US stock futures were stable on Friday after another good session on Wall Street, with the S&P 500 and Nasdaq Composite closing at new record highs.
The S&P 500 rose 0.27%, the Nasdaq nudged up 0.09%, and the Dow advanced 0.43% on Thursday, as investors mostly ignored the Trump administration’s latest tariff escalation, which included fresh 50% penalties on copper imports and Brazilian commodities.
Tariff war is far from over. It appears that it is just getting started.
President Donald Trump also indicated that new tariff proposal letters could be delivered to Canada and the European Union as early as today.
US President Donald Trump raised tariffs on Canadian goods to 35% on Thursday, effective August 1, citing Ottawa’s retaliation with charges against Washington.
President Donald Trump also stated that he intends to put blanket tariffs of 15% or 20% on most trade partners, dismissing fears that more tariffs would harm the stock market or promote inflation.
With Trump now stating that the EU will receive a letter as well, investors believe trade talks between the two are not going well. EU officials have stated that they hoped to settle before August 1.
Investors earlier ignored the Trump administration’s recent tariff increases, which included fresh 50% tariffs on copper imports and Brazilian commodities.
The S&P 500 closed at a record high on Thursday, although this follows a difficult few months for the US stock market. Following Trump’s announcement of his first wave of global tariffs on April 2, the S&P 500 had one of the fastest 20% drops on record in the following days.
According to data from the United States Bureau of Labor Statistics, inflation has decreased in recent years since the Covid epidemic, although it still exceeds 2.3%.
Trump’s recent criticism of Federal Reserve Chair Jerome Powell is not related to interest rates but to interior decorating issues, citing cost overruns in a renovation of the central bank’s headquarters. Russ Vought, Director of the Office of Management and Budget, criticized plans for a building renovation that included a beehive, rooftop garden, and VIP dining rooms.
Vought criticized Powell for overspending $700 million on a project and granted him seven business days to address questions about the overhaul.
Trump has insulted Fed chief Powell, calling him a ‘numbskull’ and ‘stupid person.’ Powell defied Trump’s demands to lower interest rates and insisted on the Fed’s independence from presidential control. Powell’s term ends in 2026.
Nvidia (NVDA) became the first firm to exceed a market valuation of $4 trillion this week, with the stock price up 21% for 2025 and about 1,400% over the last five years.
Huang is now the tenth richest person in the world, according to Bloomberg, trailing only Berkshire Hathaway CEO and “Oracle of Omaha” Warren Buffett, who is believed to be worth $144 billion.
Market movement next week will depend a lot on the news flowing out on the tariffs front.