Stock Market Today: S&P 500, Dow, Nasdaq Set to Open Down; Trump China Tariffs; AMD, Palantir, Pfizer, Alphabet, More Movers

Crude prices extend losses in midday trade amid heightened fears of a trade war between the U.S. and China that could hurt global growth and increase inflationary pressures.

Brent crude is down 2.3% to $74.22 a barrel, while WTI falls 3.3% to $70.75 a barrel. Both benchmarks erased all the previous session’s gains, also due to easing concerns over immediate disruption of Canadian and Mexican oil flows after U.S. President Trump agreed to hold off imposing tariffs on the two neighboring countries.

“The next key support levels to watch are $69.50 and $66,” says Razan Hilal, market analyst at Forex. “A deeper decline could signal the start of a more extended bearish trend.”