Stock Market Today: Stocks higher as Trump unveils tariffs, energy targets

Check for updates throughout the trading day

U.S. stock futures were higher in early trading on Tuesday, but investors around the world remained braced for near-term volatility as they absorbed a raft of first-day announcements from President Donald Trump on trade, energy and immigration policy.

Updated at 6:43 a.m. ET

3M on tape

3M (MMM) Shares edged higher after the industrial leader reported slightly stronger-than-expected fourth-quarter profit and issued its first 2025 profit forecast

The group said profit in the three months to December was $1.68 per share, 2 cents above Wall Street forecasts, and revenue rose 4% to $6.01 billion.

Looking ahead to 2025, the maker of Post-it notes and industrial tapes said it expects 2025 profit in a range of $7.60 to $7.90 a share, in line with Wall Street forecasts of around $7.77 a share, with revenue slightly below consensus estimates.

3M stock rose 1.25% in pre-market trading immediately following the earnings release, opening at $142.79 per share.

$MMM income:

– Fourth-quarter sales were US$6 billion, an increase of 0.1% from the same period last year; adjusted sales were US$5.8 billion, with organic growth increasing 2.1% annually.
– GAAP earnings per share from continuing operations in the fourth quarter were US$1.33, an increase of 17% from the same period last year; adjusted earnings per share from continuing operations were US$1.68, a decrease of 2% year-on-year.
– Full-year sales of $24.6 billion,… pic.twitter.com/UhUepoFRMl

— AlphaSense (@AlphaSenseInc) January 21, 2025

Today’s stock market

Trump, who was sworn in as the 47th president of the United States yesterday in Washington, immediately declared a national emergency, which he said would allow for accelerated oil and gas drilling while revoking President Joe Biden’s former executive order restricting U.S. exports.

Tariffs were a key element of his re-election campaign and inauguration speech. Trump first refused to impose “day one” tariffs on imported goods, but quickly added that he could impose tariffs on Canada and Mexico as early as February 1.

He said China would remain a focus of study, as would the issue of inflation, which he mistakenly described as a “record high” by directly ordering the cabinet to lower prices.

Lindsay James, investment strategist at London-based Quilter Investors, said: “There have been suggestions of a deal with China involving the sale of TikTok shares, while the Europeans have been told they need to buy more oil and gas to avoid tariff.

“With Europe already scrambling for LNG supplies in a tight market, leaders are likely to make loud noises in response to the demand, but whether additional supplies will be available remains controversial,” he added. “No matter what, this president will be a force to be reckoned with and is already rewriting the rules of power in advanced economies.”

The collective action rocked markets in overnight trading, with the dollar falling sharply before rebounding, while global stock markets drifted in and out of positive territory at the open on Wall Street.

Related: Inflation report dampens major threat to S&P 500

The U.S. dollar index fell 0.6% against a basket of global currencies to 108.679, while the Canadian dollar fell to a new five-year low of 1.4515 after Trump mentioned a 25% tariff on imported goods.

Meanwhile, the benchmark 10-year Treasury note yield fell 4 basis points from Friday’s closing price of 4.571%, while the 2-year Treasury note yield was 4.259%.

In energy markets, crude oil prices fell in overnight trading, with the Brent crude contract for March delivery falling 94 cents to $79.23 a barrel and the WTI February contract falling 80 cents to $75.75 a barrel.

Meanwhile, stock futures signaled a strong start to the trading day, with futures tied to the S&P 500 opening about 24 points higher and futures tied to the Dow Jones Industrial Average pricing in a 152-point gain.

Meanwhile, the tech-heavy Nasdaq rose 105 points on Intel (international trade center) NVIDIA (NVDA) and Tesla (Tesla) Pre-market trading was active.

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In overseas markets, Europe’s Stoxx 600 edged up 0.22% in early trading in Frankfurt, although automakers gained ground after President Trump withdrew an executive order aimed at electrifying 50% of cars sold in the United States by 2030. stocks suffered losses.

Overnight in Asia, Japan’s Nikkei 225 closed 0.32% higher in Tokyo, while modest gains in Chinese stocks (due to a lack of clear words on tariffs in Trump’s inauguration speech) helped the MSCI ex-Japan regional benchmark rise 0.03 %.

Related: Veteran money manager issues dire warning for S&P 500 in 2025