Trump Holds Off on Reciprocal Tariffs—For Now

Despite earlier remarks suggesting he might impose reciprocal tariffs, former U.S. President Donald Trump did not sign an order on Wednesday. However, the White House schedule indicates that executive orders are expected to be signed on Thursday at 1:00 PM EST (6:00 PM GMT). Markets are closely watching whether tariffs will be included in the announcements.

Markets Respond to Geopolitical Developments

Stock markets remained mostly firmer as constructive geopolitical updates provided some stability. However, U.S. futures are mixed ahead of the latest Producer Price Index (PPI) data, a key inflation measure.

The U.S. dollar softened as investors weighed the possibility of a Ukraine peace deal and the absence—so far—of new reciprocal tariffs. Meanwhile, bonds are attempting to recover from losses triggered by the Consumer Price Index (CPI) data, though geopolitical uncertainty is limiting the upside.

Energy Market Under Pressure

Crude oil continues to decline following the previous session’s weakness linked to Russia-Ukraine developments. Reports initially suggested that Israel and Hamas had reached an understanding, but Israeli Prime Minister Netanyahu’s office swiftly denied those claims. This back-and-forth adds another layer of uncertainty to global energy markets.

Key Economic Events & Earnings to Watch

Looking ahead, the market will focus on several key economic and corporate events:

Economic Data:

• U.S. Jobless Claims
• Producer Price Index (PPI)
• U.S. Treasury supply updates

Major Earnings Reports:

• Tech & Growth: Airbnb, Palo Alto Networks, Roku, DraftKings
• Industrials & Healthcare: Deere, GE Healthcare, Baxter
• Energy & Utilities: Duke Energy, PG&E
• Financials & Crypto: Coinbase
• Semiconductors & AI: Applied Materials
• Leisure & Hospitality: Wynn Resorts

Investors will be watching these reports closely for insights into consumer demand, corporate profitability, and inflation trends.

With geopolitics, economic data, and earnings all in play, markets are bracing for a potentially volatile session. Traders should stay alert for updates on reciprocal tariffs, PPI data, and any further geopolitical headlines that could move the markets.