5 Things to Know Before the Stock Market Opens

U.S. stock futures are pulling back following yesterday’s historic turnaround on President Donald Trump’s announcement that some tariffs would be paused for 90 days; Asian and European markets rally on the news; inflation is expected to have fallen in March when the Consumer Price Index (CPI) data is released this morning; U.S. Steel (X) shares are tumbling in premarket trading after Trump said he doesn’t want to see foreign ownership of the company; and CarMax (KMX) shares are sinking after the used-car retailer’s Q4 profit and used-vehicle sales come in below analysts’ expectations. Here’s what investors need to know today.

1. US Stock Futures Pull Back Following Historic Rally on Trump’s Tariff Pause

U.S. stock futures are pointing sharply lower after indexes delivered an historic rally on President Donald Trump’s announcement of a 90-day pause on many of his tariffs. Nasdaq futures are 2.3% lower after the tech-heavy index jumped more than 12% Wednesday. Dow Jones Industrial Average futures are 1.4% lower after the blue-chip index added nearly 8% yesterday, rising by almost 3,000 points. S&P 500 futures are down by 1.9% after the benchmark index jumped nearly 10%. Bitcoin (BTCUSD) is slightly lower to trade around $82,000. Gold futures are up 2%. Yields on the 10-year Treasury note are slipping to around 4.3%. Oil futures are down nearly 3%.

2. Overseas Stocks Rally on Tariff Pause

Stock indexes in Asia and Europe are rallying following Trump’s 90-day tariff pause. Japan’s Nikkei and Hong Kong’s Hang Seng, which had ended trading yesterday before Trump’s pause announcement, closed a respective 9% and 2% higher Thursday. The Stoxx Europe 600 index is up 5% as the European Union put its reciprocal tariffs on hold for 90 days in response to Trump’s move.

3. CPI Report Expected to Show Inflation Cooled in March

Inflation is expected to have cooled in March when today’s Consumer Price Index (CPI) reading is released at 8:30 a.m. ET. Economists surveyed by The Wall Street Journal and Dow Jones Newswires forecast that CPI will show prices grew at a 2.6% annual rate in March, down from last month’s 2.8% and the lowest inflation reading since September. Falling energy prices are expected to be behind the inflation slowdown, but economists warned that Trump’s tariff policy stands to potentially undo progress on price pressures.

4. US Steel Stock Tumbles as Trump Pushes Back on Japanese Takeover

Shares of U.S. Steel (X) are plummeting 10% in premarket trading after Trump reportedly said that he doesn’t want foreign ownership of the company. Trump said that he doesn’t want U.S. Steel purchased by “any other place,” Bloomberg reported. Trump pointed to higher steel orders for the company as an indication of its improved footing. Earlier this week, Trump ordered a review of Nippon Steel’s proposed takeover bid after former President Joe Biden blocked the $14.1 billion deal.

5. CarMax Stock Sinks as Q4 Profit Comes Up Short, Firm Pulls Growth Timelines

CarMax (KMX) shares are dropping 8% in premarket trading after the used-car retailer’s fiscal fourth-quarter profit and used-vehicle sales came in below analysts’ expectations. The Virginia-based company reported earnings per share (EPS) of $0.58, while analysts polled by Visible Alpha projected $0.68. CarMax sold a total of 301,811 used vehicles, below estimates of 312,800 units. The company did suspend the timelines for its previously announced long-term growth targets “given the potential impact of broader macro factors.”