Dow, S&P 500, Nasdaq futures rise after Lutnick hints at possible tariff relief

US stock futures rose after Commerce Secretary Howard Lutnick hinted that President Donald Trump may provide a pathway to tariff relief for Canada and Mexico as soon as Wednesday.

Futures attached to the tech-heavy Nasdaq (NQ=F) and the benchmark S&P 500 (ES=F) climbed 0.6%. Futures attached to the Dow Jones Industrial Average (YM=F) advanced 0.5%.

Lutnick’s comments on Fox Business Network raised investor hopes that the president might reconsider broad tariffs on America’s top trading partners following the stock market’s volatile reaction to the new duties on Tuesday.

The S&P 500 eliminated its post-election gains and the Dow Jones Industrial Average shed more than 650 points after Trump imposed 25% tariffs on Canada and Mexico and doubled duties on China.

The affected countries pledged to hit back hard. Canada passed tariffs on billions of US products, and China slapped US farm goods with up to 15% new duties starting Monday. Mexico said it would reveal its own retaliatory tariffs later this week.

Traders will get a fresh signal on Trump’s next move in the trade war and beyond when he addresses Congress on Tuesday night.

On Wednesday, the ADP National Employment Report will offer insight into private payroll growth, and Abercrombie & Fitch (ANF) is set to report earnings.