Stock futures advanced on Tuesday as Donald Trump’s second term as president began with a flurry of executive orders and comments on tariffs targeting goods coming from key trade partners. Futures tied to the S&P 500 rose 0.3%, while Dow Jones Industrial Average futures climbed 177 points, or 0.4%. Nasdaq-100 futures added 0.4%. Regular trading was closed Monday for the Martin Luther King holiday. Trump made tariff comments at the White House as he was signing executive orders. He said he was thinking of 25% tariffs on Mexico and Canada on Feb. 1 because of their border policies. Trump also mentioned China some during the discussion with the press, but did not specify any plans for tariffs. The president said maybe the U.S. could put tariffs on China if the country doesn’t approve a TikTok deal. One positive note in the market’s view, Trump said he was not ready to impose universal tariffs yet. “Asset prices in 2025 will be significantly driven by the path of Trump’s policies. Uncertainty is likely to persist and be a feature of Trump’s presidency,” said Robert Sockin, senior global economist at Citi, in a note. “Trump seems to thrive in a world of ambiguity in which his political opponents and international counterparts are unclear regarding his next move,” he added. “Investors who stay nimble but also stay focused on underlying strong economic fundamentals are likely to reap benefits.” Elsewhere, Trump declared a national energy emergency to increase fossil fuel production. In his inaugural address, the president labeled his return to the White House as the beginning of a period of growth and success for the country, while largely condemning the Biden Administration. Wall Street will be focused on Trump following through on the pro-business proclamations he made throughout his campaign, most notably his calls for looser regulations that helped lift banking banking stocks following his election win in November. Other components of the so-called Trump trade, including small caps, oil stocks and bitcoin, will be hypersensitive to where his administration goes from here. The stock market is coming off its best week since the period that followed Trump’s election. The S&P 500 gained 2.9% last week, its best week since the period ended Nov. 8. The Dow jumped 3.7% and the Nasdaq Composite gained 2.5% last week, respectively. U.S. Treasury yields were lower on Tuesday, as investors digested President Donald Trump’s return to the White House and a slew of new executive orders. At 6:28 a.m. ET, the 10-year Treasury yield was lower by more than 2 basis points at 4.587%. The 2-year Treasury yield was down marginally at 4.27%. Asia-Pacific markets mostly rose Tuesday, as investors awaited greater clarity on policies of U.S. President Donald Trump following his inauguration. Australia’s S&P/ASX 200 advanced 0.66% to end the day at 8,402.40. In Japan, the benchmark Nikkei 225 closed up 0.32% at 39,027.98, while the Topix edged up 0.08% in choppy trade to end the day at 2,713.50. South Korea’s Kospi closed down 0.08% at 2,518.03, while the Kosdaq declined 0.22% to close at 726.07. Hong Kong’s Hang Seng index was up 1.02% in its last hour of trade. Mainland China’s CSI 300 Index rose 0.08% to end the day at 3,832.61. Oil prices fell on Tuesday as investors assessed U.S. President Donald Trump’s plans to apply new tariffs later than expected while boosting oil and gas production in the United States. Brent crude futures were down $1.23, or 1.6%, to $78.90 per barrel. U.S. West Texas Intermediate crude futures were down by $1.97, or 2.5%, at $75.91. There was no settlement in the U.S. market on Monday due to a public holiday. Gold prices surged to over a two-month high on Tuesday as the U.S. dollar weakened, with the precious metal also supported by buying amid uncertainty surrounding Donald Trump’s trade policies. Spot gold climbed 0.7% to $2,726.75 per ounce, reaching its highest level since Nov. 6 and nearing the all-time high of $2,790.15 set in October. The dollar index slipped 0.6% versus major peers, holding close to a 2-week low hit in the previous session, making bullion more attractive for other currency holders. U.S. gold futures were 0.4% lower at $2,736.90, narrowing the premium over spot rates, after U.S. President Trump did not immediately impose tariffs after his inauguration on Monday as expected.