Traders work on the floor at the New York Stock Exchange (NYSE) in New York City.
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U.S. stock futures traded lower Monday night, as investors looked toward key inflation reports due later in the week.
Dow Jones Industrial Average futures slipped 55 points, or 0.1%. Futures tied to the S&P 500 and Nasdaq 100 futures fell around 0.2% each.
During Monday’s main trading session, the Nasdaq Composite gained nearly 1%. Chipmakers such as Nvidia and Micron Technology popped 2.9% and 3.9% each, while other big tech names such as Alphabet and Microsoft also were positive on the day.
President Donald Trump signed an order on Monday evening for a 25% tariff on steel imports. He is also raising tariffs on aluminum to 25% from 10%. He had announced his plans for the duties on Sunday, spurring a rally in shares of steel producers during Monday’s trading, with Cleveland Cliffs jumping nearly 18% and Nucor popping more than 5%.
The duties come as traders look ahead to a pair of key inflation reports due this week. The consumer price index reading for January is out on Wednesday, and the producer price index will go out on Thursday.
The true economic impact of the tariffs may only be seen with future inflation data, said Sam Stovall, chief investment strategist at CFRA Research.
“If the tariffs go into effect for a while, disrupt supply chains and result in increased inflation, then I would say investors are going to worry,” said Stovall.
“But right now — especially with CPI numbers on Wednesday and PPI on Thursday expected to show year-on-year declines in both the headline and the core readings — that that would end up providing a support underneath the market and allow it to continue to creep higher,” Stovall added.
Aside from the economic reports, traders are also watching Federal Reserve Chair Jerome Powell, who will speak before Congress on Tuesday morning.
