Indexes Try to Recover from Selloff
Stock futures were little changed early Tuesday, as traders tried to recover from a selloff sparked by new trade announcements from President Donald Trump.
Futures for the Dow Jones Industrials dipped eight points to 44,669.
Futures for the S&P 500 index moved higher 9.25 points, or 0.2%, to 6,285.25
Futures for the NASDAQ climbed 62.75 points, or 0.3%, to 22,947.50.
Those moves come after Trump posted more letters late Monday afternoon that brought the total number of countries facing steep tariffs on Aug. 1 to 14. Together, the countries hit by new duties are Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, Serbia, South Africa, South Korea, Thailand and Tunisia.
Trump also signed an executive order extending the “reciprocal” tariff deadline to Aug. 1, saying the decision was “based on additional information and recommendations from various senior officials.”
Stocks slid as investors tracked rapid-fire developments on the trade front. Monday’s developments are expected to be the first of several this week. White House press secretary Karoline Leavitt said more letters can be expected in the coming days.
The president also threatened an additional 10% tariff on countries that align with the “Anti-American policies” of the BRICS nations which include Brazil, Russia, India and China.
In Japan, the Nikkei 225 index took on 0.3% Tuesday, while in Hong Kong, the Hang Seng gained 1.1%
Oil prices shed 16 cents to $67.77 U.S. a barrel.
Gold prices slid $7.90 to $3,334.90 U.S. an ounce.
