June S&P 500 E-Mini futures (ESM25) are down -0.20%, and June Nasdaq 100 E-Mini futures (NQM25) are down -0.32% this morning as market participants remain cautious amid uncertainty surrounding U.S. tariffs while also awaiting the release of the Federal Reserve’s first-line inflation gauge.
Investors have been paring back risk ahead of April 2nd, when U.S. President Donald Trump is set to unveil so-called “reciprocal tariffs” that risk escalating the trade war and hurting the global economy. Deutsche Bank analysts said in a note that there are indications investors are growing more worried about the possibility of stagflation in the U.S. due to tariffs.
