US stock futures edged lower on Tuesday amid red flags of tariff harm to US and global growth, and as trade talks between the US and key partners hit a roadblock.
Futures on the S&P 500 (ES=F) and the Dow Jones Industrial Average (YM=F) both fell about 0.4%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped 0.3%.
On Monday, stocks rose as Wall Street largely shrugged off emerging trade disputes. China hit back at Trump’s claim it had violated the temporary trade agreement between the two countries, while the EU said it opposed the president’s doubling of tariffs on steel and aluminum imports.
Read more: The latest on Trump’s tariffs
Markets have endured wild swings since Trump unveiled sweeping global tariffs in April. Last week, a new source of uncertainty over his trade policy emerged when a federal appeals court quickly paused a ruling that would have blocked most of the president’s tariffs as illegal. The Trump administration is due to respond to the appeals court by Monday, June 9.
Meanwhile, with nearly all of the S&P 500 companies finished reporting their results, earnings season is coming to an end. On Tuesday, CrowdStrike (CRWD), Asana (ASAN), and Hewlett Packard Enterprise (HPE) will issue their reports.
Finally, Wall Street is looking forward to the release of a critical batch of data this week that should offer fresh insight into how the labor market has fared since Trump’s tariffs took hold. The Job Openings and Labor Turnover Survey (JOLTS) is scheduled for release on Tuesday, followed by ADP employment figures on Wednesday, and, most notably, the May non-farm payrolls on Friday.
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