S&P 500 futures were little changed early Thursday, following a strong market rally fueled by hopes of tariff concessions from President Donald Trump. Futures for both the S&P 500 and the Dow Jones Industrial Average were flat, while Nasdaq 100 futures saw a slight dip of 0.1%.
The market had a volatile week, but Wednesday’s trading saw a recovery. The White House announced it would grant a one-month delay for tariffs on automakers whose vehicles meet the United States-Mexico-Canada Agreement (USMCA) terms. This decision sparked optimism among traders, raising expectations that further exemptions could be made, which helped boost the major indices.
Major Indexes Show Gains But Remain Down for the Week
During regular trading hours, the Dow Jones Industrial Average surged by 485.60 points, or 1.14%. The S&P 500 gained 1.12%, while the Nasdaq Composite rose by 1.46%. However, despite these gains, all three major indexes remain more than 1% down for the week.
Earlier this week, Trump imposed tariffs on key U.S. trading partners, including Mexico, Canada, and China. In response, these countries announced retaliation plans, creating heightened market uncertainty and pushing sentiment lower.
Market Sentiment Weighed Down by Growth Challenges and Political Uncertainty
Mark Hackett, Chief Market Strategist at Nationwide, explained that this week’s market pressure was widespread, with small-cap stocks and growth stocks facing notable weakness. He also pointed to the impact of global market trends and highlighted the “three-headed monster” driving the downturn: challenges in growth, inflationary pressures, and uncertainty in Washington D.C.
Economic Data to Watch
On the economic front, traders will be looking ahead to weekly jobless claims, which are scheduled to be released on Thursday. February’s crucial payroll report will be published on Friday, and its outcome could significantly influence market movement.
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