Stock futures edged lower today as investors reacted to both mounting trade tensions and mixed earnings reports, setting an uncertain tone for the markets at the start of August. The Dow, S&P 500, and Nasdaq futures all slipped ahead of the opening bell as attention focused on new White House trade actions and key upcoming economic data.

President Donald Trump announced a new baseline global tariff of 10%, signaling a tougher stance on international trade. In addition, the administration raised tariff rates specifically on Canadian imports. These measures added to persistent investor concerns about the impact of escalating trade barriers on economic growth and corporate profits.

Market sentiment was further impacted by quarterly earnings from major tech companies. Amazon shares tumbled nearly 7% in extended trading after the company issued a disappointing revenue forecast for the upcoming quarter. In contrast, Apple posted stronger-than-expected results and gained 2% after beating Wall Street estimates for both earnings and revenue. Even strong performances from Microsoft and Meta, with the latter jumping double digits, were not enough to offset broader market weakness.

Thursday’s regular session closed with the Dow down 0.74%, the S&P 500 off by 0.37%, and the Nasdaq declining 0.03%. These losses come as traders await the July jobs report, which is seen as a key indicator of economic momentum and is likely to influence expectations for Federal Reserve policy decisions in the coming months.

Meanwhile, inflation data also reached the spotlight with core PCE prices, the Fed’s preferred gauge, rising 0.3% in June and 2.8% year-over-year. This uptick could complicate the outlook for interest rate cuts as policymakers balance the risks of inflation and economic slowdown.

Investors are bracing for increased volatility as global trade uncertainty and crucial economic reports converge in the days ahead.