U.S. stock futures are pointing lower Tuesday morning as investors digest the latest tariff news from the White House and a flurry of corporate earnings reports. President Donald Trump signed an executive order Monday evening implementing tariffs on steel and aluminum imports. The tariffs, which will reportedly go into effect on March 4, apply to roughly 25 million tons of steel the U.S. imports each year, primarily from Canada, Mexico, Brazil, and South Korea.
Shares of U.S. metal producers are continuing to move higher on the news. Cleveland-Cliffs is advancing 4% in premarket trading, while Nucor, Steel Dynamics, U.S. Steel, and Alcoa are also moving higher. In earnings news, Coca-Cola shares are rising 4% in premarket trading after the beverage giant reported strong fourth-quarter results.
The company posted $11.54 billion in revenue, exceeding the $10.77 billion expected by analysts. Adjusted earnings of $0.55 per share also beat expectations of $0.52. Global unit case volumes grew 2% in the quarter, led by a 6% gain in the Asia Pacific region.
Meanwhile, an Elon Musk-led investment group has made an offer to buy the nonprofit controlling OpenAI, the maker of the popular ChatGPT chatbot.
Stock futures face corporate headwinds
OpenAI CEO Sam Altman responded on Musk’s social media platform X, writing “no thank you but we will buy twitter for $9.74 billion if you want.” Altman later told reporters the offer was an attempt by Musk to “slow down a competitor.”
The offer comes as SoftBank was recently said to be preparing a multibillion-dollar investment in OpenAI, valuing the company well above $200 billion.
Shares of BP are edging lower in premarket trading after CEO Murray Auchincloss announced that the British oil giant would fundamentally reset its strategy. The firm reported an underlying replacement-cost profit of $1.17 billion, below analyst expectations and down from $2.99 billion a year ago. The slower profits come as activist investor Elliott Investment Management reportedly has taken a “significant” stake in the company.
Auchincloss said BP plans to share a “new direction” during its Capital Markets Update on Feb. 26. U.S. stock futures are currently pointing to a lower open, with S&P 500 futures down 0.5%.
The 10-year Treasury yield is inching higher, while oil and gold futures are also up slightly. Bitcoin futures are trading modestly lower. Investors will be closely watching Federal Reserve Chair Jerome Powell’s testimony before Congress later this morning for any clues on the future path of interest rates and the central bank’s views on inflation.
Powell is slated to address the Senate Committee on Banking, Housing, and Urban Affairs at 10 a.m. ET.
