By Johann M Cherian and Sukriti Gupta

() -Wall Street’s main indexes were on track to open higher on Tuesday, as investors assessed newly elected President Donald Trump’s executive orders on issues including energy and immigration, while awaiting his first move on trade policy.

Trump did not lay out any concrete plans on the universal tariffs and additional surcharges on close trade partners as previously promised, but said he was thinking about imposing duties on Canadian and Mexican goods as early as Feb. 1.

While investors remain cautious about Trump’s tariff policies, which could spark a global trade war and fresh inflation pressures, brokerage Goldman Sachs lowered its forecast for a universal tariff this year to 25% from about 40% seen in December.

At 08:44 a.m. ET, Dow E-minis were up 173 points, or 0.4%, E-minis were up 25.25 points, or 0.42% and E-minis were up 112 points, or 0.52%.

Futures tracking the domestically focused small-cap index added 0.6%.

Automakers General motors and Ford (NYSE:), which are most sensitive to tariffs due to their vast supply chains, edged up 1.3% and 1%, respectively, while Elon Musk-led Tesla (NASDAQ:) added 1.8% in premarket trading.

U.S.-listed shares of Chinese companies Xpeng (NYSE:) and Li Auto (NASDAQ:) added 6.1% and 5.4%, respectively, on no signs of imminent surcharges on Chinese goods.

“It’s impossible to know exactly what the Trump administration will do…in the past, tariff rhetoric turned into trade deals that turned into negotiating tactic and it was never universally applied. So, I think the market right now is taking a wait-and-see attitude towards that,” said Art Hogan, chief market strategist at B Riley Wealth.

During the first year of Trump’s first administration, the S&P 500 rose 19.4%, while the benchmark index rose nearly 68% through his first term, but saw bouts of volatility, stemming in part from a trade war Trump fought with China.

At the start of his second term, however, inflation is above the Federal Reserve’s 2% target, stoking worries that Trump’s policies could delay the central bank’s pace of monetary policy easing.

Economists see the Fed leaving borrowing costs unchanged when it meets next week and traders see the first interest rate cut coming in July, according to data compiled by LSEG.

Oil stocks Halliburton (NYSE:) rose 1.7% and SLB climbed 1.5% after Trump declared a national energy emergency to accelerate permitting oil, gas and power projects.

Prison operators Geo advanced 1.2% and CoreCivic (NYSE:) rose 3.3%, after Trump declared a national emergency on illegal immigration at the U.S.-Mexican border.

Nuclear stocks Oklo rose 5.3% and Vistra added 4.6% as energy secretary Chris Wright said he plans to prioritize domestic nuclear energy production.

Apple (NASDAQ:) fell 2% after brokerage Jefferies cut its rating on the iPhone maker to ‘underperform’.

3M rose 4.4% after the industrial conglomerate posted upbeat fourth-quarter profits, while strong results from D.R. Horton sent the home-builder’s shares up 3.6%.