US pre-open: Futures higher after Trump's tariffs take effect
By Iain Gilbert
Date: Friday 08 Aug 2025
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Friday as major indices looked set to reclaim some of yesterday's losses.
As of 1230 BST, Dow Jones futures were up 0.24%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.29% and 0.30% firmer, respectively.
The Dow closed 224.48 points lower on Thursday, reversing gains recorded in the previous session.
Futures traded higher on Friday, even as Donald Trump's so-called "reciprocal" tariffs took effect at midnight on Thursday, with Syria being the hardest hit with a 41% import duty, while the likes of Laos and Myanmar were slapped with a 40% tariff rate.
US gold futures also briefly hit a fresh record high early on Friday after a Financial Times report revealed the White House has slapped duties on imports of 1kg gold bars.
Also making headlines, Trump named Stephen Miran, current chair of the Council of Economic Advisors, as his nominee to fill the vacant seat on the Federal Reserve Board of Governors. Miran will complete the remainder of Adriana Kugler's term, which runs through January, following her resignation last week.
In the corporate space, sportswear group Under Armour warned that Q2 revenues would likely fall short of estimates as it continued to battle muted demand in North America due to persistently high inflation and macro uncertainty linked to Trump's ongoing tariff wars, while AMC Networks said streaming revenue had risen 12% in Q2, but noted that US ad sales had dropped 18%, and fast food restaurant Wendy's said operating profits had risen 4.8% in Q2 despite reporting a decline of 1.8% in global systemwide sales to $3.7bn
No major macro points were slated for release on Friday.
Reporting by Iain Gilbert at Sharecast.com
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