Stock market today: Dow, S&P 500, Nasdaq futures retreat amid murky signals on Trump's trade policy
US stock futures pulled back on Thursday ahead of a fresh batch of inflation data, as investors continued to puzzle over President Trump's ever-evolving trade policy.
Dow Jones Industrial Average futures (YM=F) fell roughly 0.6%, or over 200 points, while S&P 500 futures (ES=F) dropped about 0.4%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 0.3% lower.
Stocks are staying downbeat after the S&P 500 (^GSPC) snapped this week's run of wins, as investors add growing tensions in the Middle East to worries over the fragility of the US-China trade detente.
But the spotlight is on the May reading on wholesale inflation due later, after its consumer counterpart showed an easing in price pressures in the wake of Trump's "reciprocal" tariff hikes in April.
Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest-rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions.
While investor focus is shifting back to the Fed and away from trade war, Wall Street is following the latest twists and turns in the hunt for clarity around Trump's tariff policy.
Read more: The latest on Trump's tariffs
US trading partners will get letters within a week or two to set their tariff rates, Trump reiterated on Wednesday, saying they "can take it or leave it." Meanwhile, Treasury Secretary Scott Bessent told Congress it's "highly likely" that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9.
Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad.
Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service.
Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but have not specified if there are any fatalities.
It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information.
The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg.
"here's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group.
Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31)
Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH)
Here are some of the biggest stories you may have missed overnight and early this morning:
Boeing stock slides after plane crashes in India
The $11 trillion gap in costing Trump's 'big, beautiful' bill
Gundlach: 'Reckoning is coming' for US debt
Trump says he will set unilateral tariff rates within weeks
Americans flunk on retirement literacy. Here's why it matters.
Nvidia, Samsung to take stakes in robot AI startup Skild
US long-dated debt faces crucial test in $22 billion auction
Oracle stock jumps as AI boosts revenue forecast
Here are some top stocks trending on Yahoo Finance in premarket trading:
Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services.
"Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors.
GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions."
Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India with more than 200 people on board near the airport in the country's wester city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area near the airport.
Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East.
The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity.
Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation.
Reuters reports:
Read more here.
Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity.
Bloomberg reports:
Read more here.
Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad.
Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service.
Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but have not specified if there are any fatalities.
It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information.
The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg.
"here's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group.
Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31)
Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH)
Here are some of the biggest stories you may have missed overnight and early this morning:
Boeing stock slides after plane crashes in India
The $11 trillion gap in costing Trump's 'big, beautiful' bill
Gundlach: 'Reckoning is coming' for US debt
Trump says he will set unilateral tariff rates within weeks
Americans flunk on retirement literacy. Here's why it matters.
Nvidia, Samsung to take stakes in robot AI startup Skild
US long-dated debt faces crucial test in $22 billion auction
Oracle stock jumps as AI boosts revenue forecast
Here are some top stocks trending on Yahoo Finance in premarket trading:
Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services.
"Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors.
GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions."
Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India with more than 200 people on board near the airport in the country's wester city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area near the airport.
Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East.
The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity.
Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation.
Reuters reports:
Read more here.
Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity.
Bloomberg reports:
Read more here.
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Yahoo
30 minutes ago
- Yahoo
Why the Fed and ECB are no longer on the same page
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37 minutes ago
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3 No-Brainer Artificial Intelligence (AI) Growth Stocks to Buy With $200 Right Now
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Chicago Tribune
42 minutes ago
- Chicago Tribune
Trump OKs Nippon Steel investment in U.S. Steel with security guarantees
President Donald Trump's Friday executive order inches Nippon Steel one step closer to a planned investment in U.S. Steel, with the caveat that the Japanese company must follow a 'national security agreement' submitted by the federal government. The terms of the national security agreement weren't detailed in the order, but U.S. Steel and Nippon Steel said in a joint statement that the agreement lays out that approximately $11 billion in new investments will be made by 2028 and includes giving the U.S. government a 'golden share' — essentially veto power to ensure the country's national security interests are protected. Former President Joe Biden cited national security concerns in December when he denied the deal before leaving office. During their respective campaigns, Trump and former Vice President Kamala Harris both said they planned to block the acquisition of U.S. Steel. However, in February, Trump began to try to undo Biden's actions, saying Nippon would drop its $14.1 billion acquisition of U.S. Steel to make an 'investment, rather than a purchase,' according to Post-Tribune archives. The companies thanked the Trump Administration for supporting the partnership. 'This partnership will bring a massive investment that will support our communities and families for generations to come,' the statement said. 'We look forward to putting our commitments into action to make American steelmaking and manufacturing great again.' Gary Mayor Eddie Melton, who has been supportive of the deal from the beginning, called the investment 'a pivotal moment for Gary and steelworkers across Northwest Indiana.' 'This development brings hope to steelmaking communities around the country,' Melton said in an emailed statement. 'As the child of a steelworker, I understand firsthand what this means for families who depend on good-paying union jobs. 'This historic partnership with one of our nation's oldest allies delivers exactly what the American steel industry needs — $11 billion in new investments that will ensure the longevity of our facilities, drive environmental sustainability in the process, and protect careers for the next generation of steelworkers.' Melton said he's hopeful that as the details of this partnership emerge, they will provide even greater assurance to workers and their families. United Steelworkers leadership has remained skeptical of a potentiall deal between the two steel companies for months, and last week, the USW filed an information request about the partnership, saying in a statement that union leadership 'have seen nothing credible' about the deal, 'including whether it meaningfully differs from Nippon's initial proposal to acquire U.S. Steel and make it a wholly owned subsidiary.' 'Neither Nippon nor the White House has provided any details on where, exactly, proposed investments will be directed or what kind of accountability or oversight there will be to ensure Nippon makes good on its promises,' said a USW letter to its members. 'We also have seen nothing suggesting that Nippon has backed away from its demand that it would be permitted to pull out of promised investments if we exercise our legal rights during negotiations fighting for a fair contract.' Nippon Steel has never said it was backing off its bid to buy and control U.S. Steel as a wholly owned subsidiary. In August, it was announced that Nippon Steel would invest $300 million into Gary Works. A Nippon executive later said the company would invest $1 billion into the local facility. The companies have completed a U.S. Department of Justice review and received all necessary regulatory approvals, according to Trump's statement. The order said the draft agreement was submitted to U.S. Steel and Nippon Steel on Friday. The two companies must successfully execute the agreement as decided by the Treasury Department and other federal agencies that are part of the Committee on Foreign Investment in the United States by the closing date of the transaction. The order signed Friday by Trump said the CFIUS review provided 'credible evidence' that Nippon Steel 'might take action that threatens to impair the national security of the United States,' but such risks might be 'adequately mitigated' by approving the proposed national security agreement. The order doesn't detail the perceived national security risk and only provides a timeline for the national security agreement. The White House declined to provide details on the terms of the agreement. Trump has promised that U.S. Steel will keep its headquarters in Pittsburgh, but the companies offered few details on how the golden share would work and what investments would be made. Trump said Thursday that he would as president have 'total control' of what U.S. Steel did as part of the investment, then he said that the deal would preserve '51% ownership by Americans.' Trump added that he was 'a little concerned' about what presidents other than him would do with their golden share, 'but that gives you total control.'
