From Yahoo Finance: 2025-06-02 06:18:00

U.S. stock index futures drop after Trump announces plan to double tariffs on steel and aluminum. Tariffs to increase from 25% to 50%, deepening global trade war. Steel company shares rise in premarket trading. Uncertainty in markets as tariff tensions continue.

Federal appeals court temporarily reinstates most of Trump’s ‘Liberation Day’ tariffs. Tariff uncertainty expected to linger despite peak aggressiveness of U.S. policy. Dow E-minis down 218 points, S&P 500 E-minis down 34 points, Nasdaq 100 E-minis down 156.5 points. Megacap and growth stocks down, Tesla reports lower sales.

Focus on Fed Chair Jerome Powell’s remarks at Fed conference. Federal Reserve Governor Waller says interest rate cuts possible later this year despite tariff impact. Data releases on U.S. manufacturing PMI and ISM Manufacturing index. Investors await nonfarm-payrolls report to gauge U.S. economic strength.

Moderna rises 4.6% after FDA approval for next-generation COVID-19 vaccine. RBC Capital Markets raises S&P 500 year-end target. Improved U.S. economic outlook and strong corporate earnings cited. Market volatility persists as trade tensions and tariff uncertainty continue.

Read more: Wall Street futures slip after Trump’s steel, aluminum tariff threats