Stock market today: Live updates

Dow Jones Industrial Average futures gave up most of their gain after President Donald Trump endorsed a severe tariff rate on China ahead of trade talks between the two nations this weekend.

Futures tied to the Dow were flat. S&P 500 futures were up 0.1%. Nasdaq-100 futures climbed 0.2%.

“80% Tariff on China seems right! Up to Scott B.,” the president said on Truth Social ahead of talks lead by Treasury Secretary Scott Bessent with China in Switzerland this weekend.

Trump has left his 145% tariff on China unchanged despite issuing a 90-day pause on higher rates for most countries last month. But there’s been speculation lately that the administration would lower the rate significantly to de-escalate negotiations and jumpstart the talks. Bloomberg News reported earlier that the rate could be lowered below 60% as soon as this week.

Trump’s latest Truth Social salvo dashed those hopes.

President Donald Trump on Thursday announced a preliminary trade agreement with the U.K., which is the first deal between the U.S. and a global trading partner since Trump’s “reciprocal” tariff announcement last month. The details have yet to be finalized, but Trump said a 10% baseline tariff will remain in place on the U.K.

Trump also noted that the 10% rate represents the lower end of what other countries can expect, and noted “some will be much higher because they have massive trade surpluses.”

“While trade with the UK pales in comparison to trade with our neighbors to the North and South, and especially in comparison to China, it is an important test case and a model for what could be accomplished,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. “If the administration can follow this up with additional agreements, it would go a long way toward healing a stock market that has been battered and bruised this year.”

Stocks rose in the previous session after Trump said he anticipates U.S. negotiators will have a “good weekend” with China in opening trade talks. The major averages ended the day off the highs, with Dow advancing 0.6% and the S&P 500 adding nearly 0.6%. The Nasdaq Composite climbed about 1.1%.

Week to date, the S&P 500 is on pace for a 0.4% decline, while the Nasdaq is on track to drop 0.3%. The Dow is toting a modest gain of 0.1%, heading for its third positive week in a row.