Gains in Stock Futures Erased Whilst GM Freezes Buyback – Europe Market Wrap

US market futures lost a little gain after General Motors cut earnings expectations for 2025 and halted share buybacks until it could better understand the impact of US tariffs.

Contracts on the S&P 500 were slightly changed while Treasury yields increased. GM fell in premarket trading, reversing an earlier gain, after announcing that it will cease $4 billion in share repurchases.

The automaker joins a growing number of US corporations that have cut earnings forecasts, highlighting how the effects of tariff uncertainty are only now beginning to be felt in the economy.

So far, slightly over a third of S&P 500 businesses have reported quarterly results, with 75% exceeding expectations, according to statistics. S&P 500-listed firms worth $20 trillion are expected to report results this week in one of the busiest earnings seasons since 2025.

Sentiment was earlier bolstered by prospects of lessening trade tensions when a White House official announced that imported autos would be exempt from separate aluminium and steel levies.

In Canada, the Liberal Party is expected to win its fourth election in a row, giving former central banker Mark Carney the mandate.