Wall Street drove higher before markets opened on Monday following a dismal stretch that saw the S&P 500 decline in five out of six days over worries about President Donald Trump’s tariffs, the Associated Press reports. Futures for the S&P 500 rose 0.5% before the bell, while futures for the Dow Jones Industrial Average were up 0.4%, and the tech-heavy Nasdaq climbed 0.7%.
After being delayed for about a month, Trump’s tariffs on Canada and Mexico start Tuesday, in addition to the doubling of the 10% universal tariff charged on imports from China. The threat of tariffs has spooked investors as well, knocking the S&P 500 index off its all-time high, though it did rally Friday afternoon.
In equities trading early Monday, Intel jumped 5%, presumably on media reports that competitors Nvidia and Broadcom are pleased with recent manufacturing testing in conjunction with Intel. Broadcom and Intel are reportedly trying to decide whether to commit to manufacturing contracts with Intel that could generate a huge influx of revenue for the struggling company. Intel, once a dominant force in the semiconductor industry, announced on Friday that it was pushing back the expected opening for its semiconductor project in central Ohio.
Fashion brand owner Capri Holdings rose 7.4% in premarket trading on reports that it was getting closer to a deal to sell its Versace business to Prada for $1.6 billion.
Shares of Kroger dipped 1.3% on news that the grocery chain’s chairman and CEO Rodney McMullen resigned after an internal investigation into his personal conduct.
Bitcoin prices rose over after Trump posted on Truth Social that his administration was moving forward with a cryptocurrency strategic reserve. The original cryptocurrency was trading at close to $93,000 early Monday after trading around $84,000 on Friday.
