NewsWare's Trade Talk: Monday, February 3

S&P Futures are falling along with global markets. President Trump's announcement of tariffs on Canada, Mexico & China is seen as inflationary, and concerns of a trade war are escalating. Auto stocks are being hit hard as they play a key role in the automobile supply chains. Canada has already hit back with tariff on U.S goods, Mexico and China have indicated that they will soon be reacting to Trumps tariff action. After the bell today watch for earnings from PLTR, NXPI, CLX & RMBS. The key economic report today is the ISM Manufacturing PMI due out after the opening bell. European markets are falling as Trump indicated that he is planning tariffs on the EU. Oil prices are gaining ahead of this morning announcement and indications that a production hike is not imminent.