US stock futures slid on Tuesday as warning signs of economic damage from President Trump’s tariffs kept investors laser-focused on watching for progress in US trade talks.
Futures on the S&P 500 (ES=F) and the Dow Jones Industrial Average (YM=F) both fell about 0.4%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped 0.3% on the heels of an upbeat start to the week for the major gauges.
The OECD has slashed its outlook for global economic growth, citing the impact of Trump’s trade policy on investment and confidence. The US economy will slow particularly sharply, the OECD forecast, going from 2.8% growth last year to only 1.6% this year and 1.5% in 2026.
In another sign of trade war taking a toll, China’s manufacturers suffered their worst slump since 2022 in May. Tariff hikes had an impact on smaller exporters despite the US-China trade truce. Caixin found.
As of 7:06:17 AM EDT. Market Open.
ES=F YM=F NQ=F
Countries need to act fast to seal deals to lower trade barriers, the OECD urged. Trump is reportedly pushing trade partners for their “best offers” by Wednesday, as deadlines for the implementation of “reciprocal” tariffs loom. But progress in trade talks with key nations seems to have stalled as US-China tensions simmer.
Read more: The latest on Trump’s tariffs
A JOLTS update on job openings in April due later will provide insight into how the labor market has fared since Trump began his tariff hikes. It will also set the stage for the all-important May jobs report, set for release on Friday.
Meanwhile, with nearly all of the S&P 500 companies finished reporting their results, earnings season is coming to an end. On Tuesday, CrowdStrike (CRWD), Asana (ASAN), and Hewlett Packard Enterprise (HPE) will issue their reports.
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