Stock Market Today: Stocks slip, automakers slump on latest tariff salvo
Global stocks are taking a hit from President Trump's latest tariff move, but Wall Street is holding steady into the opening bell.
U.S. equity futures nudged higher in early Thursday trading, while Treasury yields held gains and gold rallied, as investors reacted to a fresh set of Trump administration tariffs, which are likely to add to the market's unease about growth and earnings prospects heading into the second quarter.
Updated at 8:35 AM EDT
Data dump
Around 224,000 Americans filed for first time unemployment benefits last week, the Labor Department reported, a smaller-than-expected tally that suggests broader job market resilience heading into the close of the first quarter.
The Commerce Department's final reading of fourth quarter GDP, meanwhile, was pegged at 2.4%, a modest revision from its prior estimate of 2.3%. The Atlanta Fed's current-quarter projection, however, calls for a contraction of 1.8%.
Stocks were little-changed following the data release, with the S&P 500 called 5 points lower and the Nasdaq priced for a 42 point decline.
Benchmark 2-year note yields were steady at 4.015% while 10-year paper was trading at 4.379%.
Initial Claims (which doesn't capture the impact of federal layoffs) steady at 224k pic.twitter.com/wEY8d74Psk— Mike Zaccardi, CFA, CMT
