U.S. stock futures were pointing to losses at the market open on Thursday, as President Donald Trump’s latest tariff announcements threatened to pour cold water on the previous day’s Nvidia-led rally.
Dow Jones Industrial Average futures were down 119 points, or 0.3%. S&P 500 futures were falling 0.3% and Nasdaq 100 futures were also dropping 0.3%.
Trump announced in a letter late Wednesday that the U.S. will charge a 50% tariff on Brazilian goods starting Aug. 1. It is the highest level announced so far among the raft of letters sent to various national governments, with the White House citing legal action against Brazil’s former President Jair Bolsonaro and U.S. tech firms as justification.