U.S. stock futures jumped on Monday morning as President Donald Trump softened his tone on the possibility of new tariffs on Chinese imports, 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 1.59%, 1.03%, and 0.68%, respectively, at 8:15 a.m. EST on October 13.
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The three major indexes closed sharply lower on Friday after President Trump threatened a significant increase in tariffs on Chinese imports in response to Beijing’s tightening of rare-earth export controls. The S&P 500, the Dow Jones, and the Nasdaq Composite fell 2.71%, 1.90%, and 3.56%, respectively, on October 10. Trump’s threats sparked concerns about an escalating trade war between the U.S. and China, triggering a $2 trillion sell-off across global markets.
Meanwhile, investors will focus this week on tariff news and the Q3 earnings season. Leading banks JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Citigroup (C), and Wells Fargo (WFC) are scheduled to announce their Q3 results, providing insights into the state of the U.S. economy. Other major companies reporting this week include Johnson & Johnson (JNJ), United Airlines (UAL), ASML Holding (ASML), Abbott Laboratories (ABT), and Taiwan Semiconductor (TSM).
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