Stock market today: Dow, S&P 500, Nasdaq futures slip with fate of Trump tariffs, key inflation data in focus
US stock futures edged lower on Friday as legal battles fed a fresh wave of uncertainty around President Trump's tariffs, in the wait for a key inflation reading to provide clues to their impact on the US economy.
Futures attached to the Dow Jones Industrial Average (YM=F) slipped 0.1%. Futures attached to the benchmark S&P 500 (ES=F) fell 0.2%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) dropped 0.3%.
A US appeals court on Thursday temporarily paused a ruling from a trade court that had blocked many of Trump's tariffs as illegal just the day before. The pause gives the appeals court time to consider the case, and the Trump administration must file its briefings by June 9.
Read more: The latest on Trump's tariffs
The White House said it's prepared to go to the Supreme Court if needed and, in the meantime, will explore other ways to implement Trump's tariffs without relying on emergency powers.
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On Friday, Wall Street's attention will turn to the April reading of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures Price Index (PCE). Any indication of tariffs putting upward pressure on inflation will be in high focus, although many analysts don't expect levies to impact the data until the following month.
Overall, stocks this week steadily rose. Highlights for investors included signs of improving prospects of a US-EU trade deal early in the week as well as Nvidia's earnings report on Wednesday.
Gap's (GAP) shares sank after the retailer laid out the multimillion-dollar hit to 2025 operating income it expects from President Trump's tariffs, but kept its 2025 forecast unchanged.
The stock dropped over 14% despite the retailer posting better-than-expected sales and profit in its first quarter results late on Thursday.
Gap said it expects added tariff-related costs of $250 million to $300 million. But the company said it has strategies to halve that amount, without providing full details. It projects a hit of up to $150 million to its full-year operating income, mainly in the second half.
Reuters reported:
Read more here.
Markets across the Asia-Pacific saw pullbacks Friday after yesterday's boost following the temporary reinstatement of Trump's "unlawful" tariffs.
Japan's benchmark Nikkei 225 (^N225) declined 1.1% with investors eyeing growing inflation.
In South Korea, the Kospi (^KS11) dropped 0.9% as markets remain rattled ahead of a presidential election in a tough political climate.
Hong Kong's Hang Seng Index (^HSI) sank 1.5% as China's CSI 300 (3188.HK) sli0.3%
Australia's S&P/ASX 200 (^AXJO) hovered around the baseline, with a gain of less than 0.1%
Newsmax (NMAX)
Shares in conservative media group Newsmax dropped 10.4% after hours Thursday resulting in a drop of over 75% since the company went public in March. Despite growing viewership Newsmax has faced a number of problems and is currently still engaged in a lawsuit with Dominion Voting Systems over "false claims" spread by the news source after the 2020 election. An overly ambitious IPO valuation combined with weak financial returns have continued to crater stock value.
Ulta Beauty (ULTA)
Ulta Beauty stock jumped up 8.3% in extended trading after the company beat analyst expectations for Q1. A 4.5% increase in net sales leading to $2.8b in revenue allowed Ulta to issue better-than-expected guidance for Q2. Earnings were reported at $6.70 per share.
The Gap (GAP)
Stock in apparel company The Gap nosedived 14.8% after-hours despite a solid earnings report as investors eye a potential a $300m hit to the bottom line from Trump's tariffs. The Gap reported revenue of $3.46 billion, well over analyst expectations of $3.42, while earnings per share came in at $0.51.
Gap's (GAP) shares sank after the retailer laid out the multimillion-dollar hit to 2025 operating income it expects from President Trump's tariffs, but kept its 2025 forecast unchanged.
The stock dropped over 14% despite the retailer posting better-than-expected sales and profit in its first quarter results late on Thursday.
Gap said it expects added tariff-related costs of $250 million to $300 million. But the company said it has strategies to halve that amount, without providing full details. It projects a hit of up to $150 million to its full-year operating income, mainly in the second half.
Reuters reported:
Read more here.
Markets across the Asia-Pacific saw pullbacks Friday after yesterday's boost following the temporary reinstatement of Trump's "unlawful" tariffs.
Japan's benchmark Nikkei 225 (^N225) declined 1.1% with investors eyeing growing inflation.
In South Korea, the Kospi (^KS11) dropped 0.9% as markets remain rattled ahead of a presidential election in a tough political climate.
Hong Kong's Hang Seng Index (^HSI) sank 1.5% as China's CSI 300 (3188.HK) sli0.3%
Australia's S&P/ASX 200 (^AXJO) hovered around the baseline, with a gain of less than 0.1%
Newsmax (NMAX)
Shares in conservative media group Newsmax dropped 10.4% after hours Thursday resulting in a drop of over 75% since the company went public in March. Despite growing viewership Newsmax has faced a number of problems and is currently still engaged in a lawsuit with Dominion Voting Systems over "false claims" spread by the news source after the 2020 election. An overly ambitious IPO valuation combined with weak financial returns have continued to crater stock value.
Ulta Beauty (ULTA)
Ulta Beauty stock jumped up 8.3% in extended trading after the company beat analyst expectations for Q1. A 4.5% increase in net sales leading to $2.8b in revenue allowed Ulta to issue better-than-expected guidance for Q2. Earnings were reported at $6.70 per share.
The Gap (GAP)
Stock in apparel company The Gap nosedived 14.8% after-hours despite a solid earnings report as investors eye a potential a $300m hit to the bottom line from Trump's tariffs. The Gap reported revenue of $3.46 billion, well over analyst expectations of $3.42, while earnings per share came in at $0.51.
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