FX.co ★ US Futures Slide as Trade Uncertainty Mounts

On Monday, U.S. futures experienced a downturn, as contracts for the S&P 500 and Nasdaq 100 saw a 0.4% decrease, and Dow Jones futures declined by approximately 100 points. This dip was driven by concerns over escalating trade tensions. China accused the United States of breaching their recent trade agreement and promised to take responsive measures to safeguard its interests. These accusations mirrored recent claims from President Trump, who contended that China had violated the agreement's terms. Concurrently, trade tensions with the European Union intensified when President Trump announced plans to double steel and aluminum tariffs to 50%. This announcement spurred a notable rally in U.S. steel-related stocks during premarket trading, with Nucor rising 9.3%, Steel Dynamics increasing by 10.1%, and Cleveland-Cliffs soaring 25.6%, while U.S. Steel Corp experienced a slight slip, decreasing by 0.7%. Simultaneously, major technology stocks faced pressure before the market opened, with declines posted by Apple (-0.5%), Microsoft (-0.3%), Nvidia (-0.6%), Amazon (-0.4%), Meta (-0.6%), Alphabet (-2%), and Tesla (-1.6%).