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FinanceUS stock futures edge higher as new Trump tariffs take effect after tech rout
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US stock futures edged higher on Friday as markets assessed new global tariffs imposed by President Trump, which took effect overnight, targeting nearly all US imports with rates of 10% to 12.5%. The move comes after a sharp tech-led sell-off on Thursday, where the 'Magnificent Seven' stocks lost nearly $800 billion in market value, driven by ballooning AI spending from Alphabet and Tesla. The sell-off spread to Asian markets, with South Korea's KOSPI and Japan's Nikkei falling. Oil prices retreated from $100 per barrel, with Brent crude down 2% to below $99. Investors are watching S&P Global's flash PMI data and new home sales, while earnings from American Express, NextEra Energy, and Verizon are due.
Source report
Author: Grace O'Donnell, Editor, Special Projects Source: Yahoo Finance
Note: Market data on this page is currently delayed due to temporary issues.
Updated 20 minutes ago
US stock futures edged higher on Friday as investors weighed a new set of global tariffs against ongoing concerns over AI spending, rising oil prices, and elevated bond yields.
- Dow Jones Industrial Average futures (YM=F) rose approximately 0.4%.
- S&P 500 futures (ES=F) gained 0.2%.
- Nasdaq-100 futures (NQ=F) hovered near the flatline as Wall Street sought to stabilize following a sharp sell-off on Thursday, led by megacap technology stocks.
The major indexes were on track for weekly losses after the "Magnificent Seven" stocks collectively lost nearly $800 billion in market value on Thursday. The sell-off was triggered by Alphabet (GOOG, GOOGL) and Tesla (TSLA) reporting ballooning AI spending. The downturn spread to Asian markets, with South Korea's KOSPI (^KS11) and Japan's Nikkei (^N225) indexes both declining.
Tariffs Take Effect
Overnight, President Trump's latest round of global tariffs — targeting nearly all US imports — went into effect. The new Section 301 tariffs, designed to better withstand legal scrutiny, impose rates of 10% to 12.5% on the United States' top trading partners.
The White House exempted certain energy products from the tariffs as markets contend with rising oil prices that threaten to derail progress on inflation and ripple through the broader economy.
Oil Prices Retreat
Oil prices fell on Friday, with international benchmark Brent crude futures dropping 2% to trade below $99 per barrel, after briefly touching $100.
Key Data and Earnings to Watch
Economic data:
- S&P Global's flash Purchasing Managers' Index (PMI) updates for services and manufacturing in July
- New home sales data
Corporate earnings:
- American Express (AXP)
- NextEra Energy (NEE)
- Verizon Communications (VZ)
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Source
Yahoo FinanceWestern
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Stock market today: Dow, S&P 500, Nasdaq wobble after tech rout as new Trump tariffs take effect