Today marks the end of a busy week filled with earnings data, the Federal Reserve, and, rounding things out, Non-Farm Payrolls later today!
Global equities extended their decline for a sixth straight session, but the S&P 500 still sits only 1.5% from all-time highs. Fresh U.S. tariffs weighed on sentiment and offset another round of strong tech earnings. The MSCI All Country World Index slipped 0.2%, while S&P 500 and Nasdaq 100 futures edged lower. Asian markets also fell, though Japan outperformed modestly.
President Trump announced a range of new tariffs, including a 10% global minimum and higher rates for countries with trade surpluses with the U.S. Switzerland, Taiwan, and Canada were among those affected. While average rates remain below the worst-case scenarios flagged earlier this year, the absence of a clear framework has added to investor uncertainty.
Tech resilience offered only limited support. Microsoft briefly crossed $4 trillion in market value, and Apple delivered its fastest revenue growth in over three years. However, Amazon’s softer outlook and broader macro caution kept markets on the back foot.
Elsewhere, South Korean stocks posted their biggest drop since April amid plans to raise corporate and investor taxes. Asian pharmaceutical shares also declined after the U.S. called for lower drug prices. The dollar was steady, gold edged higher, and Treasury yields were little changed.
