US stock futures shrug off tariffs and Best Buy earnings

US stocks aren’t phased by Trump’s latest threats of tariffs on Canada, Mexico and China. S&P 500 futures are up 17 points, 0.3%, ahead of the open, which is the best level in the pre-market session.

One warning sign on the consumer comes from electronics retailer Best Buy, whose shares are down 4% after earnings and a cut its full-year sales forecast. Retailer Kohl’s is also struggling down 17% after earnings while Dick’s Sporting Goods shares are up 5.9%.

There was a time when Best Buy was a good proxy for the consumer but the market already knows that housing-related sales of durable goods like washers and dryers are struggling and for consumer electronics, much is now sold directly or via Amazon.

In the bigger picture, automakers are struggling on worries about tariffs but GM is down just 4% despite a huge presence and integrated supply chain with Canada and Mexico. That’s a signal on house (un)seriously the market is taking the threat of tariffs.

A final one to watch is Eli Lilly, which is up nearly 5% after the Biden administration proposed a rule that would allow Medicare and Medicaid to cover the cost of those drugs.

This article was written by Adam Button at www.forexlive.com.