US stock market future today: Dow, S&P 500, Nasdaq futures drop as Trump slaps 35% tariff on Canada; Nvidia hits $4T, AMD surges, CoreWeave crashes

US stock market futures fall as President Trump announces 35% tariff on Canada starting August 1- U.S. stock market futures dropped early Friday after President Donald Trump announced a 35% tariff on Canadian imports, a move set to take effect from August 1. The surprise decision adds fresh pressure to financial markets already navigating through a volatile trade environment.

According to a White House official, products compliant with the U.S.-Mexico-Canada Agreement (USMCA) will remain exempt — for now. However, this aggressive step against Canada, America’s second-largest trading partner, has already rattled investors, with major indices in the red ahead of the trading session.

At 6:05 a.m. ET, Dow Jones futures fell 0.69%, S&P 500 futures dropped 0.67%, and Nasdaq 100 futures slipped 0.63%. Earlier data from 05:25 ET showed Dow down 270 points (-0.6%), S&P off 35 points (-0.6%), and Nasdaq down 110 points (-0.5%).


U.S. Stock Market Futures (Premarket – July 11)

• Dow Jones Futures: 44,595.00 (down 270.00 points, –0.60%)
  
  
• S&P 500 Futures: 6,282.75 (down 38.75 points, –0.61%)
  
  
• Nasdaq 100 Futures: 22,879.00 (down 131.00 points, –0.57%)

Major U.S. Stocks & Movers

Stock	Movement	Reason / Highlight
Nvidia	�� New milestone	Touched $4 trillion market cap, 1st in history
AMD	�� +4.15%	Boosted by AI chip optimism
CoreWeave	�� –9.6%	Sharp selloff amid cooling AI euphoria
Tesla	�� Weak	Under pressure from global tariff news
Apple, Microsoft	�� Slightly down	Cautious tech mood

Why did Trump impose a 35% tariff on Canada now?

President Trump’s decision follows weeks of increasing trade tensions. The tariff aims to pressure Canada into curbing the illegal flow of fentanyl into the U.S. and to push back against what Trump described as unfair trade practices, including high Canadian tariffs on several U.S. sectors.

In a Thursday evening letter, Trump confirmed the new tariff, stating, “Canada has failed to act on key U.S. demands related to border security and fair access to U.S. goods.” Despite Canada recently withdrawing its digital services tax to ease tensions, Trump’s move appears to escalate rather than cool trade relations.

Are more tariffs coming for other major U.S. trading partners?

Yes — and they could come fast. Trump also hinted at blanket tariffs between 15% and 20% on most other trading partners. The current average blanket tariff sits at 10%, meaning businesses and markets might face even tighter conditions.

Already this week, the Trump administration issued tariff letters targeting:

• 25% tariffs on South Korea and Japan
  
  
• 50% tariff on Brazil
  
  
• Possible EU tariff announcement by Friday
  
  

This sweeping strategy raises fears of a full-scale global trade war, just as markets were beginning to stabilize.

How are U.S. markets reacting to Trump’s new trade policy?

Despite Thursday’s rally, sentiment remains fragile. On Thursday:

• The S&P 500 and Nasdaq Composite closed at new record highs
  
  
• But the Dow Jones Industrial Average was flat for the week
  
  

Investors had looked past the 50% copper tariff and focused on upbeat corporate news — especially from Delta Air Lines, which reinstated its annual guidance after pulling it in April due to trade uncertainty. Delta’s EPS outlook, though lower than January’s, still topped analyst expectations, helping cushion fears.

Analysts believe that as second-quarter earnings season kicks off, stocks may benefit from low investor expectations. Kristy Akullian from BlackRock noted, “Consensus estimates of 3% year-over-year earnings growth could be a low bar compared to the 13% growth seen in Q1.”

Which companies and sectors are driving investor optimism?

Beyond Delta, strong performances are coming from:

• Levi Strauss (LEVI): Topped Q2 expectations and raised full-year sales guidance, even as it plans to absorb extra tariff costs
  
  
• PriceSmart: Surpassed analyst estimates in its latest quarterly earnings
  
  
• Nvidia (NASDAQ: NVDA): Surged past a $4 trillion market cap, becoming the most valuable listed company globally
  
  

These corporate results are keeping some confidence alive, even as Trump’s tariffs inject fresh uncertainty.

Global Stock Indices

Region	Index	Movement	Notes
U.S.	S&P 500	�� +0.26% (SPY ETF)	Despite futures drop, opened flat to up
	Nasdaq-100	�� –0.16% (QQQ ETF)	Tech weighed down slightly
Europe	DAX, CAC 40	�� ~–0.7% to –0.9%	Trade concerns, profit-taking
	FTSE 100	�� Record high July 10	Pulled back slightly today
Asia	Hang Seng	�� +0.6%	Optimism in Hong Kong stocks
	Nikkei/Kospi	�� –0.2%	Slightly down amid global uncertainty
India	Sensex	�� –690 pts (–0.83%)	Dragged by TCS earnings & global sell-off
	Nifty 50	�� –205 pts (–0.81%)	Fell below 25,200

Key Data & Themes Today

• Tariff Shock: Trump’s surprise move to raise Canada import tariffs to 35% spooked markets. He also floated 15–20% global blanket tariffs.
  
  
• AI Stocks Split: Some like AMD soared, but others like CoreWeave collapsed.
  
  
• Crypto Surge: Bitcoin neared $118,000, fueling crypto stocks like Coinbase and MicroStrategy.
  
  
• Rate Cut Outlook: Market still sees a 60% chance of a Fed rate cut in September, but July now unlikely.

What’s next for the economy — and what should investors watch?

Next week will be crucial for markets, with several major banks set to report earnings on Tuesday:

• JPMorgan Chase (JPM)
  
  
• Wells Fargo (WFC)
  
  
• Citigroup (C)
  
  
• Bank of New York Mellon (BK)
  
  

Additionally, investors will be watching closely for the June CPI report, expected to show a 0.3% monthly rise in consumer prices. Inflation is back in focus as the Federal Reserve’s minutes revealed only a few members support near-term rate cuts, with most pointing to inflation concerns — partly driven by Trump’s aggressive tariff agenda.

Are oil prices affected by Trump’s tariff escalation?

Yes, but the impact is mixed. Oil prices edged up Friday morning on speculation of further U.S. sanctions on Russia, after Trump expressed disappointment with Vladimir Putin over Ukraine.

At 05:25 ET:

• Brent crude rose 0.1% to $68.66/barrel
  
  
• WTI crude climbed 0.1% to $66.61/barrel
  
  

However, gains remain limited by fears of reduced global demand as Trump’s tariff wave threatens global growth, adding pressure to oil markets already facing higher OPEC+ production.

U.S. stock market futures:

Index	Current Value	Change (Points)	Change (%)
Dow Jones Futures	44,595.00	-270.00	-0.60%
S&P 500 Futures	6,282.75	-38.75	-0.61%
Nasdaq 100 Futures	22,879.00	-131.00	-0.57%

What’s the outlook for US stock markets?

With tariff headlines dominating news, the U.S. stock market is caught between resilient corporate earnings and the risk of broader economic fallout from escalating trade tensions. President Trump’s 35% tariff on Canada, upcoming tariff letters to the EU, and renewed blanket tariff plans may continue to weigh on investor sentiment in the days ahead.

Markets will now turn their focus to the CPI report and Q2 earnings, where any surprise could either calm fears or deepen volatility. For now, investors are navigating carefully, watching every move from the White House.

FAQs:

Q1. What is the impact of Trump's 35% Canada tariff on the US stock market futures?
A1. It caused Dow, S&P, and Nasdaq futures to drop sharply.

Q2. When will Trump’s new 35% tariff on Canada officially begin?
A2. The tariff is set to start on August 1.