New York City, New York – Stock futures experienced a decline in overnight trading, following the record-breaking close of the Dow Jones Industrial Average. Futures linked to the Dow slipped by 0.3%, with S&P 500 futures falling by 0.4% and Nasdaq 100 futures dropping by 0.5%.

President-elect Donald Trump announced plans for a 25% tariff on products from Mexico and Canada, along with an additional 10% levy on Chinese goods. This initiative follows his previous statements regarding imposing tariffs on imports, with an additional duty on products from China.

The market saw significant activity driven by Trump’s selection of hedge fund executive Scott Bessent as the new Treasury secretary. The postelection rally regained momentum, with the Dow climbing by about 1% to reach a new record high. The S&P 500 also registered gains, reaching a new all-time intraday high, while the Nasdaq Composite and Russell 2000 saw increases as well.

Amidst these market movements, Treasury yields decreased as traders responded positively to Bessent’s appointment. Many investors view him as a supporter of financial markets and the economy, potentially offsetting some of Trump’s aggressive trade policies.

Looking ahead, the market anticipates the impact of the Treasury pick’s policies, which may take time to be fully implemented. As the U.S. market prepares for the Thanksgiving holiday, trading volume is expected to be light. Investors are also focusing on October’s personal consumption expenditure price index as they navigate the evolving market landscape.