US Stock Futures Edge Down After Trump Announces New Tariffs; S&P 500, Nasdaq Hold Record Highs
US Stock Futures Edge Down After Trump Announces New Tariffs; S&P 500, Nasdaq Hold Record Highs
U.S. equity futures experienced a slight decline this morning following President Donald Trump’s announcement of new tariffs, including a 35% levy on Canadian imports set to begin August 1. This comes despite major indices, the S&P 500 and Nasdaq Composite, closing at new record highs on Thursday.
Futures tied to the S&P 500 slipped 0.48%, while Nasdaq 100 futures fell 0.57%, and Dow Jones Industrial Average futures were down 0.45%. These moves reflect immediate market reactions to the latest trade developments.
Despite tariff concerns, including a 50% U.S. tariff on imported copper and a similar duty on Brazil announced earlier this week, investors largely shrugged off worries during regular trading hours. The S&P 500 gained 0.27% to close at 6,280.46, and the Nasdaq finished up 0.09% at 20,630.67. The Dow advanced 192 points, closing at 44,650.64.
The recent stock rally, which saw Nvidia briefly touch a $4 trillion market cap on Wednesday, has been fueled by investors piling into risk assets. However, experts caution that the broader economy must remain resilient for this rally to be sustainable. Drew Pettit, Citi’s U.S. equity strategy director, emphasized on Thursday that structural and fundamental conditions are not yet fully aligned to support continued outperformance without robust macro data and Fed rate cuts.
As the week concludes, major averages are set to remain largely unchanged. Investors are now keenly awaiting the Treasury Department’s monthly treasury statement, scheduled for 2 p.m. ET today, Friday.
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