Dow Futures Surge, Dollar Slides as Trump May Delay Tariffs on Day 1
Theodore QuinnMonday, Jan 20, 2025 10:16 am ET
1min readDow futures surged Monday morning, with the S&P 500 and Nasdaq 100 contracts also gaining ground, following a Wall Street Journal report that President-elect Donald Trump will sign a memorandum to study trade policies but stop short of imposing new levies on his first day in office. The Dow Jones Industrial Average futures (YM00) jumped 294 points, or 0.4%, while the S&P 500 futures (ES00) climbed 0.75%, and the Nasdaq 100 futures (NQ00) soared 1%.
The market reacted positively to the news, with European stocks extending earlier gains and U.S. futures rocketing higher. The U.S. dollar fell significantly on the back of this report, with the dollar index (DXY) dropping nearly 0.7%. The Mexican peso (MXN) and the Canadian dollar (CAD) also appreciated on the news, reflecting the collective sigh of relief that Canada won't be exposed to tariffs from day 1 of Trump's second term.
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