US futures are recovering from Friday’s heavy selloff due to President Donald Trump’s decision to impose tariffs on $50 billion worth of Chinese imports. Traders shifted their focus as negotiations have already begun to avert a global trade war. Also, South Korea has been exempted from steel tariffs.
The S&P futures gained 1.15% to 2,627.50, Dow futures grew 1.11% to 23,873, and Nasdaq advanced 1.49% to 6,651.75. Elsewhere, shares at Asian markets closed mostly higher on Monday, and European stocks are trading positive.
On the European economic front, data from Insee showed that France’s Maastricht debt fell by EUR 12.9 billion to EUR 2.21 trillion in the fourth quarter. Statistics Finland data revealed that Finland’s producer price inflation eased to 2.2% in February from 2.4% in January. The Central Bureau of Statistics data showed that Dutch GDP increased 0.8% sequentially in the fourth quarter after rising 0.4% in the third quarter.
The economic outlook from Ifo Institute, Italy’s statistical office Istat and the KOF Swiss Economic Institute showed that GDP in the Eurozone is expected to grow 0.6% each in the first and second quarters of 2018. But it is expected to ease slightly to 0.5% in the third quarter. Inflation is predicted to be 1.3% in the first quarter, 1.6% in the second quarter and 1.7% in the third quarter.
On the Asian economic front, data from Statistics New Zealand revealed that merchandise trade surplus of New Zealand was NZ$217 million in February compared to a deficit of NZ$655 million in January. The Economic Development Board data showed that Singapore’s industrial production rose 8.9% on year in February after jumping 16.9% in January.
On March 23, US ended lower, with Dow down 1.77% to 23,533.20. Nasdaq tumbled 2.43% to 6,992.67, and S&P 500 fell 2.10% to 2,588.26. Lingering trade war concerns weighed on the markets.
Meanwhile, key economic events scheduled for today include Chicago Fed national activity index, and Federal Reserve Bank of Dallas’ manufacturing survey. New York Federal Reserve Bank President William Dudley, Fed Vice Chair Randal Quarles, and Cleveland Federal Reserve Bank President Loretta Mester will be giving speeches today.
On the corporate front, Finish Line (FINL) stock jumped 28.15% in the premarket after JD Sports Fashion announced plans to buy the company for $13.50 per share in cash. Shares of argenx NV (ARGX) rose 2.87% in premarket after reporting orphan drug designation for treating neuromuscular disease in Europe. Dropbox Inc. (DBX) stock grew 4.11% in the premarket after the biggest tech initial public offering since Snapchat (SNAP).
Crude oil futures is down 0.20% to $65.75. Gold is trading down 0.10% to $1,348.60, while silver is up 0.26% to $16.62. On the currency front, the US dollar is trading up 0.36% at 105.11 yen. Against the euro, the dollar is up 0.49% to $1.2413. Against the pound, the dollar is up 0.70% to $1.4233.
Starbucks Corporation (NASDAQ: SBUX) reported first quarter 2023 earnings results today. Consolidated net revenues increased 8% year-over-year to $8.7 billion, in line with projections. Global comparable store sales increased
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Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,