U.S. stock index futures rallied Tuesday morning, following a volatile session on Wall Street. Investors were hopeful that lawmakers may step in and block the Trump administration's plan to impose tariffs on Mexico.
Republican lawmakers are discussing whether they may have to vote to stop the new tariffs on Mexican goods threatened by President Donald Trump, according to The Washington Post, citing people familiar with the matter. The report said GOP lawmakers are worried about the ramifications for businesses and consumers of the tariffs.
Around 7:20 a.m. ET, Dow Jones Industrial Average futures indicated a gain of 145 points at the open. Futures on the S&P 500 and Nasdaq 100 also pointed to gains at the open.
Shares of GM and Ford, companies who could take a hit under the new tariffs, both rose more than 0.5% before the bell.
Investors are also focused on monetary policy this week, with a flurry of central banks across the world set to announce whether to adjust interest rate settings. Fed Chair Jerome Powell, Governor Lael Brainard and Dallas Fed President Robert Kaplan are all scheduled to speak Tuesday.
Meanwhile, comments from the Federal Reserve on Monday raised expectations that the U.S. central bank is moving closer to a rate cut. St. Louis Federal Reserve president James Bullard said Monday a U.S. interest rate cut "may be warranted soon " given the rising risk to economic growth posed by global trade tensions as well as weak U.S. inflation.
On the data front, factory orders for April will be expected at around 10 a.m. ET.
In corporate news, Donaldson, Tiffany, and Cracker Barrel were among some of the companies set to report their latest quarterly results before the opening bell.
Salesforce.com, Ambarella, and Pivotal Software were among the companies expected to report earnings after market close.
On Monday, the Nasdaq fell into correction territory, amid reports the U.S. government is planning to target a host of big companies in the industry with antitrust and business practice probes.
Shares of Alphabet, Amazon, Facebook, and Apple all weighed on the market in the previous session.
https://www.cnbc.com/2019/06/04/stock-market-wall-street-monitors-trade-and-growth-concerns.html
2019-06-04 11:26:56Z
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