US stock market futures today: Dow, S&P 500, and Nasdaq hold steady as Trump tariff threat, inflation data, and China trade stall shake investor confidence
Stock futures today stay flat as Trump's trade tariffs rattle markets and investors await Fed's key inflation data. Dow Jones, S&P 500, and Nasdaq hold gains, while Asia sees losses. PCE report could signal Fed's next move.
Stock Futures Hold Steady as Markets Brace for Fresh Trade Developments and Inflation Data- Stock futures stayed largely unchanged early Friday as investors await new trade developments and the latest inflation figures. The uncertainty around U.S. trade policy and key economic data has markets treading carefully, especially after a volatile week marked by legal battles over tariffs and shifting investor sentiment. Dow Jones Industrial Average futures rose 32 points (+0.08%)
S&P 500 futures slipped 2 points (-0.04%)
Nasdaq-100 futures dipped 15 points (-0.09%)
Futures tied to the Dow Jones Industrial Average hovered just below the flatline, while S&P 500 and Nasdaq-100 futures also showed minimal movement. The muted action comes as traders digest a flurry of trade-related headlines. President Donald Trump's proposed tariffs are back in the spotlight after a U.S. court ruling briefly halted them, only to be reinstated on appeal.
The Trump administration is reportedly considering a different legal route using the Trade Act of 1974 to impose 15% tariffs for 150 days, according to The Wall Street Journal . This legal workaround comes after the Court of International Trade blocked most of the tariffs on Wednesday. However, a stay from an appeals court on Thursday temporarily allowed the tariffs to remain in place through next week.
Gap Inc. (GPS) : Shares plunged over 17% premarket after the retailer posted a weaker-than-expected Q2 outlook, citing consumer spending pressure.
: Shares plunged over 17% premarket after the retailer posted a weaker-than-expected Q2 outlook, citing consumer spending pressure. Ulta Beauty (ULTA) : Stock soared 7% following a strong earnings beat and solid same-store sales growth, driven by resilient beauty product demand.
: Stock soared 7% following a strong earnings beat and solid same-store sales growth, driven by resilient beauty product demand. Dell Technologies (DELL): Gained 1.7% premarket after the company reported better-than-expected first-quarter revenue, supported by strong demand in enterprise services and AI-related products.
Treasury Secretary Bessent told Fox News that U.S.-China trade talks are 'a bit stalled,' which discouraged traders who were hopeful for progress. These developments have added to growing concerns about the broader economic outlook. Fears are mounting that escalating trade tensions could hurt growth and potentially trigger a U.S. recession.
Despite this backdrop, stocks are still on track for a strong May. The S&P 500 has climbed over 6%, the Nasdaq Composite surged 10%, and the Dow Jones gained around 4% this month. On a weekly basis, the S&P 500 rose about 2%, the Dow added 1.4%, and the Nasdaq gained 2.3%.
Market analyst Ed Clissold of Ned Davis Research shared on CNBC's Closing Bell , 'There's good momentum heading into summer, but hard data may soon catch up to weaker soft data as we move into Q3.'
Friday's trading may also see some pressure from U.S. pension fund rebalancing, with Goldman Sachs estimating around $20 billion in equity sales at the end of the month. Because equities strongly outperformed bonds in May, large institutions need to rebalance their portfolios to meet fixed asset. Investors now turn their attention to the Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred measure of inflation, due later today. A hotter-than-expected number could reignite fears of prolonged high interest rates.
Despite the uncertainty, May appears on track to end with strong performance:
The S&P 500 is up more than 6% this month
The Nasdaq Composite has jumped over 10%
The Dow Jones is up about 4% Analysts like Ed Clissold of Ned Davis Research say there's still positive momentum as we head into summer. However, he cautioned on CNBC's Closing Bell that 'hard data could catch up to soft data' in Q3, meaning economic fundamentals may start to reflect underlying weaknesses despite the recent market rally.
Key focus areas in the coming days include: The fallout from Trump's proposed tariffs
The direction of U.S.-China negotiations
Inflation data and its impact on Fed policy
Continued earnings reports from key retail and tech names Markets may remain choppy as investors seek clarity on both international trade policy and domestic inflation trends. What are stock futures doing amid tariff and inflation concerns? Stock futures are staying mostly flat as investors await more trade and inflation updates.
How are Trump's trade tariffs affecting global markets? Trump's tariffs are adding pressure on global stocks, especially in Asia's tech and auto sectors.
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