US stock futures traded down after markets roared on Monday following the announcement of a deal between the US and China to dramatically reduce tariffs for 90 days.
Futures attached to the Dow Jones Industrial Average (YM=F) inched 0.2% down, the tech-heavy Nasdaq 100 (NQ=F) slipped 0.4%, and the benchmark S&P 500 (ES=F) sunk 0.3%.
The temporary agreement slashes US tariffs on Chinese imports to 30% from 145%, and Chinese tariffs on US goods to 10% from 125%, effective Wednesday. During the 90 day pause, the countries have said they will try to negotiate a more long-lasting trade deal.
Read more: The latest on Trump’s tariffs
Progress between the two trading partners triggered a buying frenzy Monday, sending the indexes soaring and giving Big Tech stocks a sizable boost.
On Tuesday, investors will get a first glimpse into how President Trump’s tariffs have impacted inflation with the release of April’s Consumer Price Index (CPI) at 8:30 a.m. ET.
Trump unveiled reciprocal tariffs on April 2 and then instituted a 90-day pause on most duties a week later following deep market unrest. Tuesday’s inflation report is expected to show that prices increased over the month.
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