President Trump continues to roll out his tariff program, impacting trading across world markets. Yesterday, he announced that tariffs on semiconductors are coming soon. Overnight, he threatened to raise tariffs on India over its purchases of Russian Crude oil, a move that has sent the price of Texas Tea up 1.4% so far today and India’s Nifty 50 down 0.3%.
Traders are also responding to another round of earnings reports. Shopify is soaring, up 14.2% premarket after beating the street on sales and earnings. Advanced Micro Devices, on the other hand, is down 5.5% premarket after some of its results fell short of expectations. McDonalds, which is up 4.4% premarket, Disney and Uber, all beat the street this morning. US results due later today include Metlife, AirBnB, and Doordash.
In Canada, Thomson Reuters and Great West Lifeco beat the street while Suncor Energy missed slightly. After the close today, results are due from Manulife Financial and Nutrien.
US index futures are up 0.1%-0.3% so far today with Dow Futures leading the way higher as the Dow Jones Industrial Average attempts to push through resistance and follow its peers to new highs. In Europe today, the DAX is down 0.1% and the FTSE is up 0.1%. Currency action is quiet with Gold down 0.6%, the Euro up 0.3%, and the Loonie down 0.2%.