US stock futures sank 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) dropped 0.9%, while those on the S&P 500 (ES=F) fell around 1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also sank around 1%, on the heels of a losing day for the major US gauges.
The retreat in stocks came 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
Also dragging on spirits was disappointment over Amazon’s (AMZN) earnings released late Thursday. The performance of its AWS cloud unit failed to live up to lofty expectations set by rivals Google (GOOG, GOOGL) and Microsoft (MSFT), sending its shares down over 8%.
But Apple (AAPL) stock rose after its results beat expectations, boosted by surprisingly strong iPhone sales.
A blockbuster week on Wall Street is set to end not just with trade turmoil but also with 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.
LIVE 7 updates
Big Tech’s AI and core businesses are blurring together
This week, investors heard quarterly updates from Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). And in the midst of strong quarterly financial results from Big Tech, a new paradigm is emerging, Yahoo Finance’s Hamza Shaban wrote in today’s Morning Brief.
Hamza writes:
Read more here.
Chevron beats Wall Street profit estimates with record production
Chevron (CVX) beat analyst estimates on Friday for second-quarter profit as record oil and gas production and lower capital expenditure helped the US oil producer boost earnings despite weaker crude prices.
Chevron shares were flat in premarket trading.
Reuters reports:
Read more here.
Exxon beats profit estimates with higher production despite weak oil prices
Shares in Exxon Mobil (XOM) rose more than 1% before the bell on Friday after the company beat Wall Street estimate for second-quarter profit as higher oil and gas production helped the top US oil producer overcome lower crude prices.
Reuters reports:
Read more here.
Eyes on Figma, day two
After a sizzling 250% surge on Thursday IPO day, Figma (FIG) is up another 8% pre-market.
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.
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.
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:
Read more here.
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:
Read more here.
