US Markets Rally Premarket Amid Trump's New Steel and Aluminum Tariffs Announcement

In a significant move, President Donald Trump has announced a 25% tariff on all steel and aluminum imports, causing a notable surge in US Steel shares by 11% in premarket trading. This decision has sparked a positive reaction in the US stock markets, with the Dow Jones gaining 0.28%, the Nasdaq 100 adding 0.59%, and the S&P 500 improving by 0.39%.

Meanwhile, the price of gold has climbed to a fresh record high of $2,892, reflecting investors' search for safe havens amidst the ongoing trade policy adjustments.

Today's financial spotlight is on McDonald's, as it prepares to release its earnings report. The week ahead is packed with earnings reports from various companies, keeping investors on their toes for potential market-moving news.

In currency markets, the euro traded flat against the dollar, standing at 1.03277 at 4:26 am ET.