Traders work on the New York Stock Exchange trading floor during afternoon trading on Aug. 2, 2024.
Michael M. Santiago | Michael M. SantiagoGetty Images
Stock index futures fell in overnight trading Monday Dow Jones Industrial Average It closed at a new record.
Futures and Dow Chemical It fell 144 points, or 0.3%. S&P 500 Index Futures fell 0.4%, and Nasdaq 100 Futures down 0.5%.
On Monday night, President-elect Donald Trump called for 25% tariffs on products from Mexico and Canada, and an additional 10% tariff on Chinese goods. He has said he would impose tariffs of up to 20% on all imported products and impose additional tariffs of at least 60% on products from China.
The stock market was set for an action-packed session, driven by Trump’s newly appointed Treasury Secretary, hedge fund executive Scott Bessent. The gains helped bolster belief that the post-election rally was back in full force after a brief respite.
The 30 stocks in the Dow Jones Index rose about 440 points, or about 1%, in regular trading, setting a new closing record. this S&P 500 Index The Nasdaq rose 0.3%, hitting a new intraday high. The Nasdaq edged up about 0.3%. this Russell 2000 The stock hit a new intraday high, its first record since 2021, as investors piled into small-cap stocks.
Meanwhile, U.S. Treasury yields fell as traders favored Bessant’s leadership of the Treasury Department. Given the hedge fund manager’s background, many investors see him as a defender of financial markets and the economy and a possible counterbalance to Trump’s aggressive trade aspirations.
“It may take more time for these policies to really play out in the market,” NewEdge Chief Investment Officer Cameron Dawson said Monday on CNBC’s “The Closing Bell” about possible new policies from the Treasury Department. role. “It’s definitely a question mark, how much of an impact he can have in the short term throughout the year. “
U.S. markets are closed Thursday for the Thanksgiving holiday and will close early Friday, with trading volumes expected to remain light. Before the holiday, investors pay attention to the personal consumption expenditures price index in October.
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