by Andre Janse van Vuuren and Indy Scholtens
US equity futures dipped amid uncertainty over the Trump administration’s trade policies as traders awaited a fresh catalyst for the next leg up in US stocks.
S&P 500 contracts edged 0.1% lower after the benchmark closed just shy of an all-time high. Europe’s Stoxx 600 climbed 0.6%, extending its advance for a fourth straight session, the longest winning streak in more than a month. Asian equities also posted gains.
Tariff headlines focused on country specific levies and copper have so far done little to derail a rebound that pushed US stocks to record highs. Signs of continued economic strength, confidence in the upcoming earnings season and optimism for artificial intelligence have given traders the conviction to drive equities higher, even as doubts over trade policy persist.
“The market’s sensitivity toward tariffs has diminished,” said Marija Veitmane, senior multi-asset strategist at State Street Global Markets. “The key driver of equity returns for us has been and remain corporate earnings, particularly in the IT sector, and here policy and trade uncertainty have not caused too much damage.”
US President Donald Trump issued a fresh batch of tariff demands on Wednesday, including a 50% rate on Brazil that sent the real tumbling. He also confirmed that the US would begin levying a 50% tariff on copper imports next month.
LME copper rose 0.4%, snapping a five-day losing streak. The metal gained 2.1% in New York, extending an advance to more than 11% since Monday, the day before Trump first floated the size of the tariff.
Nvidia Corp. edged 0.5% higher in premarket trading after the chipmaker’s valuation briefly touched $4 trillion on Wednesday amid a broader rally in big tech stocks. Tesla Inc. gained 0.8%.
Investors should consider using market dips as opportunities to add to risk positions, noted Mohit Kumar, chief European strategist at Jefferies International.
“Tariffs do cause volatility and uncertainty but should not have much of a market impact medium term,” he said. “Our base case remains a grind higher in risky assets.”
US Treasuries resumed their decline after Wednesday’s rebound, with the 10-year yield rising one basis point to 4.35%. The dollar was little changed.
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This story was produced with the assistance of Bloomberg Automation.
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