US stock futures extended some of Thursday’s losses before bouncing back as Wall Street gets ready to wrap up another week of tariff-fueled turmoil.
Futures tied to the S&P 500 (ES=F) were up 1.2%, those on the tech-heavy Nasdaq (NQ=F) popped 1.5%. Dow Jones Industrial Average futures (YM=F) climbed 1%
The major stock indexes are reeling from whiplash toward the end of another week roiled by President Trump’s fast-moving tariff policy, after pulling off historic gains during Wednesday’s session followed by subsequent plunges on Thursday. The S&P 500 (^GSPC) has seen six consecutive sessions of extreme volatility, moving at a range of more than 5% back and forth in each of them.
As of 3:17:37 AM EDT. Market Open.
ES=F NQ=F YM=F
Thursday’s session showed that the initial optimism from Trump’s 90-day “pause” on reciprocal tariffs for most trade partners had given way to concern about his escalation with China.
On Thursday, the White House provided Wall Street with another stunner: Tariffs on Chinese imports were actually increased to 145%, not the 125% that Trump had originally suggested when he announced the broad pause.
Stocks were routed, with the latest ballooning levies on China serving as a downward catalyst in the middle of the session. The Dow (^DJI) gave up nearly half of the gains it accrued in Wednesday’s high-flying session, and the Nasdaq Composite (^IXIC) closing down over 5% for the second time in the last five sessions.
Despite that, the major indexes are positioned for their best week in months, largely on the back of their mid-week surge. That, of course, could all be upended by whatever Friday has to bring to the discussion.
Read more: Live updates on Trump tariffs fallout
Investors on Friday will get another piece of the pre-tariff inflation puzzle on Friday with the release of the Producer Price Index, coming after March’s unusually overshadowed Consumer Price Index showed inflation pressures eased last month.
Despite easing inflation investors have fled the US dollar in search of safe-haven assets. The dollars (DX=F) value against the Swiss franc, euro and yen dropped late Thursday night by as much as 1.2%. All while gold (GC=F) continued a record-breaking rise to top $3,200 per ounce.
Also, first-quarter earnings season begins in earnest Friday as big banks report results, including JPMorgan (JPM), Wells Fargo (WFC), and Morgan Stanley (MS). Those earnings will be closely studied for any broad signs of consumer fallout amid the tariff turmoil.
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