March S&P 500 E-Mini futures (ESH25) are trending up +0.42% this morning, partially rebounding from yesterday’s dramatic selloff, while investors awaited the start of the Federal Reserve’s two-day policy meeting as well as a flurry of U.S. economic data and corporate earnings reports.
The dollar strengthened after U.S. President Donald Trump said he preferred significantly larger across-the-board tariffs than the 2.5% reportedly favored by new Treasury Secretary Scott Bessent. Trump also stated that he would soon impose tariffs on foreign-produced semiconductors, pharmaceuticals, and certain metals to encourage manufacturers to produce domestically. “I have it in my mind what it’s going to be but I won’t be setting it yet, but it’ll be enough to protect our country,” Trump told reporters Monday night.
