Stock futures drop as selling resumes on Wall Street after one-day bounce: Live updates

Traders work on the floor at New York Stock Exchange American at the New York Stock Exchange in New York City, U.S., April 10, 2025.

Jeenah Moon | Reuters

Stock futures fell Tuesday, resuming the selling seen late last week, as fears around U.S.-China trade relations continue to percolate.

Dow Jones Industrial Average futures lost 356 points, or 0.8%. S&P 500 futures shed 1.2%, and Nasdaq-100 futures slid 1.6%.

The selling was led by the AI shares that have driven the bull market, but also were the biggest losers during Friday’s rout. Nvidia and AMD each lost more than 2%. Tesla and Oracle lost about 3%.

The declines came after China and the U.S. began charging additional port fees on each others’ cargo ships, an escalation in the ongoing trade spat between the world’s largest economies. On top of that, China imposed sanctions on five of South Korea’s Hanwha Ocean’s U.S. subsidiaries.

Tuesday’s losses spoiled a major market rally that took place Monday, after President Donald Trump appeared to have eased concerns over U.S.-China trade tensions.

The S&P 500 and Dow each jumped more than 1% on the day, marking the former’s biggest one-day gain since May 27. The broad market index also clawed back more than half of Friday’s steep drop. The Dow had its best day since Sept. 11, broke a five-day losing streak and recovered two-thirds of Friday’s losses.

Trump on Sunday said in a Truth Social post: “Don’t worry about China, it will all be fine.”

“Trade policy remains a key driver for US financial markets this year, and last week saw a sharp re-escalation in tensions between the US and China,” Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management, said in a note. “With hardened positions on both sides, we expect increased equity market volatility into the end of the month. However, the history of Trump-Xi negotiations suggests that escalation is often followed by tactical truces, and rare earth minerals versus shipping fees could ultimately seal a deal.”

Tuesday’s moves came despite the release of mostly solid quarterly results. J&J, JPMorgan Chase and Wells Fargo all reported earnings that beat analyst expectations.

China targets five U.S. subsidiaries of South Korea’s Hanwha Ocean

China sanctioned five of Hanwha Ocean’s U.S. subsidiaries, escalating tensions with Washington over their alleged involvement in a probe into the Chinese shipping industry.

The sanctioned subsidiaries are Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC, and HS USA Holdings Corp, according to a statement from China’s Commerce Ministry.

“Hanwha’s subsidiaries in the U.S. have assisted and supported the U.S. government’s probes and measures against Chinese maritime, logistics and shipbuilding sectors. China is strongly dissatisfied and resolutely opposes it,” a spokesperson at Mofcom said in a separate statement, translated by CNBC.

Read the full story here.

— Anniek Bao

Wells Fargo earnings beat on strong interest income

Wells Fargo reported third-quarter results that beat analyst expectations thanks to strong income from interest payments.

The bank’s earnings came in at $1.66 per share, while revenue totaled $21.44 billion. Analysts polled by LSEG expected a profit of $1.55 per share on revenue of $21.15 billion.

JPMorgan Chase beats earnings estimates thanks to strong trading, investment banking revenues

JPMorgan Chase reported third-quarter figures that beat the Street. The bank earned $5.07 per share on revenue of $47.12 billion. Analysts expected a profit of $4.84 per share on revenue of $45.4 billion.

Trading and investment banking revenues drove the beat. Shares were little changed in the premarket.

Johnson & Johnson earnings beat expectations

Johnson & Johnson reported third-quarter results that beat analyst expectations and announced it will separate its orthopedics business. The company earned an adjusted $2.80 per share on revenue of $23.99 billion. Analysts polled by LSEG expected a profit of $2.76 per share on revenue $23.75 billion.

Shares were little changed after the results came out.

— Fred Imbert

Bull market peak may have been pushed out a few months, says Leuthold Group

Friday’s sell-off may have had silver lining: it may have delayed the bull market peak, according to Leuthold Group chief investment officer Doug Ramsey.

“If this cycle is fated to end with anything loosely resembling a traditional topping process, then the eventual bull market peak has been pushed out at least a couple more months. In our case, though, high valuations and escalating risks to the U.S. economy stymie any desire to more aggressively play the bull’s final innings,” Ramsey wrote to clients Monday.

Still, Ramsey noted he sees troubling trends in this market, including a recently steep drop in S&P 500 cyclical stocks relative to defensive names. “Such action is troubling; although, our best guess is that the final bull market peak will not occur until the warnings from our traditional bellwethers have become more pronounced.”

— Fred Imbert

Goldman Sachs to buy VC firm Industry Ventures

Goldman Sachs announced Monday that it agreed to acquire Industry Ventures, a venture capital firm with $7 billion in assets under supervision, according to a release from the investment bank. The bank will pay $665 million in cash for Industry Ventures and up to an additional $300 million based on the firm’s performance through 2030.

“Industry Ventures’ trusted relationships and venture capital expertise complement our existing investing franchises and expand opportunities for clients to access the fastest growing companies and sectors in the world,” CEO David Solomon said in the release.