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On January 21, U.S. stock index futures inched up during volatile trading. Investors were evaluating President Donald Trump's executive orders on energy and immigration, and anticipating his first moves on trade policy.

President Trump did not provide specific plans on universal tariffs and additional charges on key trade partners, but hinted at potential tariffs on Canadian and Mexican goods starting February 1.

Despite investor caution, Goldman Sachs revised down its forecast for this year's universal tariff to 25% from the previously projected 40% in December.

By 7:23 a.m. ET, Dow E-minis rose by 211 points (0.48%), S&P 500 E-minis by 22 points (0.36%), and Nasdaq 100 E-minis by 91.25 points (0.43%). Small-cap Russell 2000 index futures gained 0.6%.

Automakers like General Motors and Ford, with supply chains spanning the continent, saw increases of 0.8% and 1.5%, respectively. Tesla led by Elon Musk surged 2% in premarket trading.

U.S.-listed shares of Chinese companies Xpeng and Li Auto also rose by 5.7% and 5.4%, respectively, amid no immediate signs of surcharges on Chinese goods.

Market reactions to Trump's tariff policies have been sensitive, with concerns over potential trade tensions and inflation.

Kyle Rodda, senior markets analyst at Capital.com, highlighted the impact of tariffs on the U.S. dollar and global growth. He emphasized the market's vigilance towards trade-related news.

During Trump's first term, the S&P 500 saw gains and volatility, partly due to the U.S.-China trade conflict.

Concerns persist regarding inflation exceeding the Federal Reserve's target, potentially influencing the central bank's monetary policy decisions.

Oil stocks like Halliburton and SLB rose following Trump's push to expedite energy projects permitting.

Prison operators Geo and CoreCivic climbed after Trump's declaration regarding the U.S.-Mexican border.

Nuclear energy firms Oklo and Vistra saw gains as Energy Secretary Chris Wright prioritized domestic nuclear production.

Apple shares dropped by 2.1% after Jefferies downgraded the iPhone maker's rating to 'underperform'.

3M surged by 4.2% on positive financial results, while D.R. Horton's announcement boosted the home-builder's shares by 3.6%.