Wall Street Pulls Back Following Trump’s Tariff Announcement
U.S. stock futures took a downturn on Thursday, April 10, 2025, following an explosive rally the previous day sparked by President Donald Trump’s announcement of a 90-day suspension on several key tariff pause. After surging nearly 12% on Wednesday, Nasdaq futures fell 2.3%, while the Dow Jones Industrial Average futures declined by 1.4%, paring back some of yesterday’s 3,000-point gain. The S&P 500 futures were also down by 1.9% after a nearly 10% rise, signaling cautious investor sentiment.
In the broader financial landscape, Bitcoin prices dipped slightly to hover around $82,000. Gold futures, often seen as a safe haven during market turbulence, rose by 2%. Meanwhile, the 10-year Treasury note yield declined to about 4.3%, and oil futures dropped almost 3%, reflecting investor recalibration following the initial euphoria over tariff relief.
Global Markets Surge and Inflation Data Awaited
Global markets responded positively to Trump’s tariff pause. Asian and European indexes climbed sharply, buoyed by the temporary easing of trade tensions. Japan’s Nikkei closed up by 9%, while Hong Kong’s Hang Seng gained 2%—both markets reacting to the tariff pause news after having closed before the U.S. announcement. In Europe, the Stoxx Europe 600 surged 5% as the European Union reciprocated the U.S. move by pausing its own tariffs for the same 90-day period.
Investors are also eagerly anticipating the release of the Consumer Price Index (CPI) data for March. Economists surveyed by The Wall Street Journal and Dow Jones Newswires expect a slight cooling in inflation, projecting a 2.6% annual rate compared to February’s 2.8%—marking the lowest inflation figure since September 2024. While falling energy prices are believed to be a major contributor to this decline, analysts have cautioned that any re-escalation of trade tariffs could reverse recent gains in price stability.
Key Stocks Under Pressure Amid Broader Market Movements
While the broader market attempts to find its footing, several key stocks are under pressure in premarket trading. Shares of U.S. Steel (X) dropped 10% after President Trump expressed disapproval of foreign ownership of the company. In comments reported by Bloomberg, Trump stated he does not support U.S. Steel being acquired by any foreign entity. His remarks came days after he ordered a formal review of Nippon Steel’s proposed $14.1 billion acquisition—an effort previously blocked by former President Joe Biden.
In another corporate development, used-car giant CarMax (KMX) saw its shares slide by 8% after missing Wall Street’s earnings expectations. The company reported an earnings per share (EPS) of $0.58 for the fourth quarter, falling short of the projected $0.68. Used-vehicle sales also lagged, with 301,811 units sold compared to estimates of 312,800. CarMax further tempered investor confidence by suspending its previously announced long-term growth targets, citing uncertain macroeconomic conditions.
As markets adjust to both political and economic signals, investor caution remains high, with attention turning to inflation data and policy updates in the coming weeks.
