Stock futures fell Tuesday, resuming the selling seen late last week, as fears around U.S.-China trade relations continue to percolate. Dow Jones Industrial Average futures lost 276 points, or 0.6%. S&P 500 futures shed 0.9%, and Nasdaq-100 futures slid 1.7%. The selling was led by the AI shares that have driven the bull market, but also were the biggest losers during Friday’s rout. Nvidia and AMD each lost more than 2%. Tesla and Oracle lost about 3%. The declines came after China and the U.S. began charging additional port fees on each others’ cargo ships, an escalation in the ongoing trade spat between the world’s largest economies. On top of that, China imposed sanctions on five of South Korea’s Hanwha Ocean’s U.S. subsidiaries. Trade tensions have been rising since late last week, when President Donald Trump threatened to place an additional 100% tariff on Chinese imports, sending stocks sharply lower. The Dow on Friday lost more than 800 points, while the S&P 500 posted its biggest one-day loss since April 10. On Sunday, however, Trump dialed back his rhetoric, noting in a Truth Social post: “Don’t worry about China, it will all be fine.” That comment sent stocks soaring on Monday. The S&P 500 and Dow each jumped more than 1% on the day, marking the former’s biggest one-day gain since May 27. The Dow had its best day since Sept. 11 and broke a five-day losing streak. Monday’s rebound retraced more than half of the S&P 500′s decline on Friday, and two-thirds of the Dow’s steep losses. “Trade policy remains a key driver for US financial markets this year, and last week saw a sharp re-escalation in tensions between the US and China,” Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management, said in a note. “With hardened positions on both sides, we expect increased equity market volatility into the end of the month. However, the history of Trump-Xi negotiations suggests that escalation is often followed by tactical truces, and rare earth minerals versus shipping fees could ultimately seal a deal.” Tuesday’s moves came despite the release of mostly solid quarterly results. J&J, JPMorgan Chase and Wells Fargo all reported earnings that beat analyst expectations. Goldman Sachs also topped estimates. Treasury yields fell on Tuesday, as investors looked for safety due to simmering U.S.-China trade tensions. Traders also braced for a a speech by Federal Reserve Chair Jerome Powell, which could offer more insights about future monetary policy decisions. The 10-year Treasury fell 4 basis points to a one-month low of 4.011%, while the 2-year Treasury yield was more than 4 basis points lower at 3.479%. The longer maturity 30-year Treasury yield fell more than 3 basis points to 4.601%. In South Korea, the benchmark Kospi index reversed course to end 0.63% lower at 3,561.81, after hitting an all-time high of 3,646.67. The construction and mining sectors led gains on the index, with Korea Zinc up more than 20%, and Tongyang Inc soaring nearly 30%. Meanwhile, the small-cap Kosdaq also reversed course to drop 1.46% at 847.96. Japan’s benchmark Nikkei 225 index extended declines by 2.58% to end at 46,847.32, while the Topix lost 1.99% to close at 3,133.99. Australia’s ASX/S&P 200 rose 0.19% to 8,899.4. Hong Kong’s Hang Seng Index fell 1.74%, while the Hang Seng Tech Index plunged 3.7%. Mainland China’s CSI 300 lost 1.2%. Oil prices reversed early gains and fell on Tuesday amid uncertainty about trade tensions between the U.S. and China, the world’s top two economies, and as the International Energy Agency (IEA) flagged weaker fundamentals. Brent crude futures fell $1.72, or 2.7%, to $61.60 a barrel, while U.S. West Texas Intermediate crude was also down 2.9%, or $1.72, at $57.78. Both contracts were near a five-month low. In the previous session, Brent settled 0.9% higher, and U.S. WTI closed up 1%. Gold prices jumped to a record high above $4,100 on Tuesday, supported by rising expectations of a U.S. Federal Reserve rate cut this month and safe-haven demand following renewed trade tensions between the world’s two largest economies. Spot gold rose 0.5% to $4,128.49 per ounce, as of 0805 GMT, after hitting a record high of $4,179.48 earlier in the session. U.S. gold futures for December delivery gained 0.3% to $4,144.10. Gold has surged 57% so far this year and breached the key $4,100 mark for the first time on Monday, driven by geopolitical and economic uncertainties, rate-cut expectations, strong central bank buying, and robust exchange-traded fund inflows.