New York, NY – Stock futures dropped on Thursday night as investors braced for a turbulent week on Wall Street, marked by significant fluctuations in the major stock indices. The S&P 500 futures fell by 0.8%, with Nasdaq 100 futures slipping by 0.9% and Dow Jones Industrial Average futures down by 0.7%.
Investor concerns persist over the impact of tariffs, particularly in light of President Donald Trump’s recent decision to lower country-specific tariffs to a universal level of 10%, except for China, which will face a tariff rate of 145%. These developments have contributed to a heightened sense of uncertainty among market participants.
Following a substantial increase on Wednesday in response to the announcement of a brief pause on certain tariffs, Thursday witnessed a sharp decline in stock prices. The S&P 500 experienced a 3.46% drop, the Dow Jones plummeted by over 1,000 points, and the Nasdaq Composite fell by 4.31%.
The current tariffs in effect include a 145% duty on all Chinese goods, 25% tariffs on aluminum, autos, and products from Canada and Mexico not covered by the USMCA, as well as a 10% levy on all other imports. These tariffs continue to raise concerns about inflation, economic growth, and market stability.
Despite the tumultuous week, the major stock indices are on track to post solid gains. The S&P 500 is set to experience a 3.8% increase, its strongest weekly performance since November, while the Nasdaq is poised for a 5.1% gain and the Dow Jones for a 3.3% jump.
Investors will now turn their attention to the upcoming earnings reports from key financial institutions, including Morgan Stanley, Wells Fargo, JPMorgan Chase, and BlackRock, which will provide insights into the state of the US economy. Additionally, economic data including the March producer price index report and the preliminary University of Michigan consumer sentiment data for April are set to be released on Friday.