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Stock market today: Dow, S&P 500, Nasdaq futures rise after tech rout as new Trump tariffs take effect
Grace O’Donnell· Editor, Special Projects
Updated Fri, July 24, 2026 at 5:10 PM GMT+5:30
2 min read
US stocks eyed a tentative recovery before the bell on Friday as investors assessed a new set of global tariffs against a backdrop of AI jitters, rising oil prices, and elevated bond yields
Dow Jones Industrial Average futures (YM=F) rose roughly 0.4%, while those on the S&P 500 (ES=F) edged 0.2% higher. Contracts for the tech-heavy Nasdaq-100 (NQ=F) nudged up 0.1% as Wall Street stocks attempted to stabilize after a sharp sell-off on Thursday, led by megacap tech names
The major indexes were on track for weekly losses after the “Magnificent Seven” stocks collectively shed nearly $800 billion in market value on Thursday amid a sell-off sparked by Alphabet’s (GOOG, GOOGL) and Tesla’s (TSLA) ballooning AI spending. That tech sell-off spread to Asian markets, where South Korea’s KOSPI (^KS11) and Japan’s Nikkei indexes (^N225) fell
Overnight, President Trump’s latest set of global tariffs targeting nearly all US imports went into effect. The new Section 301 tariffs, which the administration hopes will better withstand legal scrutiny, levy rates of 10% to 12.5% on the US’s top trading partners
The White House exempted some energy products from those tariffs as markets contend with higher oil prices that threaten to derail progress on inflation and ripple throughout the economy
Oil prices fell on Friday, with Brent crude (BZ=F) futures down 2% to trade below $99 per barrel. But the international benchmark was set for a weekly gain after touching $100 per barrel
The economic data to watch will be S&P Global’s flash purchasing managers index updates on services and manufacturing in July, and new home sales. On the corporate front, American Express (AXP), NextEra Energy (NEE), and Verizon Communications (VZ) are among the companies reporting earnings
