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Agra, Uttar Pradesh, India, South Asia. Shoppers and stalls at Kinari bazaar. The Jama Masjid mosque in the background dates from 1648
Paul Panayiotou | Corbis Documentary | Getty Images
Asia-Pacific markets were set to climb Tuesday after Donald Trump paused tariffs on Mexico for a month, while Canada also said the U.S. president had put on hold proposed tariffs on its exports.
Japan's benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 39,280 while its counterpart in Osaka last traded at 39,250, against the index's last close of 38,520.09.
Futures for Hong Kong's Hang Seng index stood at 20,495 also pointing to a stronger open compared to the HSI's close of 20,217.26.
Over in Australia, the S&P/ASX 200 started the day up 0.72%, after ending lower in the previous session.
Chinese markets remain closed for the Lunar New Year holiday.
Overnight in the U.S., stocks traded down following Trump's decision to pause on the tariffs.
The Dow Jones Industrial Average recovered from steep losses during. The 30-stock index was down 122.75 points, or 0.28%, to close at 44,421.91. At its lows of the day, the Dow was down 665.6 points, or 1.5%.
The S&P 500 slid 0.76% to 5,994.57, while the Nasdaq Composite slumped 1.2% to 19,391.96.
— CNBC's Sean Conlon and Pia Singh contributed to this report.
Stocks end Monday lower
The major stock averages closed lower to end Monday's trading session.
The S&P 500 shed 0.76% to close at 5,994.57, while the tech-heavy Nasdaq Composite tumbled 1.20% and finished at 19,391.96. The Dow Jones Industrial Average lost 122.75 points, or 0.28%, to settle at 44,421.91.
— Lisa Kailai Han
5 out of 11 S&P 500 sectors trade higher on Monday
During Monday's trading session, 5 out of the 11 S&P 500 sectors were trading in the positive.
The index was led higher by consumer staples and health care, each up around 0.5%. Energy and utilities stocks each added 0.4%.
On the other hand, information technology and consumer discretionary led the S&P 500 lower. The sectors respectively shed 1.4% and 1.2%.
— Lisa Kailai Han
Where the major averages stand
Tariffs could hurt economic growth, increase inflation, economists warn
Trump's tariff plans could weigh on economic growth and cause inflation to jump, Wall Street economists warn.
Morgan Stanley economists estimate that "US Inflation could be 0.3 to 0.6pp higher vs baseline over the next 3-4 months (putting headline PCE inflation at 2.9% to 3.2%) and US growth could be -0.7 to -1.1pp lower vs baseline over the next 3-4 quarters (putting real GDP growth at 1.2% to 1.6%)" if tariffs are fully implemented and not temporary, strategist Michael Zezas said in a note to clients.
Check out more Wall Street reactions on CNBC Pro.
— Jesse Pound
English (US)