Markets around the globe are seeing red Tuesday, with markets in Asia and Europe trading mostly lower. U.S. futures pulled back too, following a stellar session Monday. The Dow closed up almost 200 points, with the S&P 500 also rising, after news emerged that Canada had joined the U.S. and Mexico in a new trade deal.
Set to be signed at the end of November, the United States-Mexico-Canada Agreement, or “USMCA” for short, will see all three countries compromise on certain trade aspects. More market access will be granted to U.S. dairy farmers, while Canada has agreed to effectively cap automobile exports to the States.
Now investors will be looking to China, to see if Beijing and Washington can find a way to meet eye-to-eye on certain trade elements.
Coming up Tuesday, PepsiCo and Paychex are scheduled to publish their latest earnings results before the bell.
On the economic front, Fed Chair Jerome Powell is scheduled to deliver remarks at the 60th NABE annual meeting in Boston. He is expected to comment on the outlook for inflation and employment.
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