US stock futures drifted up after the S&P 500 reached a fresh record in a dramatic rally just 10 minutes before market close. Trump on Tuesday said to expect new tariffs on automobiles starting as soon as April 2.

Stocks are drifting lower although still near a record high as a holiday-shortened week gets off to a sluggish start. The S&P 500 edged 0.1% lower in Tuesday afternoon trading and is just below its all-time closing high set last month.