US stock futures traded upwards after a bruising day on Wall Street that underscored fears over the economic impact of President Trump’s tariffs.
Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.8%. The benchmark S&P 500 (ES=F) gained 0.9%. Futures for the tech-heavy Nasdaq Composite (NQ=F) ticked up 1.1%.
As of 3:01:09 AM EDT. Market Open.
YM=F ES=F NQ=F
Stocks extended their slide on Wednesday as Powell, speaking in Chicago, issued his starkest warning yet on how tariffs could affect the US economy. The Fed chair said the central bank would likely face a “challenging scenario” considering he expects the levies to exacerbate inflation and slow economic growth.
Read more: The latest on Trump’s tariffs
Powell also threw cold water on hopes the central bank would imminently slash interest rates as tariffs role in, saying Fed officials will “wait for greater clarity” on Trump’s trade policy.
Before and after Powell spoke, Nvidia shares tanked on news the chip giant would face new curbs from the US government on sales to China.
On Thursday, the focus for Wall Street will be Netflix’s (NFLX) quarterly earnings report, which is set for release after the bell. With Big Tech unsettled by Trump’s tariffs, the streaming giant has emerged as a rare bright spot among the group and investors hold high hopes for its results.
Also reporting earnings on Thursday is chip maker TSMC (TSM). The chip maker is expected to report a rise in profit, but like Nvidia, Trump’s trade war will weigh heavily on its outlook.
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