Stocks Fluctuate With Tariff Announcements Looming – Europe Market Wrap

US equity futures swung between gains and losses, hinting at another volatile session on Wall Street, as the arrival of tariffs loomed over markets. Gold extended its winning streak.

S&P 500 contracts dipped 0.2%, giving up earlier gains. Tesla Inc. rose about 3% in premarket trading. The dollar was steady and 10-year Treasury yields slipped three basis points.

In Europe, the Stoxx 600 Index gained 1.2%, with pharmaceutical stocks in the lead after JPMorgan analysts said the impact of US tariffs on the sector would be “manageable.”

Traders got further details on when Trump will announce his reciprocal tariff plan – 3pm on Wednesday at an event in the White House Rose Garden – but the extent of his levies remain unclear, he confusion around whether the US president will take a lenient or harder tack is making investors wary of making risky stock bets and leading strategists to lower their estimates.

Bond yields across the euro area fell as data showed inflation easing toward the European Central Bank’s target, providing further support for an interest-rate cut this month.

In European equities, Goldman Sachs strategists cut their forecast for the Stoxx 600, following a similar move from the US team. The team trimmed the 12-month target on the index to 570 points from 580, citing weaker growth forecasts.