Stock Market Today: Stocks turn lower as tariff uncertainty lingers

U.S. equity futures turned lower in early Tuesday trading, while Treasury yields retreated and the dollar held steady, as investors looked to further suggestions of tariff relief from President Donald Trump as driving a mid-month rebound for global stock markets.

Updated at 8:35 AM EDT

Fading gains

The early premarket gains are starting to fade heading into the opening bell with the S&P 500 called 15 points lower and the Nasdaq set for a 50 point pullback from last night's close. 

Benchmark 10-year note yields nudged one basis point higher, to 4.374%, while 2-year notes were pegged at 3.828%.

"Markets remain skittish, and investors feel safer sitting on their hands for now, hoping that last week’s worrying dislocations revert back to normal," said David Morrison, senior market analyst a Trade Nation. "Chief among these was the dramatic sell-off in US Treasury bonds which followed their initial surge higher after Trump first announced his extraordinary reciprocal tariffs nearly two weeks ago."

Performance: sectors/indexes yesterday and YTD pic.twitter.com/RyC2gT2ZV1— Liz Ann Sonders (@LizAnnSonders) April 15, 2025

Updated at 6:59 AM EDT

America's bank 

Bank of America  (BAC)  posted better-than-expected first-quarter earnings, powered by record profit in its trading book, as the top Wall Street banks continue to benefit from the market's extreme volatility and the uncertainty tied to Trump's tariff strategy. 

Global-markets revenue climbed 12% to just under $6.6 billion, with overall earnings rising 18.4% to 90 cents a share, well ahead of Wall Street forecasts. Net interest income was up 3% to $14.4 billion.

Bank of America shares were marked 2% higher in premarket trading immediately following the earnings release to indicate an opening bell price of $37.40 each. 

$BAC with Record Equities sales and trading revenue

"Equities revenue increased 17% (excl. DVA, up 17%) to $2.2B, driven by improved trading performance and increased client activity" https://t.co/5gyM4NA1x5 pic.twitter.com/8Qgw62dcus— The Transcript (@TheTranscript_) April 15, 2025

Stock Market Today

The S&P 500 ended firmer last night, pacing a broad set of gains on Wall Street, as Treasury yields eased and investors were willing to extend some risk into a beaten-down market heading into the first quarter earnings season.

Tech stocks were also given a boost by Trump's late-Friday unveiling of a pause in certain tariffs tied to China-made goods; Apple  (AAPL)  led the charge with a 2.2% gain, which lifted the world's biggest company back over the $3 trillion mark in market capitalization.

Goldman Sachs  (GS)  followed JP Morgan  (JPM)  with better-than-expected March-quarter numbers, while a New York Federal Reserve reading of near-term inflation expectations jumped, the longer-term view largely held in place, supporting a modest rally in Treasuries that pushed yields lower. 

Benchmark 10-year notes were last marked at 4.382% heading into the New York trading session, with 2-year notes pegged at 3.864%. Yields were helped in part by comments from Federal Reserve Governor Christopher Waller, who told an event in Washington that the central bank could be minded to lower rates in the event of an economic shock.

"The new tariff policy is one of the biggest shocks to affect the U.S. economy in many decades," Waller said. "Given that there is still so much uncertainty, I have struggled, like many others I have talked with, to fit these varying possibilities into a single coherent view of the outlook."

Related: Bond, dollar rout spark concerns of safe-haven status of U.S. assets

Trump's recent remarks underscored that concern, with the president suggesting late Monday that he might consider some tariff exemptions for the auto sector as the administration works out a new schedule of levies for the pharmaceutical and semiconductor industries.

At the same time, China has reportedly said it will no longer accept aircraft deliveries from Boeing  (BA) , a move that illustrates the tit-for-tat nature of the trade war between Washington and Beijing, which could spill over into markets at any moment. 

Wall Street does appear set for a modest set of opening bell gains, however, with futures contracts tied to the S&P 500 suggesting a 13 point advance from last night's close and those linked to the Dow Jones Industrial Average priced for a 55 point bump.

More Economic Analysis:

• Wall Street overhauls S&P 500 price targets as tariff selloff accelerates
• Inflation would like a word, please
• Stocks could bounce, but big bank earnings hold the cards

The tech-focused Nasdaq, meanwhile, is called 72 points higher with Nvidia  (NVDA) , Tesla  (TSLA)  and Palantir  (PLTR)  active in premarket trading.

In overseas markets, auto stocks led the Stoxx 600 to a 1.16% gain in midday Frankfurt trading and the FTSE 100 rose 0.93% in London.

Overnight in Asia, the regional MSCI ex-Japan benchmark rose 1.05% into the close of trading with Japan's Nikkei 225 rising 0.84% in Tokyo.