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Stock futures were under pressure Thursday as investors sought out more clarity on the latest U.S. tariff measures.
Futures for the Dow Jones Industrials dumped 479 points, or 1.1%, to 42,587.
Futures for the S&P 500 index lost 80 points, or 1.4%, to 5,771.25
Futures for the tech-heavy NASDAQ slumped 359 points, or 1.7%, to 20,306.
U.S. tariffs on Canadian, Mexican and Chinese imports took effect this week, rocking financial markets. Canada and China responded with retaliatory levies of its own, while Mexico said it would unveil measures over the weekend.
The major averages have lost more than 1% this week as trade tensions escalate. But the benchmarks got a boost Wednesday after the White House said it would grant a one-month delay for tariffs on automakers whose cars comply with the United States-Mexico-Canada Agreement.
This development fueled traders’ hopes that Trump could provide further exemptions. Yet some on Wall Street questioned the effectiveness of these exceptions.
A continued unwind of the popular artificial intelligence trade that has boosted the market for more than a year also hurt Thursday’s premarket.
Notably, chipmaker Marvell Technology dropped more than 16% after the company issued mixed first-quarter guidance. Other semiconductor builders such as ON Semiconductor, Taiwan Semiconductor and Nvidia also slid before the bell.
On top of that, a string of recent economic reports raised alarm that Trump’s policies could hinder the U.S. economy. Those came ahead of Friday’s closely watched jobs report.
In Japan, the Nikkei 225 added 0.8%, while in Hong Kong, the Hang Seng popped 3.3%.
Oil prices pointed up 34 cents to $66.65 U.S. a barrel.
Gold prices ditched $15.50 to $2,910.50 U.S. an ounce.
