Investing.com - U.S. stock futures edge down on Tuesday as investors assess the impact of fresh tariffs from the Trump administration and looked ahead to key inflation data later this week. U.S. President Donald Trump imposes new broad-based levies on steel and aluminum imports as part of a bid to "make America rich again." OpenAI CEO Sam Altman reportedly says the ChatGPT-maker will reject a multibillion-dollar takeover offer from a consortium led by Elon Musk.
1. Futures lower
U.S. stock futures pointed lower on Tuesday after equities on Wall Street’s top averages posted gains in the prior session.
By 03:38 ET (08:38 GMT), the Dow futures contract had edged down by 83 points or 0.2%, S&P 500 futures had shed 18 points or 0.3%, and Nasdaq 100 futures had fallen by 88 points or 0.4%.
The main indices rose on Monday, buoyed by advances in shares in U.S. steelmakers following President Trump’s announcement that he would slap fresh tariffs on steel and aluminum imports. Artificial intelligence-exposed groups like Nvidia (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) also climbed.
"Rather than scare investors out of stocks entirely, the trade uncertainty seems to be driving money back into tech, a sector that has (relatively little) tariff exposure [...] and/or possess enough pricing power to pass along the added costs to customers," analysts at Vital Knowledge wrote in a note to clients.
Meanwhile, shares in McDonald’s (NYSE:MCD) jumped on better-than-anticipated fourth-quarter global comparable sales, although U.S. sales dropped as the restaurants chain grapples with the fallout from an E. coli outbreak last year that was linked to one of its burgers.
Traders are also keeping an eye on upcoming U.S. inflation data this week which could factor into how the Federal Reserve approaches future potential interest rate cuts in 2025. Fed Chair Jerome Powell could face questions on this topic when he testifies to Congressional committees on Tuesday and Wednesday.
2. Trump places sweeping 25% tariffs on steel, aluminum
Trump signed dual executive orders imposing 25% tariffs on steel and aluminum imports, wiping away previous exceptions for allies like Canada, Mexico, South Korea and others that were put in place during the Biden administration.
The levies, as well as measures to eliminate hundreds of thousands of product-specific tariff exclusions, are set to apply to millions of tons of imports of the materials. The measures will come into effect from March 4, media reports said, citing a White House official.
Trump will also create a new North American standards aimed at lowering minimally-processed steel and aluminum imports from China and Russia that can bypass certain tariffs. Other products using foreign-made metals are also covered by the duties.
Saying the changes would extend to all U.S. trading partners "without exemptions," Trump called the move a "big deal" and part of a broader push to "make America rich again."
Investors are now gauging if Trump will follow through on a separate threat to impose reciprocal tariffs on Tuesday or Wednesday, with worries swirling around a potential increase in international trade tensions.
3. OpenAI to reject Elon Musk’s $97 billion offer, Altman says - reports
OpenAI CEO Sam Altman said in an internal memo that the ChatGPT maker’s board of directors plans to reject a roughly $97 billion takeover bid from a consortium of investors led by Elon Musk, The Information reported on Monday evening.
Altman circulated an email stating that OpenAI’s board intends to establish that it has no interest in Musk’s “supposed bid,” The Information report said.
The report indicates that OpenAI’s 10-person board is backing Altman in his fight against Musk, who has long attempted to block the AI start-up from transitioning into a for-profit company.
Shares in Tesla (NASDAQ:TSLA), the electric vehicle group helmed by Musk, fell by 3% on Monday following initial media reports on the offer.
4. Earnings ahead
On the earnings front, beverage maker Coca-Cola (NYSE:KO) and e-commerce group Shopify (NYSE:SHOP) are expected to release their latest quarterly results on Tuesday.
Biopharma firm Gilead Sciences (NASDAQ:GILD) and hospitality company Marriott International (NASDAQ:MAR) are also tipped to report. The fourth-quarter earnings season is more than halfway finished, with S&P 500 firms projected to have delivered income growth versus the year-ago period of 14.8%, up from estimates of less than 10% at the outset of 2025.
Following a raft of crucial announcements from mega-cap tech names last week, analysts have noted that the next potentially market-moving earnings may come from AI-darling Nvidia on February 26. Shares in the semiconductor titan have surged by almost 20% since plummeting earlier this month in the wake of the emergence of a low-cost open-source AI model from Chinese start-up DeepSeek.
Elsewhere, BP ’s (LON:BP) (NYSE:BP) fourth-quarter profit fell to $1.17 billion, the lowest amount for the oil major in four years, as weak margins dented its refining business.
5. Gold touches new record high
Gold prices rose to fresh record highs in Asian trade on Tuesday as persistent concerns over increased U.S. trade tariffs fueled safe haven demand.
The yellow metal vastly outpaced other metals, shrugging off strength in the dollar. Geopolitical jitters, which were heightened after Trump demanded Hamas return all Israeli hostages by this weekend, also supported gold.
Meanwhile, oil prices moved higher, adding to the previous session’s uptick, on fears over potential supply disruptions. However, gains were limited by worries that escalating trade tariffs could hit global economic growth.