US Markets Rally Premarket as Trump Imposes New Tariffs on Steel and Aluminum

In a bold move that has sent ripples through the markets, President Donald Trump announced a 25% tariff on all steel and aluminum imports. This decision has notably caused US Steel shares to surge by 11% in premarket trading, signaling a robust response from the domestic steel industry.

Meanwhile, gold prices have reached a new record high, climbing to $2,892, as investors seek safe havens amidst the unfolding trade developments. This surge underscores the market's nervousness about potential trade wars and their impact on the global economy.

On the earnings front, McDonald's is set to be the highlight of today's schedule, with a packed roster of earnings reports planned for the rest of the week. Investors are keenly awaiting these updates for insights into the health of the corporate sector amidst these uncertain times.

As of 4:25 am ET, the Dow Jones gained 0.28%, the Nasdaq 100 added 0.59%, and the S&P 500 improved by 0.39%, reflecting a cautiously optimistic market sentiment. The euro remained stable against the dollar, trading at 1.03277 at 4:26 am ET.