Traders work on the floor of the New York Stock Exchange during morning trading on March 4, 2025.
Michael M. Santiago | Getty Images
Stock futures were under pressure Thursday as investors sought out more clarity on the latest U.S. tariff measures.
Futures tied to the Dow Jones Industrial Average shed 414 points, or around 1%. S&P 500 futures and Nasdaq-100 futures lost more than 1% each.
U.S. tariffs on Canadian, Mexican and Chinese imports took effect this week. Canada and China responded with retaliatory levies of its own, while Mexico said it would unveil measures over the weekend.
The major averages have struggled this week as trade tensions increase, losing more than 1% each week to date. However, the benchmarks got a boost Wednesday after the White House said it would grant a one-month delay for tariffs on automakers whose cars comply with the United States-Mexico-Canada Agreement. This fueled traders’ hopes that Trump could provide further exemptions.
Still, some on Wall Street expressed skepticism over the effectiveness of these exceptions.
“Exempting auto makers for just one month from draconian tariffs is like putting a Band-Aid on a bullet wound … given the torrent of trade/tariff announcements planned by the White House in the coming months,” Adam Crisafulli of Vital Knowledge wrote.
Another source of weakness Thursday was an unwind of the popular artificial intelligence trade that has boosted the market for more than a year.
Chipmaker Marvell Technology dropped more than 16% after the company issued mixed first-quarter guidance. Still, Marvell’s fourth-quarter figures beat analyst expectations. Other semiconductor builders such as ON Semiconductor, Taiwan Semiconductor and Nvidia were also lower in the premarket.
On the economic front, traders will have an eye on weekly jobless claims due Thursday. February’s big payrolls report will be out on Friday, and the results could sway the market.