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US Stock Futures Surge On Hopes Trump April 2 Tariffs Will Be "Targeted"
2025-03-24
260 words
2 mins read
US Stock Futures Surge On Hopes Trump April 2 Tariffs Will Be “Targeted”
US equity futures have extended gains throughout the European morning, with the Nasdaq 100 outperforming compared to when we first noted on Sunday night that a risk-on push has gripped markets last night, after a Bloomberg report that Trump’s April 2 tariff package may be more “targeted” than feared.
The WSJ added that the admin will “likely omit a set of industry-specific tariffs while applying reciprocal levies on a targeted set of nations…Those sector-specific tariffs, however, are now not likely to be announced on April 2, said an administration official, who said the White House is still planning to unveil the reciprocal tariff action on that day.” That news was enough to send S&P futures 1.2% higher and Nasdaq futures 1.5% with all Mag 7 stocks higher this morning led by TSLA (+3.8%), META (+2.1%) and AMZN (+1.5%). Still, we are not fully in the clear because as Goldman Delta 1 trader Rich Privorotsky writes, “my presumption was that the opening salvo would have been maximalist, this seems a step back from that approach. Objectively positive if tariffs are smaller in magnitude/scope but the bigger issue is the perpetual uncertainty…seems that is not going away.” Bond yields were 3-5bps higher on the flight away from safety. Commodities are mostly lower this morning, with Aluminum and Copper being down 1.4% and 0.8%, respectively. This week, the key macro focus will be flash PMIs (today) and PCE (Friday), with investors anticipating major tariff announcement next Wednesday
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