Wall St futures wobble on fresh tariff threats ahead of data, earnings deluge
Over the weekend, Trump announced plans to slap a 30% tariff on most imports from the EU and Mexico starting August 1, adding similar warnings to other countries, giving them less than three weeks to strike framework deals.
The EU said it would extend its suspension of countermeasures to U.S. tariffs until early August and continue to press for a negotiated settlement.
At 5:30 a.m. ET, Dow E-minis were down 130 points, or 0.29%, S&P 500 E-minis were down 17.75 points, or 0.28%, and Nasdaq 100 E-minis were down 65 points, or 0.28%.
The measured losses indicated investors are more accustomed to Trump's repeated tariff threats.
"The moves have not been larger since investors see these threats as a Washington negotiating tactic to push the other side over the line into a deal," ING analysts said in a note.
However, Wall Street's march to record highs will be put to test this week with the start of the second-quarter earnings season by major banks and June's consumer price data, due on Tuesday.
On Friday, the S&P 500 receded from an all-time high it hit the day before, and closed lower. It capped last week with minor losses.
Meanwhile, producer and import price reports due Wednesday could reveal how supply chain costs are evolving, and retail sales figures later in the week will offer a snapshot of consumer health.
Also on the docket are at least seven Federal Reserve officials due to speak through the week.
Amid the economic data deluge, traders have almost entirely ruled out a July rate cut from the Fed, though the odds for a September move still hover around 60%.
Investors are also keeping a close watch on tensions between the White House and the U.S. central bank, after economic adviser Kevin Hassett said over the weekend that Trump might have cause to fire Fed Chair Jerome Powell, citing cost overruns from the central bank's headquarters renovation.
Among stocks, Boeing rose 2% in premarket trading after a preliminary report from the Air India crash probe suggested no immediate action against the planemaker.
Crypto stocks ticked up after bitcoin topped $120,000 for the first time. Coinbase global rose 1.5%, while Bitfarms gained 3.7%. Strategy advanced 2.9%, while Riot platforms was up 2.4%.
(Reporting by Pranav Kashyap in Bengaluru; Editing by Maju Samuel)
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