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Futures: Dow up 0.12%, S&P 500 up 0.01%, Nasdaq down 0.1%
Futures tracking Wall Street's main indexes were subdued on
Thursday, with auto stocks set to extend losses after President
Donald Trump's latest tariff salvo.
In a late-night announcement on Wednesday, Trump unveiled
his plan to implement 25% tariffs on imported cars and light
trucks effective next week, escalating global trade tensions.
The benchmark S&P 500 index and the tech-focused
Nasdaq broke their longest winning streak in over a
month in the previous session, as investors adopted a
risk-averse stance ahead of the auto tariff announcement.
General Motors ( GM ) slid another 6.5% in premarket
trading on Thursday, while Ford fell 2.9%. Tesla
was little changed.
"Investors will be frustrated by this announcement with few
details... as this 25% number is hard to digest," Wedbush
analyst Daniel Ives said.
Uncertainty around Trump's trade policies has roiled Wall
Street for weeks on concerns it could upend supply chains and
hurt global growth. Market participants are now growing cautious
ahead of the April 2 deadline when reciprocal tariffs are set to
take effect.
At 5:25 a.m. ET, U.S. S&P 500 E-minis
were up 0.75 points, or 0.01%, Nasdaq 100 E-minis
were down 16.5 points, or 0.1%, Dow E-minis
were up 52 points, or 0.12%.
At 8:30 a.m. ET, the market will get a reading of
fourth-quarter's final GDP figures, with expectations set for a
confirmation of a 2.3% uptick. Simultaneously, the initial
jobless claims for the week of March 22 will be unveiled.
However, the centerpiece of the week's economic indicators
will be the personal consumption expenditures price index - the
Federal Reserve's preferred measure of inflation - scheduled for
release on Friday.
(Reporting by Pranav Kashyap in Bangalore; Editing by Saumyadeb
Chakrabarty)