Wall St muted as investors weigh tariff outlook

TEXAS: US stock futures struggled for direction on Wednesday, with investors exercising caution as they awaited economic data and more clarity on the Trump administration’s fresh tariffs that are expected to take effect next week.

Wall Street got a temporary moment of relief, in the past two sessions, after US President Donald Trump indicated that not all tariffs would be enforced by the April 2 deadline, with some countries potentially receiving exemptions — though details remain scant.

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This provided a modicum of stability to Wall Street, with the three main indexes closing on Tuesday at their highest level in more than two weeks.

Still, uncertainty about the size of US tariffs and the potential for countermeasures by its trading partners as well as concerns about its fallout on the global economy and businesses have kept investors on edge.

“Market is in a wait and watch mode for tariff announcements. If tariffs are not as bad as feared, it could serve as a clearing event and be positive for risky assets,” Jefferies’ economist Mohit Kumar said in a note.

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Tuesday’s data revealed a sharp decline in US consumer confidence in March – its lowest in over four years – highlighting the prevailing uncertainty surrounding tariffs and its impact on American households.

The economic uncertainty is also likely to take a toll on the labor market, with analysts highlighting that investment banks are poised to cut more jobs on deteriorating prospects of new deals in the months ahead.

In recent weeks, investors have been offloading US equities and seeking opportunities elsewhere, concerned that Trump’s tariffs might stoke inflation and stymie economic growth.

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Both the benchmark S&P and the tech-centric Nasdaq plunged 10 per cent from their respective record highs earlier this month — known as a correction.

The S&P has climbed more than 4 per cent since its mid-March lows, while the Nasdaq has risen about 6 per cent.

At 7:33 am ET, Dow E-minis were up 34 points, or 0.08 per cent, S&P were up 0.5 points, or 0.01 per cent and Nasdaq 100 E-minis NQcv1 were down 11 points, or 0.05 per cent.

Investors will assess a monthly report on durable goods before markets open, but the main focus of this week will be the personal consumption expenditures price index – the Federal Reserve’s favored inflation gauge – due on Friday.

Chicago Fed President Austan Goolsbee said that it may take longer than anticipated for the next cut because of economic uncertainty, according to a report.

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Among notable stock moves, Dollar Tree rose 4.1 per cent in premarket trading after the discount-retail chain said it is nearing a sale of its Family Dollar business to a consortium of private equity investors for about $1 billion.

Excluding the Family Dollar banner, the company reported quarterly net sales marginally higher than the previous year’s figure.

GameStop jumped 16.8 per cent following its board’s unanimous approval to incorporate bitcoin as a treasury reserve asset and its announcement of fourth-quarter results.

Wall St Week Ahead Rocky US stock market faces inflation data test