US stock futures edge lower on tariff woes; inflation data on tap
US stock futures edge lower on tariff woes; inflation data on tap
March 28 (Reuters) - U.S. stock index futures were under pressure on Friday as investors grappled with the prospect of more tariffs from President Donald Trump and kept a close eye on a pivotal inflation report due later in the day.
Trump's decision to forge ahead with a 25% tariff on auto imports - set to take effect next week - sent shockwaves through global markets, inciting backlash from lawmakers and industry leaders worldwide.
Auto stocks bore the brunt of the selloff in the previous session. In premarket activity, General Motors GM.N slid 0.5% following a 7% decline, while Ford F.N slipped 0.1% after a 3.9% drop.
Attention is now firmly on a fresh round of tariffs the U.S. plans to unveil on April 2. Trump hinted that these measures might not be the straightforward tit-for-tat levies he has previously vowed to impose.
More: Tariffs slam US airlines as travel demand falters
At 8:30 a.m. ET, investors will scrutinize the U.S. Personal Consumption Expenditure data, the Federal Reserve's favored indicator for inflation. February's numbers are anticipated to reveal a rebound in consumer spending and a rise in annual core PCE prices to 2.7%.
At 05:45 a.m ET, S&P 500 E-minis EScv1 were down 11 points, or 0.19%, Nasdaq 100 E-minis NQcv1 were down 64.75 points, or 0.32%, and Dow E-minis 1YMcv1 were down 64 points, or 0.15%.
Gold prices scaled yet another peak due to ongoing uncertainty on the tariff front.
More: Trump announces 25% auto tariffs. What it means for your next car purchase
The escalation of the global trade war, initiated by Trump upon his return to the White House, has rattled markets.
Investors have dialed back their exposure to U.S. equities, driving both the S&P 500 .SPX and the Nasdaq .IXIC down by 10% from their recent record highs, thus entering technical correction territory earlier in the month.
Both indexes have managed to claw back over 3% from their March lows as investors seek to establish a market floor.
Still, the indexes were poised to wrap up the first quarter of 2025 in negative territory. The S&P 500 is facing its first quarterly setback in six quarters, while the tech-laden Nasdaq braces for its most significant quarterly dip in nearly two years.
Investors will also parse through speeches by Federal Reserve policymakers Michael Barr and Raphael Bostic later in the day.
(Reporting by Pranav Kashyap in Bangalore; Editing by Maju Samuel)
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