Trump's tariff barrage knocks Wall St futures lower
Trump said on Thursday the U.S. would impose a 35% levy on imports from Canada next month. The U.S. president also floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline rate.
He said the European Union would soon receive a formal letter later in the day, as the bloc scrambles to strike a deal with Washington.
At 5:00 a.m. ET, Dow E-minis were down 238 points, or 0.53%, U.S. S&P 500 E-minis were down 33.25 points, or 0.53%, and Nasdaq 100 E-minis were down 109.5 points, or 0.48%.
Markets have remained largely subdued this week, with the only highlight being Nvidia becoming the first company to breach the $4 trillion valuation milestone.
The S&P 500 and tech-heavy Nasdaq are on track to end the week little changed, while the Dow looks set to snap its three-week winning streak - the longest since January.
Analysts are noting a growing sense of resilience among investors, who seem to be getting used to Trump's tariff threats. Market moves in response to new tariff announcements are far less choppier than the turbulence of early April's "Liberation Day" announcements.
While investors are firmly glued to latest developments on tariffs, the upcoming earnings season will offer clues on how trade uncertainties are affecting corporate results.
Wall Street's big banks are scheduled to report quarterly results next week, with J.P Morgan kicking off the earnings season on Tuesday.
The coming week is also packed with economic data releases, including consumer and producer price inflation and retail sales.
Cryptocurrency stocks ticked up as bitcoin rose to a record high. Coinbase Global rose 2.4%, while Bitfarms gained 5.1%. Strategy and Riot Platforms advanced over 3.3% each.
(Reporting by Pranav Kashyap in Bengaluru)
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