Stocks- U.S. Futures Fall After Trump Announces Tariffs
Investing.com – U.S. Futures pointed to a lower opening bell on Friday as markets digest news of steel and aluminum import tariffs in the U.S.
The S&P 500 futures fell 15 points or 0.57% to 2,663.0 as of 6:40 AM ET (11:40 GMT) while Dow futures decreased 216 points or 0.88% to 24,404.0. Meanwhile tech heavy Nasdaq 100 futures was down 57 points or 0.85% to 6,703.50.
Markets have closed in the red for three consecutive days amid fresh interest rate concerns and political turmoil.
U.S. President Donald Trump said Thursday that the United States would impose import tariffs on steel and aluminum, raising concern about higher prices and a trade war.
Trump said duties of 25% on steel and 10% on aluminum would be formally announced next week, sparking concerns of retaliatory moves from major trade partners such as China, Europe and neighboring Canada.
Alcoholic beverage maker Anheuser-Busch Inbev SA (NYSE:BUD) was among the top performers in pre-market trading, rising 2.71% after its earnings results came in higher than expected. Telecommunications firm Nokia (HE:NOKIA) Corp ADR (NYSE:NOK) was up 0.35% while Top Ships Inc (NASDAQ:TOPS) surged 15.11%.
In economic data, consumer sentiment is due out at 10:00 AM ET (15:00 GMT).
In Europe stocks were down. Germany’s DAX fell 275 points or 2.26% while in France the CAC 40 decreased 96 points or 1.83% and in London, the FTSE 100 was down 71 points or 1.00%. Meanwhile the pan-European Euro Stoxx 50 lost 52 points or 1.55% while Spain’s IBEX 35 slumped 160 points or 1.65%.
In commodities, gold futures were up 1.33% to $1,322.50 a troy ounce while crude oil futures fell 0.26% to $60.83 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.38% to 89.88.