U.S. stock futures
were higher on Friday morning as investors eyed the latest tariff-related developments.
Futures tied to the Dow Jones Industrial Average rose 200 points, or 0.5%, while S&P 500 futures and Nasdaq Composite futures were 0.7% and 0.8% higher, respectively.
Stock futures initially swung lower after China announced on Friday that it will raise tariffs on American goods to 125% from 84%. China indicated that it made the move in response to the U.S. raising tariffs, but indicated it does not plan to retaliate against any potential additional U.S. tariff increases.
“The US’s imposition of abnormally high tariffs on China seriously violates international economic and trade rules, and also violates basic economic laws and common sense. It is a completely unilateral bullying and coercive practice,” the Chinese finance ministry said.
Futures turned green on news that the European Union’s trade chief Maros Sefcovic will visit Washington on Sunday for tariff talks.
“The trade commissioner is going to Washington to try and sign deals,” European Commission trade spokesperson Olof Gill told Ireland’s RTE radio, Reuters reported. “That is what we are focused on.”
However, Gill said “all options are on the table should that not lead to a good outcome.”
In Thursday’s session, stocks tumbled, with the Dow finishing down 1,014.79 points, or 2.5%. The S&P 500 and Nasdaq Composite fell 3.46% and 4.31%, respectively.