Stock market today: Dow, S&P 500, Nasdaq futures slip as Trump's tariffs run into legal trouble
US stock futures edged lower as Wall Street absorbed a fresh wave of tariff uncertainty after a federal appeals court reinstated President Trump's global tariffs.
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.
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