U.S. stock index futures ticked up on Monday
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U.S. stock index futures ticked up on Monday, recovering some losses after the last session, with steelmakers leading the gains after U.S. President Donald Trump said he would impose additional tariffs on steel and aluminum imports, AmericanDiary24 informs via Reuters.
Trump's latest trade escalation came on Sunday, when he said he would introduce new 25% tariffs on all imports of steel and aluminum into the United States, on top of existing duties on the metals.U.S. Steel (X.N), opens new tab surged 9.7% in premarket trading after Japan's chief cabinet secretary said Nippon Steel (5401.T), opens new tab was considering proposing a bold change in its plan to buy the company.
Shares of other steelmakers also soared, with Cleveland-Cliffs (CLF.N), opens new tab jumping more than 12%, while Nucor (NUE.N), opens new tab added close to 10%. Aluminum producer Alcoa (AA.N), opens new tab was up 6.2%.
Trump also said he would announce reciprocal tariffs on all countries on Tuesday or Wednesday, effective almost immediately, matching the tariffs levied by each country.
"Risky assets are getting a bit desensitized to Trump's tariff announcement," economists at Jefferies said in a note.
"(The tariffs) will cause volatility, are a negotiating tool and will eventually be not as bad as feared."
At 04:36 a.m. ET, Dow E-minis were up 122 points, or 0.27%, S&P 500 E-minis were up 21.5 points, or 0.36%, and Nasdaq 100 E-minis were up 116 points, or 0.54%.
Most megacap and growth stocks also edged higher, with Microsoft (MSFT.O), opens new tab and Meta Platforms (META.O), opens new tab up about 0.6% each.
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