Futures Plunge on New Round of Trump Tariffs

Stock futures were under pressure Friday as traders digested President Trump’s modified tariff rates and the latest Big Tech earnings. Investors also await July’s jobs report expected later in the day. Futures for the Dow Jones Industrials cratered 418 points, or 0.9%, to 43,887. Futures for the S&P 500 dumped 63.75 points, or 1%, to 6,310.50. Futures for the NASDAQ flopped 261.5 points, or 1.1%, to 23,103.50. In what was an eventful month for stocks, the major averages managed to close out July with gains. The S&P 500 ended the month up 2.2%, while the NASDAQ logged a 3.7% advance. The 30-stock Dow eked out a slim gain of less than 0.1%. Week to date, the broad market index is on pace for an 0.8% loss, while the Dow is off 1.7%. The NASDAQ is tracking for an advance of less than 0.1%. Shares of Amazon tumbled more than 7% after the e-commerce giant provided light operating income guidance for the current quarter. Apple shares jumped 2% on the back of an earnings and revenue beat. President Donald Trump issued updated duties ranging from 10% to 41%. Goods that have been transshipped in a bid to avoid the tariffs will face another 40% levy, according to the White House. For Canada, one of the U.S.' biggest trading partners, goods imported into the country will now have a 35% levy, up from 25%. In addition to the new tariffs, another market catalyst looms on Friday. July’s jobs report will be due at 8:30 a.m. ET, and the reading is expected to show a slowing labor market. Dow Jones estimates call for a 100,000 increase to payrolls and for the unemployment rate to creep higher to 4.2%. Stocks are coming off of a lackluster trading session, which saw the S&P 500 notch its third straight losing day as solid earnings from Microsoft and Meta Platforms failed to lift the broader market. Both the S&P 500 and Nasdaq had hit intraday records earlier in the session until the tech-fueled rally fizzled. In Japan, the Nikkei 225 index declined 0.7% Friday, while in Hong Kong, the Hang Seng stumbled 1.1% Oil prices lost 67 cents to $68.59 U.S. a barrel. Gold prices notched ahead $2.90 at $3,351.80 U.S. per ounce.