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US stock futures edged lower Friday as Wall Street grapples with President Trump’s escalating trade war and awaits the Fed’s preferred inflation data.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) fell 0.1%. Futures on the tech-heavy Nasdaq Composite (NQ=F) dropped 0.3%.
CBOT – Delayed Quote USD
As of 8:13:18 AM EDT. Market Open.
YM=F ES=F NQ=F
Stocks have had a rollercoaster of a week, starting off on a high on hopes that Trump would temper his tariff plans and then abruptly diving on Wednesday upon news of new duties on auto imports.
Markets continued to slide Thursday as Wall Street digested Trump’s 25% levies on foreign cars along with more hawkish comments on what lies ahead in the trade war. April 2, the date when broad reciprocal tariffs are set to take effect, is looming large.
Read more: The latest on Trump’s tariffs
On Friday, investors’ attention will turn to the release of February’s Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge. The reading will shed light on how current inflation compares to the Fed’s 2% target.
Fed officials have projected higher inflation and slower economic growth amid new tariffs, though Fed Chair Jerome Powell has reassured Wall Street that rising prices will likely be “transitory.”
But Powell’s words are fading into the background as Trump’s trade war escalates and more Fed officials say they aren’t exactly sure where the economy goes next, with one policymaker describing situation as “zero visibility” in a “dense fog.”
In individual movers, Lululemon’s (LULU) stock plummeted on Friday as economic uncertainty and tariffs on imports from China and Mexico dampened demand, lowering its annual forecast. Meanwhile, United States Steel Corporation (X) saw its shares rise on a report that Nippon Steel (NPSCY) is considering investing up to $7 billion to upgrade its facilities if it wins approval for a proposed $14.1 billion takeover.
LIVE 6 updates
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Stocks are stuck in a tariff tug-of-war
In today’s Morning Brief, Yahoo Finance’s Hamza Shaban describes the tariff fog the market has been wading through:
Read more here or sign up to receive the Morning Brief daily in your inbox.
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US Steel stock jumps on potential $7 billion Nippon investment
United States Steel stock (X) jumped as much as 5% premarket on Friday after Semafor reported that Japanese steelmaker Nippon offered to raise its investment in US Steel facilities.
Nippon is considered investing $7 billion in US Steel’s Rust Belt factories, higher than the $2.7 billion Nippon previously committed, as the two steelmakers meet with White House officials during active merger talks.
Shares of Nippon Steel (5401.T) slid as much as 4%.
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Good morning. Here’s what’s happening today.
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Lululemon stock drops as tariffs and slow spending weigh on annual forecast
Lululemon’s (LULU) stock fell over 10% on Friday in premarket trading after the company reported that economic uncertainty and US tariffs on imports from China and Mexico were dampening demand for its pricey athleisure wear and negatively impacting its annual forecast.
Reuters reports:
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CoreWeave, the Nvidia-backed AI cloud computing company, has reduced its IPO offering in price and size.
CoreWeave’s initial public offering on Thursday raised $1.5 billion after setting the price of its shares at $40 each.
The $40 price point is significantly lower than the anticipated range of $47 to $55 per share. Potentially acting as a bellwether for a cooling period in the AI stock boom.
The size of the IPO was also taken down to 37 million shares from the initial 49 million shares for sale that CoreWeave and other early investors had planned to offer to the public.
The company lists publicly on the Nasdaq on Friday with the ticker (CRWV).
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Dollar holds as uncertainty stalls growth.
The US dollar continues (DX-Y.NYB) to hover ahead of potentially closing out a flat week. The currency is on track for a quarterly loss as tariffs continue to rock the international boat. Inflation pressure mounts as the Fed’s preferred gauge for inflation, the Personal Consumption Expenditure index, is due for release Friday.
Reuters reports:
