US pre-open: Futures in the red following Trump's updated tariffs
By Iain Gilbert
Date: Friday 01 Aug 2025
(Sharecast News) - Wall Street futures were firmly in the red ahead of the open on Friday after Donald Trump announced updated duties ranging from 10% to 41%.
As of 1215 BST, Dow Jones futures were down 1.05%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.11% and 1.28% weaker, respectively.
The Dow closed 330.30 points lower on Thursday as yet more tariff uncertainty weighed on risk appetite, while investors digested another flurry of economic data and corporate earnings.
Futures headed south after Donald Trump signed another executive order that put into place a fresh wave of "reciprocal" tariffs on a wide range of countries, with duties set to take effect next Thursday, with the delay intended to give Customs and Border Protection time to implement changes and not to extend negotiations. Trump said he remained open to "more compelling offers" but insisted it was "too late" for countries to avoid the incoming tariffs and declared that the 1 August deadline "stands strong" in what he called a "big day for America".
Syria, the hardest hit nation, now faces a 41% tariff, while Laos and Myanmar will see import duties of 40%. Switzerland and South Africa were subject to 39% and 30% tariff rates, respectively. Countries not listed in the latest order will face an additional duty of 10%. Trading partners that have yet to reach or are near reaching agreements with the US will be subject to the modified rates until those agreements are concluded, according to the executive order.
Outside of tariff news, Friday's primary focus will likely be July's nonfarm payrolls report at 1330 BST, with economists expecting to see payrolls drop from 147,000 to 110,000.
Elsewhere on the macro front, S&P Global's July manufacturing PMI will be published at 1445 BST, followed by the Institute for Supply Management's manufacturing PMI and June construction spending figures, and the University of Michigan's July consumer sentiment index at 1500 BST.
In the corporate space, shares in online retail giant Amazon headed south in pre-market trading after delivering light operating income guidance for the current quarter, while tech giant Apple traded higher on the back of a quarterly earnings and revenue beat.
Reporting by Iain Gilbert at Sharecast.com
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