U.S. stock futures fell Friday as renewed trade tensions rattled investor sentiment. President Trump’s announcement of steep new tariffs on Canadian imports sparked concerns over broader protectionist measures. Meanwhile, Nvidia hit a historic $4 trillion valuation, and Bitcoin soared to fresh record highs amid growing institutional interest.
1. Trump Slaps 35% Tariff on Canadian Imports
President Donald Trump escalated trade tensions Thursday, announcing a 35% tariff on all Canadian imports starting August 1 — up from the current 25%. In a letter to Canadian Prime Minister Mark Carney, Trump warned the rate could rise further if Canada retaliates. Exemptions under the USMCA and existing 10% tariffs on Canadian energy and fertilizer will remain in place.
Trump also signaled broader tariff plans, including potential 15–20% blanket tariffs on other trade partners. Recent moves have already targeted key allies like Japan and South Korea, along with a 50% tariff on copper imports.
2. U.S. Futures Retreat on Trade Concerns
Futures slipped as the market digested the trade developments. As of 03:20 ET (07:20 GMT):
- S&P 500 futures were down 26 points (-0.4%)
- Nasdaq 100 futures dipped 42 points (-0.2%)
- Dow futures fell 200 points (-0.5%)
Despite Thursday’s record closes for the S&P 500 and Nasdaq, the latest tariff news weighed on sentiment. The week’s overall gains have been modest, with major indices largely flat or up less than 1%.
Investors are watching closely for potential moves against the EU, with Brussels aiming to reach a deal before Trump’s August 1 deadline.
3. Nvidia Becomes First Company to Close Above $4 Trillion
Nvidia (NASDAQ:NVDA) reached a historic milestone Thursday, ending the session with a market cap of $4.004 trillion. The AI chip giant is up 89% since April lows, driven by booming demand for AI hardware and infrastructure.
CEO Jensen Huang called it a breakthrough decades in the making, saying, “We reinvented computing for the first time since the 1960s.”
4. Bitcoin Tops $118K on ETF Demand, Pro-Crypto Policy
Bitcoin surged to new highs Friday, hitting $118,320 before easing slightly to $117,670 (+5.6%). The rally is fueled by sustained institutional buying and a favorable regulatory environment under President Trump.
Spot Bitcoin ETFs drew $1.18 billion in net inflows Thursday, marking six consecutive days of strong demand. Daily trading volume across the 12 approved ETFs hit $6.3 billion, the highest since May.
Sentiment also improved after Chinese regulators held strategic talks on digital currency policy, signaling a more open stance toward crypto.
5. Oil Rises on Russia Sanctions Buzz
Crude prices edged higher as traders speculated on new U.S. sanctions against Russia.
- Brent crude rose 0.4% to $68.94
- WTI crude gained 0.6% to $66.96
Still, lingering concerns over global trade disruptions and a ramp-up in OPEC+ output kept gains in check. On Thursday, both benchmarks dropped over 2% amid tariff-induced growth fears.
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