U.S. stock futures rose Tuesday evening after benchmarks logged their worst pullback in months, amid President Donald Trump’s renewed threats tied to Greenland and warning that there was “no going back” following a call with NATO Secretary General Mark Rutte.
The S&P 500 Futures are up 0.29%, or 20 points, trading at 6,849.50, followed by Nasdaq Futures at 25,205.25, up 0.30%, or 72.75 points and finally Dow Futures, trading at 48,769.00, up 103 points, or 0.21%, on late Tuesday evening.
The move follows a steep selloff in the regular session after the long Martin Luther King Jr. Day weekend, with the S&P 500, Nasdaq, and the Dow Jones dropping 2.06%, 2.39%, and 1.76%, respectively.
Over the weekend, Trump threatened fresh tariffs against Europe, starting at 10% on Feb. 1, before rising to 25% by June, unless the United States gains control over Greenland.
European leaders have hit back, with French President Emmanuel Macron urging the bloc to use its anti-coercion tool, which could target up to €93 billion in U.S. exports to the region.
Escalating tensions have dragged Asian markets lower on Wednesday, with Japan’s Nikkei 225 down 0.55%, or 291 points, trading at 52,699.53, with semiconductor and engineering stocks, and those with exposure to the European markets leading the decline.
China’s SSE Composite Index is up marginally by 0.05%, at 4,115.85, followed by Hong Kong's Hang Seng Index, down 0.02%, trading at 26,482.24.
The rising uncertainty has led to a rally in precious metals, with gold touching a new record high of $4,843 per ounce, and currently trading at $4,841 per ounce, up 1.61%. The spot price of silver similarly soared to a new all-time high of $95.87 per ounce on Tuesday, and is currently trading at $94.28 per ounce, down 0.32%.
The U.S Dollar Index (DXY) is down marginally by 0.07% on Tuesday, trading at 98.492, falling for a third consecutive session amid growing pressure on American assets.
Investors on Wednesday will be looking forward to the earnings releases of Johnson & Johnson (NYSE:JNJ), Charles Schwab Corp. (NYSE:SCHW) and Citizens Financial Group Inc. (NYSE:CFG), among others, alongside the Pending Home Sales and Construction Spending reports early in the day.
Photo Courtesy: santima.studio on Shutterstock.com
