U.S. stock futures edged lower Thursday morning, following a strong AI-driven rebound on Wednesday that saw major indexes post solid gains. While attention turned to President Donald Trump’s newly announced 50% tariff on Brazilian imports, broader market reaction remained muted. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were slightly down 0.17%, 0.13%, and 0.14%, respectively, at 4:38 a.m. EST, July 10.
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Late Wednesday, President Donald Trump announced a 50% tariff on Brazilian imports. In response, Brazilian President Luiz Inacio Lula da Silva said the country would act under its economic reciprocity law.
The pullback in futures comes after a strong performance on Wall Street. On Wednesday, the Nasdaq Composite jumped 0.94% to close at a record high, while the Dow Jones and S&P 500 rose 0.49% and 0.61%, respectively. The rally was largely fueled by renewed optimism around artificial intelligence.
Technology stocks led the charge, with Nvidia (NVDA) climbing nearly 2% to become the first publicly traded company to reach a $4 trillion market valuation.
On the earnings front, Conagra Brands (CAG), Delta Air Lines (DAL), and Levi Strauss (LEVI) are expected to report results today.
Looking ahead, investors are awaiting the release of Weekly Jobless Claims data for the week ended July 5, due Thursday morning. Currently, economists project a slight increase of 2,000 claims to a total of 235,000.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.3%. However, WTI crude oil futures were trending lower, hovering near $68.34 per barrel as of the last check. At the same time, the Gold Spot U.S. Dollar Price increased to nearly $3,320 per ounce on Thursday.
Elsewhere, European stocks opened higher, extending their winning streak to a fourth session, as markets largely brushed off President Trump’s newly announced 50% tariff on Brazilian imports set to begin August 1.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific indices were mixed on Thursday as investors weighed the Bank of Korea’s decision to hold interest rates and Trump’s plan for a 50% tariff on Brazilian imports.
Hong Kong’s Hang Seng Index was up 0.69%. Also, China’s Shanghai Composite and Shenzhen Component indices closed higher by 0.48% and 0.47%, respectively. However, Japan’s Nikkei and Topix indices declined 0.44% and 0.56%, respectively.
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