United States stock futures advanced Monday night after U.S. President Donald Trump announced a temporary halt to planned tariffs on Canadian imports, following a similar move regarding Mexico earlier in the day.
Canadian Prime Minister Justin Trudeau revealed in a social media post that Trump agreed to suspend the tariffs on Canada for at least 30 days, sparking optimism among investors.
By 10:15 am AEDT (11:15 pm GMT) futures linked to the Dow Jones Industrial Average rose 0.5%, while S&P 500 futures gained 0.6%, and Nasdaq 100 futures increased 0.8%.
In after-hours deals, Palantir surged 24% after significantly surpassing consensus estimates for fourth-quarter revenue and raising its guidance.
NXP Semiconductors gained 1.9% following a positive earnings report. The company posted fourth-quarter revenue of US$3.11 billion, marking a 9% decline year-over-year but still meeting expectations.
Clorox declined 1.1% despite delivering a solid second-quarter performance and raising its full-year guidance.
U.S. markets experienced a volatile session on Monday, initially plunging after Trump signed an order over the weekend imposing 25% tariffs on imports from Mexico and Canada, alongside a 10% levy on Chinese goods. However, markets rebounded in the afternoon when Trump stated that the Mexican tariffs would be delayed by a month.
By the close of Monday’s session, major indices had recovered significantly from their intraday lows but still posted losses. The Dow declined 0.3%, the S&P 500 fell 0.8%, and the Nasdaq Composite dropped 1.2%.
Investors are also gearing up for a busy earnings week. Alphabet, Merck, and PepsiCo are set to report on Tuesday, while Amazon and Eli Lilly will release results later in the week.
On the economic front, Tuesday will bring the December Job Openings and Labor Turnover Survey (JOLTs), alongside durable goods orders. The key highlight of the week will be Friday’s January nonfarm payrolls report, which will provide further insights into the U.S. employment landscape.
