OP Wire 2/11 (OP – Lite)

By Steve

U.S. stock futures traded lower Tuesday after a strong session on Wall Street, where equities climbed on strength in U.S. steelmakers and AI stocks.

As of 03:38 ET (08:38 GMT):

Dow futures down -83 points (-0.2%)
S&P 500 futures shed -18 points (-0.3%)
Nasdaq 100 futures fell -88 points (-0.4%)

Monday’s gains were fueled by Trump’s new tariffs on steel and aluminum, benefiting U.S. steelmakers, while AI giants like Nvidia (NVDA) and Broadcom (AVGO) surged as investors rotated back into tech. Analysts suggest that tech’s relative insulation from trade risks and its pricing power make it an attractive play amid uncertainty.

Meanwhile, McDonald’s (MCD) jumped after reporting better-than-expected global sales, despite U.S. sales suffering from the fallout of last year’s E. coli outbreak.

Traders are keeping an eye on inflation data this week, which could influence the Federal Reserve’s potential rate cuts in 2025. Fed Chair Jerome Powell is set to testify before Congress today and tomorrow, likely addressing these concerns.

Key Market Events

1. Trump Enforces Sweeping 25% Tariffs on Steel and Aluminum

Trump signed dual executive orders imposing 25% tariffs on steel and aluminum imports, reversing Biden-era exemptions for allies like Canada, Mexico, and South Korea. These tariffs apply to millions of tons of imports and take effect March 4.

Trump also announced a new North American standard to curb China and Russia from skirting tariffs by exporting minimally processed metals. Other foreign-made metal products are also subject to new duties.

The move signals a tougher trade stance, and investors are watching for Trump’s next round of reciprocal tariffs, expected as early as today or tomorrow.

2. OpenAI Rejects Elon Musk’s $97 Billion Offer

Reports indicate that OpenAI CEO Sam Altman told employees that the board will reject Musk’s $97 billion bid to acquire the AI firm.

Musk has long opposed OpenAI’s transition into a for-profit company, and tensions between him and Altman remain high. Tesla (TSLA) fell 3% Monday following news of the offer.

3. Earnings on Deck

Notable reports today:

Coca-Cola (KO) – Q4 earnings
Shopify (SHOP) – Q4 earnings
Gilead Sciences (GILD) – Q4 earnings
Marriott (MAR) – Q4 earnings

With earnings season halfway done, S&P 500 firms are now expected to post 14.8% YoY earnings growth, much stronger than initial estimates of less than 10%.

Next big earnings watch? Nvidia (NVDA) on February 26, as investors assess whether AI demand can keep propelling the stock higher.

4. Gold Hits Record High Amid Trade Tensions

Gold soared to new all-time highs Tuesday, as investors sought safe-haven assets amid trade concerns. Meanwhile, oil prices moved higher, reflecting fears of supply disruptions, though gains were capped by concerns that rising tariffs could slow global economic growth.

Nasdaq 100 (NQ) Technical Outlook

The key level to watch this week is 21,550, the Volume Point of Control (VPOC).

If buyers defend 21,550, expect a test of 21,960, 22,100, and 22,450 (ATH).
If sellers break below 21,550, price may target 21,430, 21,100, and 20,800 (daily support zone).

📌 Key Levels
🔼 Upside Targets: 21,960 / 22,100 / 22,450
🔽 Downside Targets: 21,430 / 21,100 / 20,800

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