While Dow Jones futures edged lower by 0.18% at the time of writing, the S&P 500 futures were down 0.1%.
U.S. stocks appear set for a weak opening on Thursday as President Donald Trump amped up the tariff war by sending letters detailing new levy rates to several countries after the July 9 deadline passed on Wednesday.
President Trump sent out tariff letters to the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka. He added Brazil to the list later, citing the prosecution of former Brazilian President Jair Bolsonaro.
This comes after President Trump slapped 25% tariffs on all goods imported from Japan and South Korea, and 12 other countries, starting August 1.
While Dow Jones futures edged lower by 0.18% at the time of writing, the S&P 500 futures were down 0.1%, and the tech-heavy Nasdaq 100’s futures fell 0.04%. Futures of the Russell 2000 index edged lower by 0.03%.
Meanwhile, the SPDR S&P 500 ETF Trust (SPY) was down 0.06% at the time of writing, while Invesco QQQ Trust (QQQ) edged lower by 0.01% on Thursday morning. Retail sentiment around the S&P 500 ETF on Stocktwits has been in the ‘bullish’ territory over the past week.
Asian markets ended Thursday’s trading session on a largely positive note, with the KOSPI leading with gains of 1.55%, followed by the TWSE Capitalization Weighted Stock index at 0.73%, Hang Seng at 0.57%, and the Shanghai Composite at 0.47%.
The Nikkei 225 declined 0.44%.
Stocks To Watch
- WK Kellogg Co. (KLG): Kellogg’s shares skyrocketed nearly 51% in Thursday’s pre-market trading session after the company reportedly received an acquisition offer from Ferrero for $3 billion.
- Delta Air Lines Inc. (DAL): Delta Air Lines’ shares surged nearly 10% in pre-market trading after the company’s second-quarter earnings and revenue beat Wall Street expectations. It also reinstated its 2025 outlook, which it had pulled in April due to Trump’s tariffs.
- Tesla Inc. (TSLA): The Elon Musk-led EV giant said it would hold its annual general meeting in November.
- Taiwan Semiconductor Manufacturing Co. (TSM): TSMC reported a 39% year-on-year jump in its revenue in the January-June period.
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