US stock futures fell on Friday, setting up for more losses after a $2.5 trillion wipeout as trade-war fears continued to spook markets waiting for the monthly jobs report and a Jerome Powell speech.
Dow Jones Industrial Average futures (YM=F) pulled back 0.9%, or over 350 points. S&P 500 futures (ES=F) sank roughly 0.8%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped 0.5%.
Stock losses accelerated before the bell as investors again fled risk in the wake of the punishing reciprocal tariffs laid out by President Trump this week. Markets worldwide went into a tailspin on Thursday, with US stocks booking their worst one-day sell off since 2020.
40,381.00
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(-0.97%)
As of 5:44:23 AM EDT. Market Open.
YM=F ES=F NQ=F
But Trump, speaking to reporters aboard Air Force One, said the rollout of his tariffs is “going very well,” adding that he is open to “phenomenal” offers from countries to negotiate down the new rates.
Read more: The latest on Trump’s tariffs
Economists are warning that with tariffs as-is, the risk of a US recession is rising. On Friday, the release of the March jobs report will shed light on the health of the US economy before Trump’s big tariff push took hold. Nonfarm payrolls are expected to show a rise of 140,000 when the reading is released at 8:30 a.m. ET.
Also ahead is a conference speech by Federal Reserve Chair Powell on Friday morning, with the focus on what his comments signal about the economy and tariffs. Traders have ramped up bets on interest rate cuts this year to four, as the Fed is expected to set its efforts to cool inflation aside to tackle the bigger risk of economic slowdown.
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