U.S. stocks opened lower on Tuesday following yesterday’s disappointing auto-truck sales for March and ahead of President Trump’s meeting on Thursday with Chinese President Xi Jinping and March’s non-farm payroll jobs report due on Friday.
Yesterday auto and truck sales came in lower than expected for March with 4.59 million auto sales compared to 4.67 million in February.
March Truck sales increased by 8.65 million, lower than 9.28 million in February.
Interest rates are moving higher in 2017 which ultimately impacts borrowing rates for car and home sales.
The Trump administration is still reviewing federal emission requirements that regulate the fuel efficiency of cars and trucks.
In July 2011 former U.S. President Barack Obama agreed with 13 large automakers to expand fuel efficiency to 54.5 miles per gallon for cars and light trucks by Model year 2025.
The move nearly doubled fuel efficiency standards and was aimed at improving fuel economy, reducing U.S. dependency on foreign oil, and lowering greenhouse gas emissions.
President Trump is giving the Environmental Protection Agency (EPA) until April 2018 to determine if the 2022-2025 fuel efficiency standards are still needed.
Yesterday President Trump met with Egyptian President al-Sisi at the White House for the first time before a bilateral meeting was held.
President Trump said that the U.S. is “very much behind Egypt and the people of Egypt” and admitted that he is building up the U.S. military to “probably the highest that we’ve ever had.”
President al-Sisi said that he’s had a deep appreciation and admiration for President Trump’s “unique personality” while noting his commitment to counter-terrorism.
On Wednesday President Trump meets with Jordanian King Abdullah II to discuss the Middle East.
Later this morning at 10:00 EST Factory Orders for February are reported.
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