Wall Street futures were muted Thursday as auto stocks tumbled after President Trump’s surprise move to impose a 25% tariff on imported cars and light trucks, effective next week. The announcement came late Wednesday, catching markets off guard and rekindling fears of escalating global trade tensions.
Key Highlights:
General Motors slid 6.5% and Ford dropped 2.9% in premarket trading, while Tesla remained flat.
Trump’s tariff plan added to investor anxiety after breaking the S&P 500 and Nasdaq’s longest winning streak in over a month.
Analysts voiced concerns over the lack of detail. “This 25% number is hard to digest,” said Daniel Ives from Wedbush.
Wall Street has been rattled for weeks by Trump’s trade policy shifts, with April 2 set as the deadline for reciprocal tariffs.
At 5:25am ET:
S&P 500 E-minis rose 0.01%
Nasdaq 100 E-minis fell 0.1%
Dow E-minis edged up 0.12%
What to watch:
Final Q4 GDP figures expected to confirm a 2.3% growth rate (due 8:30am ET).
Initial jobless claims for March 22 also scheduled for release.
The main economic focus this week: Friday’s release of the PCE index — the Fed’s preferred inflation gauge.
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