Nasdaq Futures indicated an upward trajectory on Tuesday, following a significant decline in major indexes the previous day, driven by concerns regarding AI disruption and ambiguity surrounding President Donald Trump’s tariffs. Futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 increased by 0.3%, 0.2%, and 0.2%, respectively. Yesterday, the blue-chip index experienced a decline of 1.7%, translating to a drop of over 820 points, while the technology-focused index and the benchmark index closed lower by 1.1% and 1%, respectively. The indexes experienced a decline on Monday, influenced in part by renewed uncertainty surrounding the trade outlook. Last Friday, following the Supreme Court’s decision to invalidate most of the tariffs he introduced last April, Trump declared a 10% increase on a global scale, which was subsequently raised to 15% the following day.
Furthermore, concerns regarding the potential disruption of their businesses by AI led to declines in the shares of IBM, Datadog, CrowdStrike, and AppLovin, which fell by 13%, 11%, 10%, and 9%, respectively. Shares of IBM, Datadog, and CrowdStrike experienced a modest increase prior to the market opening on Tuesday, whereas AppLovin saw a slight decline. A day after five of the Magnificent Seven tech giants’ stocks closed lower, all pointed higher except for Tesla. Shares of Nvidia were up 0.5% before the bell, as the company prepares to report its highly anticipated earnings on Wednesday.
In the aftermath of earnings reports, Home Depot experienced a 4% increase in its stock price, while Hims & Hers Health saw a decline of 7%. Whirlpool shares dropped 8% on news the appliance maker would issue $800 million in new shares in part to pay off debt, while FedEx shares pointed slightly higher before the bell after the package-delivery giant sued the U.S. government over Trump’s tariffs. Bitcoin was trading at approximately $63,200, a decline from the overnight peaks close to $65,000. The 10-year Treasury yield, a key determinant of interest rates across various consumer loans such as mortgages, remained relatively stable from Monday’s closing figure, positioned just below 4.04%.
Gold futures declined by 0.7% to $5,190 per ounce, whereas silver futures increased by 1.4% to $87.80 per ounce. West Texas Intermediate futures, the U.S. crude oil benchmark, exhibited minimal variation at $66.30 a barrel. The U.S. dollar index, which monitors the value of the greenback relative to a selection of currencies, registered an increase of 0.2%, reaching 97.86.