Stock market today: Dow, S&P 500, Nasdaq futures edge lower after Trump’s tariff pause sparks historic rally

US stock futures pointed toward losses in Thursday’s session after the major indexes
staged a historic rally
as President Trump paused many of his largest
tariff hikes on trading partners
.

Futures tied to the S&P 500 (
ES=F
) were down 0.3%, while those on the tech-heavy Nasdaq (
NQ=F)
fell 0.8%. Dow Jones Industrial Average futures (
YM=F
) slipped 0.1%.

Stocks are coming one of their biggest one-day rallies since World War II. The benchmark S&P 500 (
^GSPC
) had its best day since 2008, gaining 9.5%. The Dow (
^DJI
) rallied nearly 3,000 points. The Nasdaq Composite (
^IXIC
) posted its second-best day on record.

The moves came as markets breathed a loud, collective sigh of relief after Trump announced he was suspending most “reciprocal” tariffs on other countries for 90 days. Trump nodded to “yippy” stock and bond markets as a factor in his decision-making, even as the 10-year Treasury yield (
^TNX
) remained higher around 4.4% after his announcement.

But Trump also embarked on a remarkable escalation in his trade battle with China, raising levies on those imports to a whopping 125%. And other parts of his trade-policy overhaul remain in effect, including a 10% baseline tariff on most trading partners, 25% duties on steel and aluminum imports, and
25% duties on auto imports
.

Read more: Live updates on Trump tariffs fallout

Those elements could still lead to consequences economists have warned about, including rising prices and slower economic growth. Investors on Thursday will get a snapshot of a largely pre-tariff inflation picture with the release of March’s Consumer Price Index.

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3 updates