The United States postponed adding steel and aluminum tariffs on Canada, the European Union and Mexico, and offered permanent exemptions for several other allies.
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Dow Jones futures were lower by 0.15%. The S&P 500 was off 0.04% and the Nasdaq Composite was down 0.15%.
The U.S. imposed in March a 25% tariff on imported steel and a 10% tariff on aluminum, but the White House said some nations would not be subject to the new levies. Trump had faced a self-imposed midnight deadline to approve permanent exemptions.
It will be another big day for earnings from big names.
Apple will be the star of Tuesday’s earnings parade when the iPhone maker reports fiscal 2Q results after the closing bell. Ahead of that we’ll get numbers from Aetna, ADM, Pfizer, Merck, HCA Healthcare and Under Armour in the morning.
More than half the S&P 500 companies have reported January through March results, and so far earnings and revenue are coming in well ahead of expectations.
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Stocks fell Monday, erasing earlier gains, as shares of healthcare and materials companies weakened.
The Dow Jones Industrial Average dropped 148.04 points, or 0.61%, to 24,163.15. The S&P 500 lost 21.81 points, or 0.8%, to 2,648.05. The Nasdaq Composite fell 53.53 points, or 0.75%, to 7,066.27.
Better-than-forecast earnings buoyed companies including McDonald’s. The fast-food chain and Dow Jones Industrial Average component topped analysts’ expectations for earnings and revenue.
Economic data published Monday morning included the core personal consumption expenditures price index, known as the Federal Reserve’s preferred inflation gauge. It accelerated to 1.9% in March, in line with estimates and just a whisker below the central bank’s 2% target. Fed policy makers will meet Tuesday and Wednesday. Personal income increased 0.3% last month.
Automakers will report their monthly sales numbers throughout the day. Other economic reports are due on manufacturing and construction spending.
Keep in mind, it is the Labour Day holiday where about 75 global exchanges will be closed. No trading today in China, Hong Kong, Frankfurt and Paris.
There is trading in London where the FTSE was up 0.17% and in Japan where the Nikkei closed up 0.2%.
FOX Business’ Charles Brady and Leia Klingel contributed to this article.
