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US stock futures tumbled on Friday after President Trump officially hit virtually every US trading partner with sweeping tariff hikes, pushing ahead with his plan to remake the global trade order.
Dow Jones Industrial Average futures (YM=F) sank roughly 0.9%, while those on the S&P 500 (ES=F) also fell 0.9%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%, on the heels of a losing day for the major US gauges.
A retreat in stocks picked up steam as markets assessed the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs. His executive order formally authorized a hike in levies on Canada to 35%, to go into effect on Friday. Most of the other “reciprocal” rates range from 15% to 40% (though the baseline remains 10%) and will be implemented in seven days.
The White House also confirmed details of trade agreements negotiated by some trading partners before the Aug 1. deadline for “Liberation Day” tariffs to hit. But Trump said the implementation of the hiked levies will be pushed back by seven days, opening up scope for more talks.
Read more: The latest on Trump’s tariffs
A blockbuster week on Wall Street is set to end not just with trade turmoil but also with the arrival of the July jobs report, which is expected to show hiring slowed while unemployment ticked higher. The key indicator of US economic health will be closely watched by the Federal Reserve, whose preferred inflation gauge on Thursday showed signs of increasing price pressures.
Apple (AAPL) and Amazon (AMZN) reported earnings after the bell on Thursday. Apple stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales. Amazon’s report also topped estimates, but the performance of its cloud business fell short, and its stock tumbled over 8%.
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You are watching the forming of a stock bubble in real time here! I encourage you to read up on the company’s not so impressive financials this weekend.
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US stock losses pick up pace after Trump’s tariff blitz
The retreat in US stock futures accelerated on Friday morning as Wall Street weighed the likely fallout from President Trump’s trade war.
The broad benchmark S&P 500 (ES=F) was down 1% with four hours to go before the market open, having held not far below the flat line in earlier overnight trade.
Futures on The Dow Jones Industrial Average (YM=F) sank 0.9%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dived 1.1%.
Markets are assessing the reshaped US trade landscape after President Trump on Thursday hit dozens of countries — including crucial partners Taiwan and India — with steep new tariffs.
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July jobs report on deck: What to watch
The countdown is on for the release of the US nonfarm-payrolls reading for July, the final piece in a string of top-tier data this week. Yahoo Finance’s Josh Schafer lays out what’s in store:
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Asian markets slide as tariffs rock global boat
Asian markets fell overnight Thursday following the White House’s announcement that Trump’s sweeping tariffs on many of America’s largest trading partners will be implemented in varying degrees of severity.
Reuters reports:
