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Hours ahead of the tariff deadline, US President Donald Trump signed an executive order imposing duties ranging from 10% to 41% on U.S. imports from foreign countries
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US markets held steady as investors digested strong U.S. GDP data, fresh earnings, and awaited the Fed's rate decision.
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US stock futures were trading mixed, but close to the flatline, ahead of the Federal Reserve FOMC decision on the key rate on July 30.
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Trade uncertainty is once again haunting investors after US President Trump set a deadline of August 1 for the new tariff rates to come into effect. President Trump said over the weekend that he has signed letters to 12 countries, which notifies specific tariff rates they would face on exports to America.
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Equities have been remarkably resilient over the past two months as the S&P 500 bounced sharply from April lows, putting it 2% away from its record high.
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Much of the tension stems from Capitol Hill, where Republican lawmakers are working to push through a new tax-cut-heavy budget bill.
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Tech giants Apple and Amazon also lost more than 1 percent each, under pressure from the jump in yields.
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Ratings agency Moody’s last week downgraded the US government’s credit rating, citing concerns over the country’s ballooning debt levels.
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The pullback comes on the heels of a six-day winning run for the S&P 500—the longest since earlier this month—extending a sharp recovery that began five weeks ago.
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Despite the day’s losses, the broader market remains within striking distance of all-time highs. The S&P 500 had notched six straight gains through Monday—its longest winning streak since early May—before running into resistance.
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The pullback in futures comes after a muted yet positive session on Monday, where the S&P 500 inched up 0.09 percent to notch its sixth consecutive gain.
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Moody’s cut the country’s long-term issuer rating by one notch to Aa1, bringing it in line with S&P and Fitch.
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Moody’s cut the country’s long-term issuer rating by one notch to Aa1, bringing it in line with S&P and Fitch.
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Moody's cut the United States' top sovereign credit rating by one notch on Friday, the last of the major ratings agencies to downgrade the country, citing concerns about its growing $36 trillion debt pile
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U.S. stocks traded flat on Friday after giving up earlier gains, with major tech names like Adobe and Alphabet supporting the Nasdaq.
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Barclays has revised its U.S. economic outlook following the trade ceasefire between U.S. and China, suggesting that US GDP may grow 0.5 percent in 2025.
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With Thursday's gain, all three major indices remain firmly higher for the week. The Nasdaq is on track for a 5.9 percent gain, while the S&P 500 is up 3.8 percent and the Dow has added 1.5 percent.
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The pullback comes after a strong run earlier this week, driven by optimism around improved US-China trade relations and cooling inflation.
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Attention also shifts to Thursday’s release of the Producer Price Index (PPI) — a measure of wholesale inflation.
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Chipmakers were among the day’s top performers. Nvidia rose over 3 percent after reports that it would ship 18,000 high-end AI chips to Saudi Arabia. Shares of AMD rallied more than 5 percent following the announcement of a $6 billion stock buyback.
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Markets have rallied sharply this week, with the S&P 500 and Dow gaining over 4 and 2 percent respectively. The Nasdaq has jumped more than 6 percent.
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The market sentiment remains largely positive, buoyed by the easing of U.S.-China trade tensions. A 90-day tariff pause announced earlier this week has helped soothe investor nerves, triggering a broad-based rally led by tech.
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After being down as much as 17% earlier this year, the S&P 500 is now up 0.2% for 2025.
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Fresh consumer price index (CPI) data showed inflation slowing slightly in April. Headline CPI rose 2.3 percent year-on-year, easing from March and coming in below economists’ expectations of 2.4 percent.
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The dip comes as markets await fresh consumer price index (CPI) data, which could influence the Federal Reserve’s rate trajectory.
