Stock futures shed overnight gains, signaling weaker start to trading

U.S. stock futures shed their early morning gains, falling into the red before the opening bell on Wall Street.

Stocks are coming off a three-day relief rally fueled by investor hopes President Trump would ease tariffs on China and keep Jerome Powell in his post as chairman of the Federal Reserve.

Shortly before the start of trade, Dow Jones Industrial Average futures were down 196 points, or 0.5%, while S&P 500 futures fell 17 points, or 0.3%. The tech-heavy Nasdaq Composite futures dropped 0.4%.

"U.S. equity index futures held to a quiet, range-bound trade for most of the night but have come under renewed selling pressure as U.S. traders begin to get involved in the market," John Canavan, lead U.S. stock analyst for Oxford Economics, said in a research note. "The Treasury bid has remained solid, however, and yields are holding near the lows of the night ahead of the open."

Futures dipped to their lowest level around 6 a.m., coinciding with the release of Mr. Trump's interview with Time, economist Peter Boockvar, CIO of Bleakley Financial Group, said in a report. The president told the magazine he would consider it a "total victory" for the U.S. if tariffs on foreign imports remained as high as 50% a year from now.

At the same time, Mr. Trump also suggested his administration has struck 200 trade deals with other countries.

"The S&P futures went straight down again this morning after details of Tuesday's Time interview with DJT came out," Boockvar told investors.

Markets have whipsawed as the White House introduces a raft of tariffs on countries around the world, raising concerns about slowing economic growth and creating uncertainty for consumers and businesses.

Shares of Alphabet jumped 5% overnight after Google's parent company announced late last night that its profit soared 50% in the first quarter.

Intel shares slid 6.8% before markets opened. The California-based technology company released its first-quarter 2025 financial results yesterday. "The current macro environment is creating elevated uncertainty across the industry, which is reflected in our outlook," said Intel Chief Financial Officer David Zinsner.

The Associated Press contributed to this report.

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