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February 10, 2025 – 10:26 5 minutes(Bloomberg) — US equity futures rose, signaling a rebound from sharp losses Friday, as markets processed President Donald Trump’s pledge to impose tariffs on all imports of steel and aluminum.S&P 500 and Nasdaq 100 contracts gained at least 0.3%. Shares in aluminum and steel companies rose in premarket trading, with United States Steel Corp. surging as much as 15%. Alcoa Corp. rallied 5%. Europe’s Stoxx 600 index rose, although mining stocks slipped on the tariff news. Asian shares dropped the most in a week.BP Plc shares surged 6.7% after one of the world’s most aggressive activist investors was revealed to have built a stake in the company, seeking to end years of under-performance. The dollar climbed against major peers including the Canadian dollar and the yen on speculation rising tariffs may boost inflation and limit the Federal Reserve’s ability to cut interest rates. Gold advanced to a record. Yields on benchmark 10-year Treasuries were steady.Trump’s intention to announce a 25% levy on steel and aluminum Monday added to already tense sentiment before Federal Reserve Chair Jerome Powell’s semiannual congressional testimony and the US President’s possible unveiling of reciprocal tariffs on “everyone” this week. Trump said the metals tariffs would apply to imports from all countries, though he didn’t specify when they would take effect.“Risky assets are getting a bit desensitized to Trump’s tariff announcement,” said Mohit Kumar at Jefferies International. “Our view in tariffs remain that they will cause volatility, are a negotiating tool and will eventually be not as bad as feared. However, we do see scope for further volatility over the coming weeks with Europe likely be the next target.”The gains in US stock futures suggest some buyers may want to get back into the market following the 1% selloff retreat in the S&P 500 at the end of last week. There are a number of key events on the radar in coming days, including Powell’s speech and US CPI data.“US equity traders are simply looking through Trump’s tariff threats as a bargaining tactic at this point,” said Phillip Wool, head of portfolio management at Rayliant Global Advisors. “There’s not going to be as pronounced a negative response to an announcement like this.”Separately, Trump said Elon Musk’s government efficiency team has found irregularities while examining data at the US Treasury Department.Powell will deliver his semi-annual testimony at a time when officials are signaling they’re not in a hurry to further ease policy. Nonfarm payrolls moderated last month and revisions show US job gains were softer but still solid in 2024. Inflation data due this week may help buttress those arguments and underpin market pricing for just one Fed rate cut this year.In commodities Monday, European natural gas prices rose to a two-year high as colder temp