U.S. stock market futures dipped Sunday night, putting the S&P 500’s winning streak at risk after the broad market index recouped losses triggered by President Donald Trump’s “Liberation Day” tariffs.
The steeper-than-expected duties triggered a massive selloff in stocks, bonds and the U.S. dollar. But since then, Trump and his administration have granted delays and exceptions while also hinting that several trade deals are imminent.
“At some point, I’m going to lower them, because otherwise, you could never do business with them, and they want to do business very much,” Trump said on NBC’s Meet the Press.
Meanwhile, U.S. crude oil prices were down 3.6% at $56.19 per barrel on Sunday, nearing levels that the shale sector has warned would crush the industry.
Analysts have said that Saudi Arabia, OPEC’s swing producer and de facto leader, is frustrated with other members that are pumping beyond their quotas and seeks to enforce more discipline by sending crude prices sharply lower, which Riyadh can endure more than other producers can.
Meanwhile, the 10-year Treasury yield ticked down 1.2 basis points to 4.308% ahead of the Federal Reserve’s policy meeting this coming week.
The central bank isn’t expected to adjust benchmark rates, especially after the Friday’s jobs report came in stronger than expected. Fed officials have also indicated they are waiting to see how tariffs will impact inflation.
