US stock markets displayed a mixed performance on Tuesday, January 21, 2025, following Donald Trump’s first day as the President. Stock futures showed volatility, while the US dollar surged to over 108.5 against a basket of global currencies. Spot gold also strengthened, rising above $2,720 an ounce. Market participants were awaiting reactions from major US indices like the Dow Jones, S&P 500, and Nasdaq Composite, which will adjust after Trump's inaugural speech and his executive orders.
US stock futures experienced early gains, with the Dow Jones Futures for March 25 rising by 152 points (0.4%), trading at 43,850, reaching a high of 43,979 during early trade. The S&P 500 Index Futures gained 14.75 points (0.24%) to trade at 6,048.25, and Nasdaq-100 Futures surged by 41.50 points (0.19%), reaching 21,640.25.
However, concerns over President Trump’s remarks dampened market sentiment. He mentioned that he might impose a 25% tariff on Canada and Mexico as early as February 1, citing issues related to illegal immigration at the US-Mexico border. Trump's speech also hinted at further tariffs on China, disappointing traders who had hoped for a delay in tariff actions. Despite this, Trump's pro-business agenda, including promises of deregulation and tax cuts, continued to offer support for equities, keeping the outlook for US stock markets cautiously optimistic.
