET, Brent crude fell 0.4% to $69.27 per barrel, while West Texas Intermediate dropped 0.6% to $67.50.
Over the weekend, OPEC+ announced it would increase output by 548,000 barrels per day (bpd) in August, exceeding previous monthly hikes of 411,000 bpd seen in May through July. The larger-than-expected increase added to concerns about a potential supply-demand imbalance amid slowing global growth.
