Dow, S&P 500, Nasdaq futures rise after China signals tariff restraint, bank earnings roll in
US stocks swung back to gains before the bell on Friday, eyeing a comeback bid after China hit the US with a retaliatory tariff hike but signaled it won’t hike duties any further.
Futures tied to the S&P 500 (ES=F) rose 0.6%, and the tech-heavy Nasdaq (NQ=F) was up 0.7%. Dow Jones Industrial Average futures (YM=F) advanced 0.5%, having seesawed above and below the flat line in the bumpy premarket going.
China said Friday it will raise duties on imports of US goods to 125%, compared with the 84% previously planned, effective Saturday. The move is in direct response to President Trump’s ballooning “reciprocal” tariffs on China, the commerce ministry said, but suggested it will “ignore” any retaliatory US hikes in duties.
As of 7:21:44 AM EDT. Market Open.
ES=F NQ=F YM=F
Big Wall Street banks got first quarter earnings season going in earnest on Friday, with results rolling in from JPMorgan (JPM), Wells Fargo (WFC), and BlackRock (BLK). Their stocks rose modestly following those quarterly reports before the bell, closely studied for signs of headwinds from the tariff turmoil.
Read more: Live updates on Trump tariffs fallout
Trump’s fast-moving tariff policy has whiplashed stocks this week, which saw the major US indexes notch historic gains during Wednesday’s session but then tank on Thursday. Despite that rout, the major indexes are positioned for their best week in months, largely on the back of the mid-week surge.
Investors will get the March reading on the Producer Price Index later in the day, providing another piece of the pre-tariff inflation puzzle. Given the market’s all-consuming focus on US trade policy, the wholesale inflation reading could be overshadowed as a catalyst, as with this week’s Consumer Price Index print.
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