The Market Brief
Hey team, Futures traded mixed overnight as investors looked for more clarity on U.S. tariff plans and the broader economic outlook.
Let’s re-cap yesterday’s session and see what’s next!
Macro Viewpoint
U.S. stock futures traded mixed on Wednesday as investors remained cautious ahead of key economic data and awaited further details on the Trump administration's new tariffs, set to take effect next week.
Market activity has been relatively subdued, with three of the past four sessions ranking among the lowest trading volume days of the year. Investors are in a holding pattern, anticipating upcoming tariffs, non-farm payroll data next week, and the start of earnings season shortly after.
The market risks are skewed to the downside, noting that officials have explicitly stated the proposed tariff rates are intended as a starting point for negotiations.
Many investors remain hesitant to re-enter the market due to concerns over macroeconomic trends and uncertainty surrounding key data points ahead of first-quarter earnings and second-quarter guidance. As a result, the market continues to reflect more of a "trader’s market" dynamic.
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