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Futures down: Dow 0.27%, S&P 500 0.28%, Nasdaq 0.29%
April 11 (Reuters) - U.S. stock index futures fell on
Friday after China increased its tariffs on U.S. imports to
125%, escalating a trade war that could disrupt global trade and
trigger an economic downturn.
China's move comes after U.S. President Donald Trump on
Thursday ramped up pressure on the country by lifting tariffs to
145%, even as he announced a 90-day tariff reprieve on most
trading partners.
Stocks have been on a roller-coaster ride in response to
tariff announcements in the past few days. Wall Street fell for
four straight sessions, before bouncing back on Wednesday with
the S&P 500 seeing its largest one-day percentage jump
since October 2008.
Stocks, however, slumped again on Thursday and were more
than 7% off from levels seen before last week, when Trump's
"reciprocal" tariffs sparked the market rout.
Amid the volatility, all three indexes are set for robust
weekly gains, with the Nasdaq set for its best weekly showing of
the year so far.
At 04:32 a.m. ET, Dow E-minis were down 108 points,
or 0.27%, S&P 500 E-minis were down 14.75 points, or
0.28% and Nasdaq 100 E-minis were down 54 points, or
0.29%.
Most megacap and growth stocks ticked lower in premarket
trading, though Tesla lagged with a 1.9% fall.
Later in the day, U.S. quarterly earnings season will pick
up pace with big banks such as JPMorgan Chase & Co ( JPM ),
Morgan Stanley ( MS ), Wells Fargo & Co ( WFC ) and asset
manager BlackRock ( BLK ) scheduled to report before markets
open.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by
Saumyadeb Chakrabarty)