Stock market today: Dow, S&P 500, Nasdaq futures hit pause amid US-China tariff face-off

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US stock futures took a breather early on Tuesday after US President Donald Trump’s tariffs on China resulted in instant retaliation from the world’s second largest economy.

Contracts on the S&P 500 (ES=F), the Dow Jones Industrial Average (YM=F), and the tech-heavy Nasdaq 100 (NQ=F) all traded near the flat line.

On Monday, Trump separately struck deals with Mexico and Canada to postpone the implementation of 25% tariffs on each country, which were set to take effect on Tuesday. Both US neighbors agreed to send more troops to their borders with the US, among other actions, to buy time to negotiate over trade.

Trump’s plan to institute a 10% tariff on Chinese goods starting Tuesday remains in effect, with the president expected to speak with Chinese President Xi Jinping this week.

Companies with China exposure are feeling the burn. Shares in chip giant Nvidia (NVDA) dropped nearly 3% on Monday before recovering 1.83% in after-hours trading. Apple (AAPL) plunged 3.39% during the day and remained flat after the bell. EV manufacturer Tesla (TSLA) led the way down for auto stocks, diving 5.1% before gaining back 1.39% after market close.

Palantir (PLTR) brought some upbeat news to Wall Street after-the-bell on Monday. Investors cheered the company’s first-quarter and annual revenue forecasts, both of which exceeded expectations. Palantir shares rocketed up 23.9%.

Meanwhile, US dollar indexes (DX=F) continue to rise after a slight pull-back from approaching all-time highs. The Canadian dollar and Mexican peso also recovered following news the countries would not be subject to tariffs on Tuesday.

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LIVE 2 updates

  • China investigates American companies including Google over monopoly measures

    China announced on Tuesday that it has launched an anti-monopoly investigation into Alphabet’s Google (GOOG) and placed two U.S. companies on its “unreliable entity list.” This move concurred with the U.S. implementing new tariffs on Chinese goods.

    Alongside the regulatory body exploring American firms, China imposed of tariffs on some U.S. products, including coal and oil, in retaliation to the fresh U.S. duties. This marks the first retaliation in the ongoing trade tensions between the world’s two largest economies.

    In addition to Google, China’s Commerce Ministry added PVH Corp (parent company of brands like Calvin Klein) and U.S. biotech firm Illumina to its “unreliable entity” list of companies that have taken actions that cause “damage” to Chinese companies and interests.

  • Gold (GC=F) rose toward a record high as President Donald Trump’s tariff threats and delays boost demand for a stable asset.

    Spot gold rose to $2,850 an ounce before dropping back from an all-time high as Trump said he would enact a 30-day pause on tariffs of 25% against Canada and Mexico. The switch in plans saw the dollar retreat from the highest level in more than two years, making the precious metal cheaper for US buyers.

    Markets remain unsettled about the future, boosting gold’s appeal as a safe haven. From Tuesday, Washington is set to impose a 10% tariff on Chinese imports, though Trump has indicated he plans to discuss the proposed tariffs with Beijing “in the next 24 hours”

    Key concerns revolve around how the US economy will fare in the face of a potential trade war, as well as the broader implications for monetary policy if tariffs spark inflation. The Federal Reserve opted to pause rate cuts last month, taking a “wait-and-see” stance on the new administration’s policies.

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