U.S. stock futures point higher ahead of a trading week that includes expected tariff implementation, jobs data, and an address from President Donald Trump; crypto-related stocks jump after Trump announces details of U.S. strategic reserve; Warren Buffett says that tariffs are an “act of war”; Kroger’s (KR) CEO resigns amid an investigation into his personal conduct; and shares of Capri Holdings (CPRI) jump on report the fashion brand owner is moving closer to selling Versace. Here’s what investors need to know today.
1. US Stock Futures Point Higher Ahead of Tariffs, Trump Remarks
U.S. stock futures are pointing higher to begin March trading ahead of a week that includes the start of proposed tariffs, jobs data, and remarks from President Donald Trump. Nasdaq futures are 0.8% higher, while those of the S&P 500 and Dow Jones Industrial Average are up 0.5% and 0.4%, respectively, after the major indexes posted February losses. The yield on the 10-year Treasury note is rising to trade around 4.25%. Gold and oil futures also are higher.
2. Crypto-Related Stocks Soar After Trump Gives Details of US Strategic Reserve
After trading below $80,000 Friday, bitcoin (BTCUSD) soared over the weekend and recently was trading around $93,000 after President Trump announced details of a U.S. strategic cryptocurrency reserve on Truth Social. Cryptocurrency stocks surged on the news, with Strategy (MSTR)—until recently called MicroStrategy—soaring nearly 13% in premarket trading. Crypto brokerage Coinbase (COIN) and bitcoin mining firms MARA Holdings (MARA) and Riot Platforms (RIOT) all are rising by around 10%.
3. Buffett Calls Tariffs ‘Act of War’
Legendary investor Warren Buffett said in an interview with CBS News that tariffs are a tax on goods that could lead to inflation, describing the import duties as “an act of war, to some degree.” The CEO of conglomerate Berkshire Hathaway (BRK.A)(BRK.B)Â said that “prices will be higher 10 years from now, and 20 years from now, and 30 years from now.” President Trump said last week that he plans to impose 25% tariffs on products from Mexico and Canada beginning Tuesday, and that the U.S. would raise double tariffs on goods from China to 20%.
4. Kroger Says CEO McMullen Resigns Following Conduct Investigation
Kroger (KR) said that CEO and Chairman Rodney McMullen has resigned “following a Board investigation of his personal conduct that, while unrelated to the business, was inconsistent with Kroger’s Policy on Business Ethics.” Kroger said it “was made aware of certain personal conduct by Mr. McMullen” on Feb. 21 “and immediately retained outside independent counsel to conduct an investigation.” Lead Director Ron Sargent was appointed board chair and interim CEO. Shares of Kroger, which is scheduled to report earnings Thursday, are down about 1.5% in premarket trading.
5. Capri Holdings Stock Jumps on Report Fashion Firm Close to Versace Sale
Michael Kors and Jimmy Choo parent Capri Holdings (CPRI) stock is surging nearly 8% in premarket trading after a report that the fashion giant is moving closer to selling Versace to Prada. Bloomberg reported that the deal for the iconic Italian fashion brand would come at a price of nearly 1.5 billion euros ($1.6 billion). The report comes as Capri’s stock has tumbled following its failed attempt to merge with Coach owner Tapestry (TPR).