U.S. stock futures were swinging between gains and losses on Thursday after snapping a three-day winning streak on Wednesday. Futures of major benchmark indices were mixed in premarket trading.
Aiming to boost U.S. manufacturing and reduce reliance on global suppliers, new auto tariffs were introduced on Wednesday, which will go into effect from April 3.
Projected to generate $100 billion annually, President Donald Trump stated the policy “will continue to spur growth.” It’s noted that within the USMCA agreement, the 25% tariff only impacts the non-U.S. content of auto goods from Canada and Mexico.
With the 10-year Treasury yield at 4.38% and the 2-year at 4.02%, the CME Group’s FedWatch tool shows markets pricing in a 90.4% likelihood of the Federal Reserve maintaining current interest rates through its May meeting.
Futures
Change (+/-)
Nasdaq 100
-0.01%
S&P 500
0.07%
Dow Jones
0.17%
Russell 2000
0.31%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were mixed in premarket on Thursday. The SPY was up 0.10% to $569.18, while the QQQ declined 0.025% to $484.26, according to Benzinga Pro data.
Cues From Last Session:
Most sectors on the S&P 500 closed lower on Wednesday, with Consumer Discretionary, Communication Services, and Information Technology stocks recording the biggest losses.
However, Utilities and Consumer Staples bucked the overall market trend, closing the session higher.
Dragging the tech-heavy index Nasdaq down were major stocks like Meta Platforms Inc. (NASDAQ:META) and Amazon.com Inc. (NASDAQ:AMZN), which fell over 2%, while Alphabet Inc. (NASDAQ:GOOG) (NASDAQ: GOOGL declined more than 3%.
On the economic data front, U.S. new orders for manufactured durable goods rose 0.9% month over month in February to $289.3 billion.
The Dow Jones index fell 133 points or 0.31% on Wednesday to 42,454.79, whereas the S&P 500 index was down 1.12% …Full story available on Benzinga.com
