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Following its latest earnings beat, US automaker Ford (F) warned of the trade war impacts that President Trump's could have on the company and the broader auto industry.
Palantir Technologies (PLTR) topped first quarter revenue estimates after reporting results on Monday. The company's shares are falling in Tuesday's pre-market trading.
Federal Reserve officials are convening in Washington, D.C. for their May FOMC meeting starting today and concluding on Wednesday, May 7, with the latest decision on interest rates and a press conference with Chair Jerome Powell.
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First up, U.S. stock futures falling for a second day as the trade war hits corporate earnings. Ford falling this morning after pulling its financial guidance and warning that tariffs will cost the company up to $1.5 billion. It's just the latest automaker to point to the steep costs of the trade war. President Trump has said 25% tariffs imposed on imported vehicles and parts are needed to bring more production and jobs back to the US.
Plus, Palantir shares sinking this morning after its financial results failed to live up to investors' loftiest expectations. The company bumped its 2025 revenue forecast to about $3.9 billion. That represents growth of 36% from 2024. Having recently ridden a wave of AI enthusiasm, Palantir shares were trading at more than 200 times estimated earnings, making it the priciest stock in the Nasdaq 100 index by that metric.
And the Federal Reserve kicking off its two-day meeting in Washington today, with investors expecting the central bank to keep rates on hold, but optimism over the prospect of an interest rate cut next month has been rising. Investors will keep a close eye on Fed Chair Powell's press conference tomorrow for more details.