US stock futures are pointing higher on Monday morning as investors nerves seemingly calm from last week’s Italy — and tariff — sparked turbulence.
This time last week, global markets took a knock owing to the precarious political situation in Italy, but leaders managed to pull together and a new government was sworn in on Friday.
Wall Street sank on Thursday as President Donald Trump announced tariffs on imports of steel and aluminium from the EU, Canada and Mexico would begin on Friday, but stocks bounced back on Friday following a stronger than expected jobs report that showed the unemployment rate fell to its lowest level since April 2000.
Concerns about the breakout of a trade war are still present, and this morning, Mr Trump took aim at trading partners via Twitter, saying on the social media platform that “China already charges a tax of 16% on soyabeans. Canada has all sorts of trade barriers on our Agricultural products. Not acceptable!” He added in a subsequent tweet: “The US has made such bad trade deals over so many years that we can only WIN!”
This morning, futures for the S&P 500 were up 0.4 per cent, while those for the Dow Jones were up 0.6 per cent and the Nasdaq 100 was up 0.4 per cent.
Treasuries were slightly weaker, with yields, which move inversely to price, a touch higher. The yield on the benchmark was up 1.1 basis point to 2.9058 per cent.
The US dollar was lower, with the DXY index down 0.4 per cent at 93.794.
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