Dow futures rally on hopes of a resolution to Mexico tariffs

U.S. stock index futures rallied Tuesday morning, following a volatile session on Wall Street. Investors were hopeful that lawmakers may step in and block the Trump administration’s plan to impose tariffs on Mexico.

Republican lawmakers reportedly are discussing whether they may have to vote to stop President Donald Trump’s planned new tariffs on Mexico, according to a report by The Washington Post, citing people familiar with the matter.


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Around 6:45 a.m. ET, Dow futures indicated a positive open of more than 150 points. Futures on the S&P and Nasdaq were both seen higher, as well.

Shares of GM and Ford, companies who could take a hit under the new tariffs, were higher in premarket trading.

Market focus has turned to monetary policy this week, with a flurry of central banks across the world set to announce whether to adjust interest rate settings.

Meanwhile, comments from the Federal Reserve on Monday raised expectations that the U.S. central bank is moving closer to a rate cut.

St. Louis Federal Reserve president James Bullard said a U.S. interest rate cut “may be warranted soon ” given the rising risk to economic growth posed by global trade tensions as well as weak U.S. inflation.

On the data front, factory orders for April will be expected at around 10 a.m. ET.

In corporate news, Donaldson, Tiffany, and Cracker Barrel were among some of the companies set to report their latest quarterly results before the opening bell., Ambarella, and Pivotal Software were among the companies expected to report earnings after market close.

On Monday, the Nasdaq fell into correction territory, amid reports the U.S. government is planning to target a host of big companies in the industry with antitrust and business practice probes.

Shares of Alphabet, Amazon, Facebook, and Apple all weighed on the market in the previous session.

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