US Market
The S&P 500 fell on Friday after news broke that President Donald Trump’s tariffs on major US trading partners would take effect on Saturday.
The broad market index fell 0.50% to close at 6,040.53, while the Dow Jones Industrial Average
dropped 337.47 points, or 0.75%, dragged down by losses in Chevron. The 30-stock Dow finished at 44,544.66. The tech-heavy Nasdaq Composite edged down 0.28% to 19,627.44.
Stocks erased earlier gains after White House press secretary Karoline Leavitt announced Friday afternoon that the details of Trump’s tariffs would be available for public review on Saturday. The president is imposing 25% tariffs on Canada and Mexico, along with a 10% duty on China.
ASX Day Ahead
ASX futures are predicting a significant drop at the open, indicating a negative start to the trading day. The SPI futures are pointing to 1.2% drop.
Upcoming Earnings and Economic Data
Several companies are set to release half-year results this week, including major players like Amcor, News Corp, REA Group and Nick Scali. Argo Investments is reporting half-year results today.
Company News
Coles is streamlining its product range, a move that could pressure suppliers while boosting the retailer’s profitability.
Charter Hall has pushed back the deadline for its $760 million takeover of ASX-listed Hotel Property Investments to 14 March, extending it from the previous cutoff of 31 January.