NEW YORK, N.Y. – US stock index futures were pointing to a slightly higher open on Tuesday, with the Dow Jones, S&P 500, and Nasdaq all trading marginally higher compared to the previous trading session.
At nearly 3:40 am on Tuesday, the Dow Jones index futures was recorded trading more positively, gaining 24 points and suggesting around 34 points of gains as the market opens for trading. Futures for the S&P 500 and Nasdaq indexes were also modestly higher towards the market open.
The stock market in the US today is largely focused on the developments in global trade. The positive gains for the three of the major indexes in the US came after the US President Donald Trump made a decision to restore the tariffs on all steel and aluminum imports from both Argentina and Brazil, which he posted on Twitter.
According to President Trump, the restored tariffs are necessary, citing a reason for his decision as Argentina and Brazil had been controlling over a lathe devaluation of their currencies. The move from both countries is detrimental to US farmers, according to the president.
The trade tariffs for South American imports have added to the growing concerns of the market over the ongoing trade dispute between the US and China, as investors still await on whether a trade agreement will be reached before the year ends.
President Trump is set to visit London for the NATO summit, but before his trip, Trump has already said that he is very pleased that two of the biggest economies in the world are working on trying to secure the initial phase of the trade agreement.
Phase one of the trade discussion aims to end the ongoing trade dispute between Beijing and Washington since 2018 when both countries have imposed tariffs on each other’s imports valued billions of dollars. The ongoing trade war has dragged the market up and down in recent weeks, and souring consumer sentiments.
On the data and earnings front, the market is waiting for the release of the latest quarterly financial report set today at 10 am E.T., followed by the sales figures on light vehicles for November slightly later in the day.
In the corporate sector, the Donaldson and the Bank of Montreal are expected to publish their report earnings before the trading session for the day opens. Marvell Technology Group and Salesforce.com are also scheduled to publish their latest figure reports before the market closes for the day.