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Russian (RU) Updated Thu, Apr 17, 2025, 5:00 AM 2 min read
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US stock futures were mixed Thursday after a rough session the day before, as investors eyed potential progress on trade talks and President Trump lashed out at Fed Chair Jerome Powell after his stark picture of the economy under tariffs.
Futures attached to the Dow Jones Industrial Average (YM=F) fell 1.5%, or over 500 points. The benchmark S&P 500 (ES=F) gained 0.3%, and futures on the tech-heavy Nasdaq Composite (NQ=F) ticked up 0.4% after Wednesday's tech-led sell-off.
CBOT - Delayed Quote USD
As of 8:05:27 AM EDT. Market Open.
YM=F ES=F NQ=F
Stocks extended their slide on Wednesday as Powell, speaking in Chicago, issued his starkest warning yet on how tariffs could affect the US economy. The Fed chair said the central bank would likely face a "challenging scenario" considering he expects the levies to exacerbate inflation and slow economic growth.
Read more: The latest on Trump's tariffs
Powell also threw cold water on hopes the central bank would imminently slash interest rates as tariffs roll in, saying Fed officials will "wait for greater clarity" on Trump's trade policy.
Before and after Powell spoke, Nvidia (NVDA) shares tanked on news the chip giant would face new curbs from the US government on sales to China. Shares were flat Thursday.
Wall Street's corporate focus will turn to Netflix's (NFLX) quarterly earnings report, which is set for release after the bell. With Big Tech unsettled by Trump's tariffs, the streaming giant has emerged as a rare bright spot among the group and investors hold high hopes for its results.
Meanwhile, TSMC (TSM) reported a 60% surge in first-quarter net profit on Thursday, topping forecasts as booming demand for chips used in AI applications drove strong growth at the world’s largest contract chipmaker.
UnitedHealth (UNH) cut its annual profit forecast on Thursday, citing persistently high medical costs. Shares plunged 19% in premarket trading.
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Trending tickers in premarket trading: UnitedHealth, Eli Lilly, Hertz, TSMC
Here are some of the top trending tickers to watch in today's trading:
Trump says "Too Late" Jerome Powell of the Fed should lower rates
President Trump took to social media on Thursday to criticize the Federal Reserve and its chair, Jerome Powell, for not cutting interest rates soon enough.
Trump said the European Central Bank is expected to cut interest rates for the seventh time, "yet 'Too Late' Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete 'mess!'"
Trump went on to write: "Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!"
During a speech in Chicago on Wednesday, Powell said that the central bank will "wait for greater clarity" before considering any interest rate adjustments. He warned of the "challenging" impacts of the tariff uncertainty, which has gripped the economy and markets in recent weeks.
Good morning. Here's what's happening today.
Gold pauses record-breaking rally as market ponders trade talks
Gold (GC=F) paused its record-breaking rally amid optimism over US-Japan trade talks, after bullion earlier reached another all-time high.
The precious metal edged lower to trade around $3,325 an ounce, after its biggest one-day gain in two years on Wednesday. That jump came on dollar weakness and as Federal Reserve Chief Jerome Powell signaled a wait-and-see approach to tariffs, pushing back on hopes the central bank would act quickly to soothe investor fears.
The precious metal has climbed almost 27% this year — matching the gain it notched in 2024 — as US President Donald Trump’s escalating trade war creates anxiety over a possible global recession. That uncertainty is benefiting gold, said Nicholas Frappell, global head of institutional market at ABC Refinery based in Sydney.
Dollar clings to gains but heads for fourth straight weekly loss
The dollar (DX=F) attempted a rebound Thursday ahead of the Easter break but remained set for a fourth straight weekly loss as tariff turmoil dented confidence.
TSMC profit soars 60% for Q1, beating expectations
Reuters reports:
Oil moves toward weekly rise on US sanctions against Iran
Crude prices climbed higher late Wednesday as the US rolled out fresh sanctions aimed at choking off Iranian oil exports. The move stoked supply concerns as several OPEC members signalled additional production cuts to offset recent overproduction, reinforcing expectations of a tighter global market ahead.
Reuters reports:
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