Wall Street stabilized in premarket trading Wednesday in a rocky week dominated by steep U.S. tariffs and retaliatory tariffs from Mexico, Canada, and China, that have roiled global markets, according to the Associated Press. Futures for the S&P 500 and Dow Jones Industrial Average each ticked up 0.2% before the bell, while Nasdaq futures rose 0.4%.
The gains are far from recouping losses this week, however, as the trade war between the U.S. and key trading partners grows hotter. The Trump administration imposed 25% tariffs on imports from Canada and Mexico starting Tuesday and doubled tariffs for Chinese exports. All three countries have announced retaliatory actions, sparking worries about a slowdown in the global economy.
On Tuesday, the S&P 500 fell 1.2%, with more than 80% of the stocks in the benchmark index closing lower. The Dow slid 1.6%, and the Nasdaq composite slipped 0.4%. The major U.S. markets are down 3% this week.
Wells Fargo, JPMorgan, and Bank of America all ticked up around 1% after the Consumer Financial Protection Bureau pulled its lawsuit that charged the banks with failing to protect consumers from fraud via Zelle.
