Wall Street points to gains as global markets rebound on tariff roller coaster

By ELAINE KURTENBACH and MATT OTT Associated Press Business Writers World shares and U S futures advanced Tuesday led by gains in Tokyo where the Nikkei shot up just over as markets settled after the shocks from President Donald Trump s tariff hikes Japan s Nikkei newspaper stated Tuesday that U S Treasury Secretary Scott Bessent would lead business negotiations with the country which as been buffeted by an escalating business war kicked off by Trump Such negotiations are typically led by bargain representatives the Nikkei communicated citing unnamed sources hinting that currency imbalances may also be part of the shared talks Futures for the S P gained before the bell while futures for the Dow Jones Industrial Average jumped Nasdaq futures climbed Tuesday s rebound followed a wild day on Wall Street where stocks careened after Trump threatened to crank his double-digit tariffs higher On Tuesday China s Commerce Ministry announced it would fight to the end and take unspecified countermeasures against the United States after Trump threatened another tariff on Chinese imports Among the early gainers was Levi Strauss which climbed more than after beating analysts profit targets and forecasting a strong despite the ongoing exchange war and tariff threats CVS Vitality climbed more than after the drugstore chain named a new chief financial officer effective later this month Shares of medical insurers like Humana United Fitness and Elevance rose sharply after the Centers for Medicare Medicaid Services revealed a increase in Medicare payments for next year which was stronger than expected Humana a company with a arena capitalization of more than billion jumped nearly Corporate earnings season kicks off this week with Delta Air Lines reporting on Wednesday and major U S banks offering up their latest results on Friday The airline sector which had been forecasting a strong has been one of the hardest hit during Trump s tariff rollout Banks document their latest quarterly earnings on Friday but preponderance of the attention likely will be on their forecasts amid the rising global contract tensions ignited by Trump s tariffs On Thursday the leadership posts its latest inflation details which could play into the Federal Reserve s next interest rate decision Various economists have raised their odds of a U S recession because of the tariffs and suggest the Fed may have to step in and cut rates to help spur economic expansion Trump s arrangement war is an attack on the globalization that s shaped at present s world economic system and helped bring down prices but also caused manufacturing jobs to leave for other countries He has reported he wants to bring factory jobs back to the United States a process that could take years Trump also says he wants to narrow pact deficits with other countries but it s unclear how much room for negotiation there is on the U S side or among its trading partners Indexes swung between losses and gains Monday partly because investors are still hoping negotiations may forestall actual implementation of the stiff duties on all imports In Europe at midday Germany s DAX gained while the CAC in Paris was up Britain s FTSE shot up In Tokyo the Nikkei closed a smidgen over higher at Hong Kong also recovered certain lost ground but nothing close to the dive Monday that gave the Hang Seng its worst day since during the Asian financial problem The Hang Seng gained to The Shanghai Composite index jumped to after the ruling body commitment fund Central Huijin directed state-owned companies to help aid the territory with share purchases South Korea s Kospi picked up to while the S P ASX in Australia climbed to Markets in Thailand and Indonesia tumbled however as they reopened after holidays Trading was suspended briefly in Jakarta when the JSX index fell more than It was down by midafternoon Thailand s SET lost In Taiwan the Taiex lost pulled lower by losses for Taiwan Semiconductor Manufacturing Corp or TSMC the world s largest computer chipmaker Its shares fell on Tuesday Hurt by worries that a global commercial sector weakened by bargain obstacles will burn less fuel the price of a barrel of benchmark U S crude oil dipped below on Monday for the first time since Early Tuesday it was up cents at per barrel Brent crude the international standard gained cents to per barrel In currency trading the U S dollar fell to Japanese yen from yen The euro fell to from The price of gold rose to about an ounce Bitcoin gained about to On Monday it sank below down from its record above set in January