Stock market today: Live updates

Stock futures dropped Friday, a day after the S&P 500 posted a new record high, after President Donald Trump announced a 35% tariff on Canada and threatened higher tariffs across the board.

Dow Jones Industrial Average futures shed 238 points, or 0.5%. Futures tied to S&P 500 declined 0.5% after the benchmark posted an all-time intraday high and record close on Thursday. Nasdaq 100 futures slid 0.4%. The Nasdaq Composite also set a new record Thursday.

Trump cited fentanyl as a reason for higher Canada duties, adding that they would go higher if the country retaliates. “If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,” Trump said in a letter posted on Truth Social.

Trump then told NBC News he was planning blanket tariffs of 15% to 20% on remaining countries, higher than the current 10% standard that investors had grown comfortable with.

“I think the tariffs have been very well-received. The stock market hit a new high today,” Trump told NBC News on Thursday.

The S&P gained 0.3% on Thursday to notch a new record, while the tech-focused Nasdaq finished higher by 0.1% as investors shrugged off any worries around the latest trade developments, including a 50% U.S. tariff on imported copper as well as a 50% tariff on Brazil unveiled this week. A jump in Nvidia on the back of AI hopes to a $4 trillion market valuation has helped drive the recent market gains.

Nvidia was pulling back in premarket trading Friday, along with most other tech shares. It was a broad sell-off Friday with most stocks in the S&P 500 in the red so far in early trading. JPMorgan led banks lower Friday, down about 1% in premarket trading.

The economy needs to continue to stay resilient for the rally to be sustainable, warned Drew Pettit, Citi’s U.S. equity strategy director.

“Structurally, we’re not there yet. Fundamentally, I don’t think we’re there yet,” he told CNBC’s “Closing Bell Overtime” Thursday. “If you want these types of sectors to continue to outperform more than just a tactical trade, you’re going to need the macro data to hold in there and the Fed to cut rates. It’s not an either or, structurally, I think it’s both and we’re not quite there.”

Friday’s losses will likely push the major averages into the red for the week. Next week, investors will need to navigate the start of second-quarter earnings reporting season, along with the release of some key inflation data.