US stock futures drifted up as Wall Street largely shrugged off tariff risks even as President Trump doubled duties on steel and aluminum imports.
Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) rose 0.1%.
Trump signed a proclamation on Tuesday evening that hiked tariffs on steel and aluminum imports from 25% to 50%. The United Kingdom is the only country exempt from the increase. The president’s latest tariff move comes amid escalating tensions between the US and key trading partners China and the European Union.
Read more: The latest on Trump’s tariffs
During the day on Tuesday, stocks extended Monday’s gains as an unexpectedly upbeat April JOLTS report and Nvidia’s (NVDA) stock rally lifted investor hopes that the economy can weather the impact of Trump’s trade policy.
Wall Street will get another pulse check on the labor market with the release of ADP employment data on Wednesday. The main event lands on Friday with the closely watched May jobs report.
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Stock market coverage for Wednesday, June 4, 2025.
