US Stock Futures Fall in Response to Trump’s New Tariffs – Europe Market Wrap
US stock futures fell Friday after the Trump administration’s newest tariff threat dimmed the S&P 500’s record run.
Contracts for the US benchmark sank 0.6% after ending the trading week at a new all-time high, with payrolls data confirming the economy’s strength. Trump escalated trade tensions following Thursday’s closing, threatening partners that he may unilaterally impose tariffs of up to 70% as early as today.
Europe’s Stoxx 600 fell 0.7%, with trade-sensitive miners and automakers among the worst losers. Asian stocks also declined. Gold gained 0.3% as investors sought safe havens. The Dollar fell. The US stock and Treasury markets were closed for the July 4th holiday.
In a sign of escalating diplomatic and trade tensions between China and the EU, Beijing has announced that it will cancel part of a two-day summit with EU leaders scheduled for later this month. China also levied anti-dumping tariffs on European brandy for five years, exempting large cognac producers that met a price pledge.
In commodities, oil fell ahead of a OPEC+ conference that is expected to provide another large output increase, threatening to exacerbate a glut projected for later this year.
