S&P 500 futures wavered on Tuesday as investors assessed the threat of new tariffs from President-elect Donald Trump.

Futures tied to the broad index and the Nasdaq 100 ticked up around 0.2% and 0.3%, respectively. Dow Jones Industrial Average futures slid 138 points, or 0.3%, hurt by a drop of more than 11% in Amgen following obesity drug trial results.

Trump on Monday night called for a 25% tariff on products from Mexico and Canada, as well as an additional 10% levy on Chinese goods. He has already said he would impose a tariff of up to 20% on all imports, and an additional duty of at least 60% on products from China.

To be sure, Wall Street appeared to be taking the news in stride, "both because investors don't entirely believe the levies will wind up being implemented and as the headlines are counteracted by favorable year-end seasonality and decent earnings," according to Adam Crisafulli of Vital Knowledge.

While S&P 500 futures were little changed, some individual names and funds moved in premarket trading as investors analyzed potential impacts from the policies Trump discussed. Automakers Ford and General Motors slid more than 2% and 4%, respectively. The iShares MSCI Mexico ETF (EWW), which tracks a basket of equities tied to America's southern neighbor, shed more than 1%.

Stocks are coming off an action-packed session fueled by the announcement of Trump's Treasury secretary pick, hedge fund executive Scott Bessent. Monday's gains helped bolster the belief that the postelection rally is back in full gear following a brief breather.

Both the Dow and S&P 500 hit new intraday records in Monday's session, with the former also finishing the day at an all-time closing high. The small cap-focused Russell 2000 also notched a fresh high, marking its first new intraday record since 2021.

That advance came as Treasury yields fell with traders taking a favorable view of Bessent leading the department. Many investors view the hedge fund manager as a champion of financial markets and the economy given his background, and as someone who could potentially counteract some of Trump's aggressive trade aspirations.

Investors will monitor Federal Reserve meeting minutes due out at 2 p.m. ET for insights into the path of monetary policy.

The U.S. market is closed Thursday for the Thanksgiving holiday and set to close early Friday, with volume expected to remain light.

Eli Lilly, Best Buy and Abercrombie & Fitch among stocks making biggest premarket moves

Check out some of the companies making moves before the bell:

• Abercrombie & Fitch — Shares slipped nearly 4% despite the apparel retailer's earnings beat and strong holiday guidance. Abercrombie & Fitch reported third-quarter earnings of $2.50 per share, topping the $2.39 per share LSEG consensus estimate. Revenue was $1.21 billion, versus the $1.19 billion expected. The company also raised its full-year guidance.
• Best Buy — Shares slid 7.4% after Best Buy posted third-quarter results that missed analyst expectations and cut its full-year sales forecast. Adjusted earnings of $1.26 per share came in below the $1.29 per-share earnings expected by analysts polled by LSEG. Revenue of $9.45 billion missed the $9.63 billion consensus estimate.
• Novo Nordisk, Eli Lilly — Shares of drugmakers Novo Nordisk and Eli Lilly rose more than 2.5% and 4.7%, respectively, after the Biden administration proposed a new rule that Medicare and Medicaid would cover costly weight-loss drugs for Americans with obesity. Novo Nordisk's Wegovy and Eli Lilly's Zepbound weekly injectables treat obesity.

For the full list, read here.

— Pia Singh

Kohl's shares plummet following earnings miss

Shares of Kohl's plunged more than 17% in the premarket after the retailer's third-quarter results missed Wall Street's expectations.

In the quarter, the company earned 20 cents per share on $3.51 billion in revenue, below the consensus estimate of 28 cents per share and $3.64 billion in revenue, according to LSEG. Meanwhile, comparable sales dropped 9.3% for the period, while analysts were expecting a decline of 5.1%.

Shares have also been in the red this year, falling around 36% year to date.

— Sean Conlon

Best Buy shares slide after earnings

Best Buy shares slid more than 7% in the premarket after the consumer electronics retailer posted third-quarter results that missed on the top and bottom lines, and cut its full-year sales forecast.

Adjusted earnings of $1.26 per share came in below the $1.29 per-share earnings expected by analysts polled by LSEG. Revenue of $9.45 billion missed the $9.63 billion consensus estimate.

— Sarah Min

Dick's Sporting Goods shares pop on earnings beat, guidance raise

Dick's Sporting Goods shares jumped more than 5% before the bell on Tuesday after the retailer posted strong earnings and guidance.

The Pennsylvania-based company earned an adjusted $2.75 per share on $3.06 billion in revenue in the third quarter. That's ahead of the forecasts for $2.68 a share and $3.03 billion from analysts polled by LSEG.

Dick's also lifted its full-year outlook.

Shares have surged more than 46% in 2024, putting the stock on track for its 7th straight winning year.

— Alex Harring, Gabrielle Fonrouge

Amgen falls after obesity drug trial results

Amgen shares fell more than 3% in the premarket after the company said its experimental weight loss drug helped patients lose up to 20% of their weight after a year. However, those trial results appeared to be on the low end of investor expectations.

— Fred Imbert

HSBC downgrades big bank names

HSBC is stepping to the sidelines on investment banking giants Goldman Sachs and Morgan Stanley following a strong year for the stocks.

Analyst Saul Martinez downgraded both bank stocks to hold from buy. Meanwhile, he raised his price target on Goldman Sachs to $608 from $569, implying less than 1% upside potential from Monday's close. He also increased his Morgan Stanley price target by just $3 to $131.

Shares of Morgan Stanley have rallied 43.3% year to date, while Goldman Sachs shares have surged 56.3% in 2024.

Following the two stocks' big gains, "a higher bar has been set" with less attractive risk-reward profiles, according to Martinez.

We are "more positive on fundamentals, less positive on stocks," Martinez wrote in a Monday note.

— Hakyung Kim

U.S. dollar hits highest level in more than 4 years against Canadian currency

The U.S. dollar hit a high of $1.4177 per Canadian dollar — a level not seen since April 2020 — after President-elect Donald Trump threatened to impose tariffs on goods coming in from Canada and Mexico. The Mexican peso also hit a low of 20.75 against the greenback and was last down more than 1%.

— Fred Imbert, Gina Francolla

Europe stocks open lower

European stock markets opened broadly lower Tuesday, with the benchmark Stoxx 600 index falling 0.63% in early deals.

France's CAC 40 lost 0.78%, while Germany's DAX and the U.K.'s FTSE 100 traded down 0.66% and 0.4%, respectively.

— Jenni Reid

Asia-Pacific markets trade mixed after U.S. stocks hit new highs overnight

Asia-Pacific markets traded mixed Tuesday, in contrast to Wall Street, which saw U.S. benchmarks notching record highs following President-elect Donald Trump's choice of Treasury secretary.

Australia's S&P/ASX 200 fell 0.69% to close at 8,359.4 after hitting a new all-time closing high on Monday.

Japan's Nikkei 225 shed 0.87% to close at 38,442, while the Topix lost 0.96% to close at 2,689.55. Japan's service PPI rose 2.9% year on year, higher than the 2.8% rise the previous month.

The Kospi slid 0.55% to end at 2,520 and the Kosdaq lost 0.53% to close at 693.15.

Hong Kong's Hang Seng Index traded 0.05% higher in its last hour of trade, while mainland China's CSI 300 added 0.21% to close at 3,840.18.

— Lee Ying Shan

Trump vows an additional 10% tariff on China, 25% tariffs on Canada and Mexico

President-elect Donald Trump plans to raise tariffs by an additional 10% on all Chinese goods coming into the U.S., according to a post Monday on his social media platform Truth Social.

The post immediately followed one in which Trump said his first of "many" executive orders on Jan. 20 would impose tariffs of 25% on all products from Mexico and Canada.

Trump is set to be inaugurated as the next U.S. president on Jan. 20.

Read the full story here.

—Evelyn Cheng

Gold plunges 3% as Trump Treasury pick and potential Israel-Hezbollah truce fuel risk-on mood

Gold prices lost about 3% after President-elect Donald Trump picked Scott Bessent as his Treasury secretary, with reports of Israel and Hezbollah nearing a ceasefire deal also eroding the safe-haven metal's appeal.

Spot prices of the yellow metal dropped 3.44% to $2,616.80 per ounce, according to data from Factset. Gold futures on the New York Mercantile exchange were trading at $2,628.5.

"The ~$100 wipeout in Gold today is as severe in size & pace as the post U.S. election selloff on Nov 6th," MKS Pamp's head of metals strategy, Nicky Shiels said.

Read the full story here.

— Lee Ying Shan

Rumble shares rise after company announces bitcoin treasury strategy

Rumble, a video platform focused on conservatives, said Monday evening that it will begin allocating a portion of its excess cash reserves to bitcoin and making purchases of up to $20 million in the cryptocurrency.

Shares rose nearly 4% in extended trading.

The move puts Rumble in the same company as MicroStrategy, which began employing an aggressive bitcoin-buying strategy in 2020 and has primarily traded as a proxy for the crypto's price since then. That stock is up more than 500% this year. Meanwhile, bitcoin has gained 118%.

For more, read our full story here.

— Tanaya Macheel

Trump calls for 25% tariffs on Canada and Mexico

President-elect Donald Trump pledged he would impose a 25% tariff on products coming into the U.S. from Canada and Mexico, according to a Monday post on his social media platform Truth Social.

"On January 20th, as one of my many first Executive Orders, I will sign all necessary to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States," Trump said in his Truth Social post.

He also pledged "an additional 10% tariff" on Chinese goods. The president-elect has already proposed imposing a duty as high as 20% on all imports, including levies exceeding 60% on products from China.

Read more about the tariffs from CNBC's Evelyn Cheng here.

—Darla Mercado

Stocks on the move during overnight trading

Here are the stocks on the move in extended trading:

• Zoom Communications — The maker of video calling software is lower by 4%. Zoom topped Wall Street quarterly estimates and posted fiscal fourth-quarter adjusted earnings per share guidance that was roughly in line with estimates.
• Kohl's — The retail stock dropped 3% after announcing its CEO would step down in January. Ashley Buchanan, who currently leads crafts store owner The Michaels Companies, is set to replace current CEO Tom Kingsbury.
• Agilent Technologies — Shares slumped 1% after the laboratory equipment company issued adjusted earnings guidance for the full year and current quarter that fell short of Wall Street's estimates, per LSEG.

Read the full list here.

— Samantha Subin

Stock futures open slightly higher

Stock futures opened slightly higher Monday.

Futures tied to the Dow Jones Industrial Average added 45 points, or 0.1%, while S&P 500 futures and Nasdaq 100 futures each rose about 0.15%.

— Samantha Subin