US stock futures wavered on Tuesday, as President Donald Trump’s revived tariff threats and potential toughening of China curbs weighed on market optimism and the chances of interest-rate cuts.
Contracts on the Nasdaq 100 (NQ=F) wobbled around the flatline on the heels of a tech-led selloff on Monday. S&P 500 futures (ES=F) edged 0.1% higher, while Dow Jones Industrial Average futures (YM=F) pointed up around 0.2%.
The biggest move in markets early Tuesday, however, came from the cryptocurrency markets, where the price of bitcoin (BTC-USD) tumbled below $90,000 for the first time since November.
Bitcoin touched a low closer to $86,000 in the early morning hours, its lowest since Nov. 15. The price of ether (ETH-USD), the world’s second-largest cryptocurrency, fell as much as 10% to below $2,400 early Tuesday. Crypto-related stocks including Coinbase (COIN) and Strategy (MSTR), were also under pressure early Tuesday.
Trump’s signal that his trade overhaul isn’t over has unsettled markets wondering about the impact on growth prospects. Investors are parsing his brief comment that tariffs on Mexico and Canada will go forward next week.
The benchmark 10-year Treasury yield (^TNX) fell to its lowest level this year, toward 4.3%, amid growing belief that tariffs will weaken the US economy. That prompted traders to bump up bets on interest-rate cuts.
At the same time, his administration is said to be pursuing tougher chip curbs on China, after Trump issued a directive to limit investments between the US and the top trading partner. AI chip giant Nvidia’s (NVDA) stock was in focus with its highly anticipated earnings due Wednesday. The company is already facing headwinds from tariffs and export controls.
Elsewhere in earnings, Home Depot’s (HD) fourth quarter revenue beat Wall Street’s low expectations.
Wall Street is also waiting for fresh US consumer confidence data on Tuesday morning, after downbeat readings on consumer sentiment and inflation expectations last week helped spur a sharp drop in stocks.
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Chegg vs. Google: AI war threatens online learning pioneer
Chegg Inc. (CHGG) is taking Alphabet Inc. (GOOG) to court, accusing Google’s AI Overviews (AIO) product of gutting its web traffic and forcing a strategic business review. Once a go-to for students needing homework help, Chegg claims Google’s AI tools are siphoning users away by repurposing its content while keeping them locked within Google’s ecosystem.
The impact has been brutal – Chegg’s stock tumbled 22% in pre-market trading on Tuesday.
Bloomberg News reports:
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Home Depot stock slips after earnings as home improvement challenges come into focus
Home Depot stock edged lower in premarket trading after the home improvement retailer missed Wall Street’s earnings estimates. Notably, Home Depot’s same-store sales growth turned positive after eight straight quarters of declines.
Yahoo Finance’s Brooke DiPalma reports:
Read more here.
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Good morning. Here’s what’s happening today.
Economic data: FHFA house price index (December); S&P CoreLogic CS 20-city (December); Conference Board Consumer Confidence (February); Richmond Fed manufacturing index (February)
Earnings: American Tower (AMT), AMC (AMC), Cava (CAVA), First Solar (FSLR), The Home Depot (HD), Instacart (CART), Intuit (INTU), Keurig Dr. Pepper (KDP), Krispy Kreme (DNUT), Lemonade (LMND), Lucid (LCID), Planet Fitness (PLNT), Workday (WDAY)
Here are some of the biggest stories you may have missed overnight and early this morning:
Why market worries about tariffs may be a ‘red herring’
Trump team is drawing up tougher chip curbs on China
Bitcoin slides below $90,000 as crypto selloff gathers steam
Nvidia’s H20 orders jump as Chinese firms adopt DeepSeek’s AI
There’s an ugly trend developing in the stock market: Analyst
Buffett bet sparks surge in Japan trading house stocks
Chegg slumps 23% after suing Alphabet over Google AI impact
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Buffett’s bet sparks surge in Japan trading house shares
While Warren Buffett has touted the “American miracle” of US economic growth, it’s his backing of Japanese trading firms that’s finding a receptive ear.
Shares in the likes of Mitsubishi (8058.T, MSBHF) and Marubeni (8002.T, MARUY) jumped in Tokyo on Tuesday after Berkshire Hathaway (BRK-B, BRK-A) revealed plans to bump up its holdings.
Mitsui (8031.T, MITSY), Itochu (8001.T, ITOCY) and Sumitomo (8053.T, SSUMY) also booked their strongest gains since last year in light of Buffett’s bet.
Bloomberg reports:
Read more here.
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Bitcoin falls below $90,000 to a multimonth low
Bitcoin sank below $90,000 on Tuesday to reach to its lowest level since November, when Donald Trump’s election as president kicked off a rally in cryptocurrencies.
But Trump’s resumed tariff push is weighing on crypto, just as they have done on tech stocks — with an added drag coming from a stream of confidence-denting headlines.
Bloomberg reports:
Read more here.
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Chinese tech stocks rebound as Trump restricts US-China investment
Chinese tech stocks whipsawed as mainland investors helped reduce losses caused by concerns over US President Donald Trump’s decision to restrict investments between America and China.
Bloomberg reports:
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