Markets on Wall Street inched up quietly early Wednesday as President Donald Trump’s 50% tariffs on imports of steel and aluminum were due to kick in, and U.S and European trade officials met in Paris to negotiate their tariff spat, the Associated Press reports. Futures for the S&P 500, the Dow Jones Industrial Average and Nasdaq all rose 0.2% in light trading before the bell.
In equities trading, Wells Fargo rose 2.5% after the Federal Reserve lifted its asset cap on Tuesday and said the bank is no longer subject to the harsh restraints placed on it in 2018 for having a toxic sales and banking culture. Wells has spent the better part of a decade trying to restore its image with the public and convince policymakers that it had changed its ways.
Shares of Dollar Tree dipped 1.8% before the bell despite Wednesday’s strong first-quarter sales and profit report. Investors were spooked by the discount retailer’s forecast, which estimated as much as a 50% drop in second-quarter earnings per share due to cost pressures from higher tariffs. A day earlier, rival Dollar General posted a quarterly sales record of $10.44 billion and upgraded its annual profit and sales outlook as Americans tighten their budgets and spend more at bargain stores.
CrowdStrike, the cybersecurity company that Delta Air Lines has sued for a technology outage last summer, fell 7% after it issued lighter second-quarter guidance than analysts were expecting.
Treasury yields held relatively steady following Tuesday’s encouraging report on the U.S. job market.
In energy trading, U.S. benchmark crude oil added 3 cents to $63.44 per barrel. Brent crude, the international standard, rose 5 cents to $65.68 per barrel.
The U.S. dollar rose to 144.19 Japanese yen from 144 yen.
