Futures Slip as Traders Assess Tariff Effect

Stocks futures were slightly lower on Friday as investors weighed the latest on global trade after President Donald Trump held off on imposing new reciprocal tariffs.Futures for the Dow Jones Industrials dropped 112 points, or 0.3%, to 44,698Futures for the S&P 500 lost 11.25 points or 0.2%, to 6,124.75.Futures for the tech-heavy NASDAQ fell 53.75 points, or 0.2%, to 22,059.50. For now, the major averages are all on pace to end the week higher. The S&P 500 is set to pick 1.5% and the Dow is set for a gain of about 0.9%. The NASDAQ is 2.2% higher week to date.On Thursday, Trump signed a memorandum on laying out a plan to impose levies on goods from countries with duties on U.S. products. The new tariffs on take effect immediately. Instead, Trump tasked Commerce Secretary nominee Howard Lutnick to lead studies on the appropriate levies for each country.In Japan, the Nikkei 225 backtracked 0.8%, while in Hong Kong, the Hang Seng ballooned 3.7%. Oil prices gained 39 cents to $71.68 U.S. a barrel. Gold prices gained $7.60 to $2,953 U.S. an ounce.