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SPXUS stock futures turned lower on Friday, with contracts on the three major averages falling about 0.6%, reversing earlier modest gains, as the trade war escalates and investors continue to pull away from US assets.
China’s finance ministry announced plans to increase tariffs on US imports to 125%, up from the previous 84%, in direct retaliation for Washington’s decision to raise tariffs on Chinese goods to as much as 145%.
Meanwhile, the earnings season kicks off, with major banks including JPMorgan, Morgan Stanley, and Wells Fargo set to report their results before the opening bell.
Traders will be closely watching their guidance, particularly regarding the impact of tariffs on business performance.
Despite the day’s downturn, stocks are on track to close out a turbulent week with strong gains.
The S&P 500 is up 3.8% so far, marking its best weekly performance since November.
The Dow Jones has gained 3.3%, and the Nasdaq has risen 5.1%.
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