US stock futures continued to retreat on Friday after President Trump’s announcement of broad reciprocal tariffs sent markets into a tailspin.
Dow Jones Industrial Average futures (YM=F) pulled back roughly 0.6%, while S&P 500 futures (ES=F) dropped 0.4%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell 0.2%.
US stocks saw their worst one-day sell off since 2020 on Thursday, wiping out around $2.5 trillion in market value as Wall Street questioned the thinking behind the two-tier reciprocal tariffs announced the previous day.
CBOT – Delayed Quote • USD
But Trump, speaking to reporters aboard Air Force One, said the rollout of his tariffs is “going very well,” adding that he is open to “phenomenal” offers from countries to negotiate down the new rates.
Read more: The latest on Trump’s tariffs
Wall Street economists are warning that with tariffs as-is, the risk of recession is rising. Traders also upped the number of interest rate cuts they expect to see from the Federal Reserve as concerns of slowing economic growth start to overshadow worries about rising prices.
On Friday, investors’ attention will turn to the March jobs report. Experts say, however, that the print won’t pack enough punch to alleviate any fresh fears of an impending economic slowdown.
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- Oil prices declined in early Friday trading in Asia, on track for their worst week in months, as President Trump’s new tariffs fueled fears of a global trade conflict that could dampen oil demand.
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