US stock futures fell across the board on June 2 after US President Donald Trump announced he would double tariffs on imported steel and aluminum, raising concerns about uncertainty in US trade policy.
As of 7:34 a.m. (US time), Dow Jones futures fell 85 points (0.2%), S&P 500 lost 18.25 points (0.31%) and Nasdaq 100 fell 95 points (0.44%).
Most tech and growth stocks fell, with Tesla (TSLA) leading the decline after reporting sales declines in Portugal, Denmark and Sweden; the electric carmaker’s shares fell 1.5%.
US stock indexes fell across the board in the first trading session of the week (Photo: Reuters).
According to a statement released on the evening of May 30 last week, Mr. Trump said that tariffs on imported steel and aluminum would increase from 25% to 50%, effective from June 4. This move was made just hours after he accused China of violating a previous trade agreement.
Shares of U.S. steel companies rose sharply in after-hours trading, with Cleveland-Cliffs (CLF) up 25.6%, Nucor (NUE) up 10.6% and Steel Dynamics (STLD) up 11.4%. However, shares of automakers were less positive, with Ford (F) down 0.8% and General Motors (GM) down 1.1%.
Mr Trump’s tariff hike is expected to reignite global trade tensions, overshadowing positive sentiment in financial markets that improved in May on the back of a “softer” trade stance and upbeat economic indicators. The S&P 500 index recorded its strongest monthly gain in 18 months on these expectations.
"It's hard to keep up with or predict the evolution of US trade policy right now, especially when we have to take into account the new legal implications of the federal court ruling," said Jim Reid, head of global macro research at Deutsche Bank.
Specifically, a federal appeals court temporarily reinstated most of the tariffs that Mr. Trump announced on “Trade Liberation Day,” after being suspended by the Court of International Trade a day earlier. “The uncertainty around tariffs is likely to persist, although we may have passed the peak of aggressive policies from the United States,” Reid added.
The market focus today (June 2) will be on the opening speech of US Federal Reserve Chairman Jerome Powell at the 75th anniversary conference of the Fed's International Finance Committee, scheduled to take place at 1:00 p.m. (US time).
Meanwhile, Fed Governor Christopher Waller said the possibility of cutting interest rates is still on the table this year, despite the Trump administration's new tax measures that could temporarily boost inflation.
On the economic data front, the S&P Global Manufacturing PMI will be released at 9:45 a.m., while the Institute for Supply Management (ISM) manufacturing activity index will be released 15 minutes later.
Investors are also waiting for the non -farm payrolls report later this week to assess the health of the US labor market amid volatility from trade tensions.
Elsewhere, Moderna (MRNA) shares rose 2.1% after the U.S. Food and Drug Administration (FDA) approved a new generation of Covid-19 vaccines for people 65 and older. Meanwhile, Blueprint Medicines (BPMC) soared 26.8% after French pharmaceutical group Sanofi announced plans to acquire the company for up to $9.5 billion.
Source: https://dantri.com.vn/kinh-doanh/chung-khoan-my-giam-sau-tin-ong-trump-tang-thue-nhom-thep-nhap-khau-20250602194445077.htm
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