Wall Street Likely To Open On Negative Note

(RTTNews) - Lower U.S. futures and uncertainty surrounding Trump administration's tariff moves point to a flat start for stocks on Wall Street on Friday. Investors will also be digesting some crucial economic data, including reports on U.S. consumer confidence, Chicago PMI reading, and personal income & spending reports.

The Dow futures are down 0.37 percent, and the S&P 500 futures are lower by 0.43 percent, while Nasdaq futures are lower by about 0.5 percent.

U.S. stocks closed modestly higher on Thursday. After a strong upmove early on in the session, stocks turned a bit volatile, but eventually ended the day's session on a positive note.

The Dow rose 117.03 points or 0.3 percent to 42,215.73, the Nasdaq climbed 74.93 points or 0.4 percent to 19,175.87 and the S&P 500 increased 23.62 points or 0.4 percent to 5,912.17.

The market gained early on, reacting to a federal court ruling that blocked President Donald Trump's "reciprocal tariffs" on imports from U.S. trade partners from going into effect.

The Court Of International Trade ruled Trump overstepped his authority to impose the tariffs by invoking emergency economic powers. The judges also said tariffs on Canada, Mexico and China related to drug trafficking "fail because they do not deal with the threats set forth in those orders."

Following an appeal by the Trump administration, an appeals court temporarily pausing the lower court's ruling later in the day.

In overseas trading, Asian stocks settled mostly lower on Friday due to uncertainty surrounding a court battle about U.S. President Donald Trump's tariffs and rising concerns about U.S. economic stability.

European stocks are up in positive territory in cautious trade with investors reacting to the developments on the tariff front, and awaiting some crucial economic events next week.

In commodities, West Texas Intermediate Crude oil futures are down $0.67 or 1.11% at $60.27 a barrel. Gold futures are down $20.90 or 0.63% at $3,323.00 a barrel.