Dow Futures Edge Lower As Investors Weigh Fate Of Trump’s Tariffs
Synopsis
While Dow Jones futures were down 0.09% at the time of writing, the S&P 500 futures fell 0.15%.
U.S. stocks appear set for a weak opening on Friday as investors digest the fate of the Trump administration’s tariffs. After a federal trade court blocked Trump’s tariffs on Wednesday, the administration managed to get a stay on the order’s enforcement, pending appeals.
Earlier on Thursday, in a filing with the U.S. Court of Appeals for the Federal Circuit, the Trump administration said it would seek emergency relief to prevent “irreparable national-security and economic harms at stake.”
While Dow Jones futures were down 0.09% at the time of writing, the S&P 500 futures fell 0.15%, and the tech-heavy Nasdaq 100’s futures edged 0.16% lower. Futures of the Russell 2000 index were down 0.31%.
Meanwhile, the SPDR S&P 500 ETF Trust (SPY) edged up by 0.01%, while Invesco QQQ Trust (QQQ) gained 0.07% on Friday morning.
Bitcoin (BTC) declined 2.70% in the past 24 hours.
Asian markets ended Friday’s trading session on a largely negative note, with the Nikkei 225 index closing the day with a decline of 1.23%, while the Hang Seng index fell 1.22%.
KOSPI fell 0.85%, followed by the Shanghai Composite’s decline of 0.48%. The TWSE Capitalization Weighted Stock index was closed for the Dragon Boat festival.
Expert On Tariff Block
The federal trade court’s initial order blocking tariffs could just prolong the uncertainty, according to Sonu Varghese, VP, Global Macro Strategist at Carson Global.
He added that this could also hurt the Trump administration’s efforts to enter into bilateral trade deals with partners.
“The court ruling will probably shift other countries' approach to trade negotiations with the US. trade deals take a lot of time anyway, but expect most countries, if not all, to start dragging their feet,” he said.
Friday will see the release of the Personal Consumption Expenditure (PCE) index and consumer sentiment data.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.