U.S. stock futures rally early Monday after President Donald Trump downplayed the possibility of new tariffs on Chinese imports and calmed investors by saying, “Don’t worry about China, it will all be fine!” Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 1.96%, 1.43%, and 1.03%, respectively, at 4:33 a.m. EST on October 13.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
During Friday’s regular trading session, the three major indexes had closed sharply lower after President Trump threatened to raise tariffs on imported Chinese goods in response to China elevating rare-earth export controls. The S&P 500, the Dow Jones, and the Nasdaq ended down 2.71%, 1.90%, and 3.56%, respectively, on October 10.
These single-day record losses erased earlier weekly gains, leaving all three indexes lower for the week. The Dow closed down roughly 2.73%, the S&P 500 fell about 2.43%, and the Nasdaq declined approximately 2.27%.
However, a Truth Social (DJT) post on Sunday indicated that Trump may reconsider the tariff hike, easing investor concerns. The earlier threats had fueled fears of a renewed U.S.-China trade war, sparking a $2 trillion sell-off across global markets.
Meanwhile, the U.S. government shutdown continues to linger, entering its third week. New economic data releases are on hold due to the shutdown, but traders appear to be more focused on the ongoing tariff threat and corporate earnings than on the shutdown itself.
The Q3 earnings season kicks off on October 14, with many major companies scheduled to report their financial results over the next five trading days. Key reports include those from leading banks JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC). Other major companies reporting this week include Johnson & Johnson (JNJ), United Airlines (UAL), ASML Holding (ASML), Abbott Laboratories (ABT), Goldman Sachs (GS), Morgan Stanley (MS), and Taiwan Semiconductor (TSM).
Notably, the U.S. 10-year Treasury yield was down, floating near 4.06%. WTI crude oil futures were trending higher, hovering near $59.76 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,074 per ounce on Monday.
Elsewhere, European stocks opened higher on October 13, supported by easing U.S.-China tensions and a rebound in mining stocks.
Asia-Pacific Markets Traded Lower Today
Asia-Pacific markets mostly fell on Monday, even as U.S. officials reassured investors of easing trade tensions with China. Japan’s markets were closed for the Sports Day holiday.
Hong Kong’s Hang Seng index declined 1.66%. In China, the Shanghai Composite fell 0.19%, and the Shenzhen Component lost 0.60%. China’s September exports surged 8.3% year-over-year, the fastest pace in six months, while imports grew 7.4%, their strongest increase in more than a year.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.