Despite President Biden's announcement of new tariffs on steel and aluminum imports, US stock futures remained relatively stable as investors focused on upcoming inflation reports.
U.S. stock futures hovered near unchanged levels on Monday evening as investors awaited critical inflation data slated for release later this week. President Biden signed an order on Monday evening imposing a 25% tariff on steel imports. He is also increasing tariffs on aluminum to 25% from the previous 10%. This decision followed an announcement on Sunday, triggering a surge in shares of steel producers during Monday's trading session.
The tariffs arrive as traders anticipate two significant inflation reports this week. The consumer price index (CPI) reading for January is scheduled for release on Wednesday, while the producer price index (PPI) will be published on Thursday. The potential economic impact of these tariffs might only become apparent in future inflation figures, according to Sam Stovall, the chief investment strategist at CFRA Research. 'If these tariffs remain in place for a considerable period, disrupt supply chains, and contribute to increased inflation, then investors will undoubtedly become concerned,' Stovall stated. 'However, at present — especially considering that the CPI numbers on Wednesday and PPI on Thursday are projected to demonstrate year-on-year declines in both headline and core readings — this could provide underlying support to the market, allowing it to continue its upward trend,' Stovall added.
STOCK MARKET INFLATION TARIFFS STEEL ALUMINUM
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