Stock market today: Dow, S&P 500, Nasdaq futures climb ahead of Trump tariff moves as bitcoin, crypto surge

Yahoo Finance
03-03

US stock futures climbed in overnight trading on Sunday as uncertainty persisted regarding President Donald Trump’s plans to impose tariffs on major U.S. trading partners this week.

S&P 500 futures (ES=F) crept up 0.3%. Nasdaq futures (NQ=F) saw a 0.4% gain. Futures on the Dow Jones Industrial Average (YM=F) rose by about 0.2%. The major indexes are coming off a volatile week, especially in the tech-heavy Nasdaq and S&P 500, and an across-the-board down month in February.

Tariffs on Canada and Mexico are set to come into effect on Tuesday, with no indication President Donald Trump's March 4 date will be pushed back again. The exact level of duties to be placed on imports from the US's northern and southern neighbors still lacks clarity, as Commerce Secretary Howard Lutnick suggested to Fox News that it is a "fluid situation."

Meanwhile, cryptocurrencies surged as Trump revealed in a post on social media Sunday that five digital assets — Bitcoin, Ethereum, XRP (XRP-USD), Solana (SOL-USD), and Cardano (ADA-USD) — would be included in a new U.S. strategic cryptocurrency reserve, causing their market values to surge. 

Trump highlighted that Bitcoin (BTC-USD) and Ethereum (ETH-USD) would be central to the reserve following a January executive order on digital assets. Bitcoin appeared to move past its winter blues, soaring above $94,000, while ethereum rose above $2,500.

Earnings this week will include Target (TGT), Macy's (M), Abercrombie & Fitch (ANF), Costco (COST), Broadcom (AVGO), Marvell, (MRVL), Okta (OKTA), and Zscaler (ZS) with AI market volatility under heavy scrutiny as investors look to sky-high growth. AI chip giant Nvidia (NVDA) tanked after its earnings report last week after failing to meet increasingly lofty investor expectations. 

In economic data, the highlight is the February jobs report due Friday. The report is expected to reveal modest job growth last month, with the unemployment rate remaining steady at 4%. This comes after data was released last week showing consumer spending unexpectedly fell 0.2% last month, raising fresh concerns about the health of the US economy and its consumers.

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