Stock futures rise as key consumer inflation report looms: Live updates

Stock futures ticked higher early Wednesday after President Donald Trump’s 25% tariffs on steel and aluminum exports to the U.S. took effect. Investors also awaited a consumer inflation report due Wednesday.

Futures tied to the Dow Jones Industrial Average advanced 93 points, or 0.22%. S&P 500 futures were 0.29% higher, while Nasdaq 100 futures gained around 0.33%.

The after-hours action comes after a whirlwind day for tariff policy that ultimately resulted in losses for all three of the major averages. At its lowest point in the session, the S&P 500 was down 10% from its closing high. The 30-stock Dow closed nearly 480 points, or 1.1%, lower, and the Nasdaq Composite posted a roughly 0.2% decline.

Earlier Tuesday, Trump said he would double import duties on Canadian steel and aluminum imports to 50% as of Wednesday. That move was in response to Ontario’s decision to tack on a 25% levy on electricity exported to the U.S.

Later in the day, Ontario Premier Doug Ford said he would pause the surcharge. White House trade advisor Peter Navarro followed that by telling CNBC on Tuesday afternoon that Trump would not raise the Canadian steel and aluminum tariffs to 50%. However, the 25% duty on these metals would still go into effect on Wednesday.

Traders are facing another catalyst on Wednesday: the consumer price index reading for February. Economists polled by Dow Jones expect the CPI rose 0.3% last month and they anticipate headline inflation grew 2.9% from 12 months earlier.

The results will inform the Federal Reserve’s next policy steps at a time when the market’s worries about inflation and slowing growth are starting to reignite.

“We’re just waiting on some kind of policy response, either from the Fed or the administration,” 3Fourteen Research co-founder Warren Pies told CNBC’s “Closing Bell” on Tuesday. “I think that’s going to be a little bit slow coming. And so I don’t think it’s time to buy the dip just yet.”