US stock futures slipped after President Trump’s latest remarks dimmed hopes of tariff relief, adding to Wall Street’s sense of uncertainty ahead of the Federal Reserve’s next policy decision.
Futures attached to the Dow Jones Industrial Average (YM=F) slipped 0.2% and the benchmark S&P 500 (ES=F) traded 0.4% down. Futures attached to the tech-heavy Nasdaq Composite (NQ=F) sunk 0.6%.
On Monday, stocks retreated from a historic run of gains that saw the S&P 500 mark its longest winning streak in 20 years. Two comments by Trump drove the shift in sentiment. First, he said he plans to impose a 100% tariff on movies produced outside of the US. Second, he indicated he has no plans to talk trade with China’s President Xi Jinping this week.
Read more: The latest on Trump’s tariffs
After the bell, tariffs loomed large in Ford’s (F) strong earnings report too, and shares fell. The automaker pulled its 2025 guidance, citing trade uncertainties, and said it foresees a $1.5 billion hit from the president’s auto duties.
On Tuesday, investors will continue to count down to the Federal Reserve’s decision on interest rates on Wednesday. Although the central bank is expected to keep rates unchanged, Wall Street will listen closely to Fed Chair Jerome Powell’s comments on the economy, eager for clues about what comes next for monetary policy.
Major companies set to report their quarterly results on Tuesday include chipmaker AMD (AMD), server maker Super Micro (SMCI), and EV company Rivian (RIVN).
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