Stock futures fall after Trump unveils 35% tariffs on Canada starting Aug 1: Live updates

U.S. equity futures fell Thursday evening after U.S. President Donald Trump announced 35% tariffs on Canada starting Aug. 1.

Futures tied to the benchmark S&P 500 declined 0.48%. Nasdaq 100 futures fell 0.57%. Dow Jones Industrial Average futures fell 0.45%, or 202 points.

This comes as investors continued piling into risk assets, sending the S&P 500 and Nasdaq Composite to new closing records.

In regular trading, the broad market S&P gained 0.27% to end the day at 6,280.46, while the tech-focused Nasdaq finished higher by 0.09% at 20,630.67. The Dow advanced 192 points, or 0.43%, closing at 44,650.64.

The moves came as investors shrugged off any worries around the latest trade developments, including a 50% U.S. tariff on imported copper that President Donald Trump announced Wednesday night, as well as a 50% tariff on Brazil.

Trump earlier told NBC News’ Kristen Welker late Thursday that letters could be sent to Canada and the European Union with the latest tariff proposals as soon as today.

The rally in stocks began Wednesday, after Nvidia briefly touched a $4 trillion market cap for first time, launching a rally in tech names. On Thursday, consumer discretionary was the top performing sector in the market.

The economy needs to continue to stay resilient, however, for the rally to be sustainable, warned Drew Pettit, Citi’s U.S. equity strategy director.

“Structurally, we’re not there yet. Fundamentally, I don’t think we’re there yet,” he told CNBC’s “Closing Bell Overtime” Thursday. “If you want these types of sectors to continue to outperform more than just a tactical trade, you’re going to need the macro data to hold in there and the Fed to cut rates. It’s not an either or, structurally, I think it’s both and we’re not quite there.”

The major averages are on pace to end the week little changed, with the Dow hovering just under the flat line on a weekly basis and the S&P and Nasdaq higher by less than 1%.

Investors are looking ahead to the Treasury Department’s monthly treasury statement at 2 p.m. ET Friday.