US stock futures steadily rose as US President Donald Trump agreed to delay his plan to impose steep tariffs on Canada and Mexico by 30 days.
Nasdaq futures (NQ=F) climbed 0.7%, whereas S&P 500 futures (ES=F) rose 0.5%, and Dow futures (YM=F) inched up 0.3%.
On Monday, Trump separately struck deals with Mexico and Canada to postpone the implementation of 25% tariffs on each country, which were set to take effect on Tuesday. Both US neighbors agreed to send more troops to their borders with the US, among other actions, to buy time to negotiate over trade.
Trump's plan to institute a 10% tariff on Chinese goods starting Tuesday remains in effect, with the president expected to speak with Chinese President Xi Jinping this week.
Companies with China exposure are feeling the burn. Shares in chip giant Nvidia (NVDA) dropped nearly 3% on Monday before recovering 1.83% in after-hours trading. Apple (AAPL) plunged 3.39% during the day and remained flat after the bell. EV manufacturer Tesla (TSLA) led the way down for auto stocks, diving 5.1% before gaining back 1.39% after market close.
Palantir (PLTR) brought some upbeat news to Wall Street after-the-bell on Monday. Investors cheered the company's first-quarter and annual revenue forecasts, both of which exceeded expectations. Palantir shares rocketed up 23.9%.
Meanwhile, US dollar indexes (DX=F) continue to rise after a slight pull-back from approaching all-time highs. The Canadian dollar and Mexican peso also recovered following news the countries would not be subject to tariffs on Tuesday.
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Stock market coverage for Tuesday, Feb. 4, 2025
