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Stock futures rose early Monday, as investors braced for a data-packed week ahead and eyed news that President Donald Trump may announce a new round of tariffs.
Futures for the Dow Jones Industrials hiked 212 points, or 0.5% to 44,633.
Futures for the S&P 500 picked up 29.5 points, or 0.5%, to 6,079.
Futures for the tech-heavy NASDAQ popped 151.25 points, or 0.7%, to 21,742.
Trump told reporters on Sunday that he’s planning to announce a blanket 25% tariff on all steel and aluminum imports on Monday. Trump did not specify when the tariffs would be imposed and noted that he would also issue retaliatory tariffs on countries that tax U.S. imports.
The news comes as Trump’s previously announced duties on China are set to go into effect at midnight on Sunday.
Steel and aluminum stocks popped in the premarket. U.S. Steel and Nucor were both up 8%, while Cleveland-Cliffs climbed 9%. Alcoa traded 4% higher.
The market remains jittery on a mix of inflation worry coupled with concern over how Trump’s plan for tariffs could adversely affect the U.S. economy. Investors will also look toward more major corporate earnings out this week, including Coca-Cola, Unilever and Applovin.
McDonald’s on Monday reported disappointing quarterly revenue, but still saw its shares jump roughly 2.5% before the bell.
In Japan, the Nikkei 225 inched up 0.04% Monday, while in Hong Kong, the Hang Seng barreled ahead 1.8%.
Oil prices collected $1.02 to $72.02 U.S. a barrel.
Gold prices brightened $44.40 to $2,932 U.S. an ounce.
