Markets Rattle as Trump Fires New Tariff Salvo Into Volatile Week

Markets Rattle as Trump Fires New Tariff Salvo Into Volatile Week
Markets are waking up to elevated risk on Friday. A surprise announcement from Donald Trump, revealing new sweeping tariffs, has quickly rattled investor confidence—particularly as it hits on the eve of a key U.S. jobs report.

Thursday brought a slew of data and high-profile earnings:

  • German Preliminary CPI came in at 0.3%, slightly above expectations.
     

  • Canadian GDP disappointed with a -0.1% print.
     

  • From the U.S., Core PCE Price Index landed at 0.3%—matching prior levels and keeping the Fed cautious.
     

  • The U.S. Employment Cost Index rose 0.9%, exceeding forecasts and reinforcing inflationary concerns.
     

On the corporate front, the spotlight was on Apple, Amazon, and Mastercard:

  • Apple impressed, with earnings that spurred a 2% gain pre-market.
     

  • Amazon, despite beating on earnings, hammered the market with weak guidance—sending pre-market shares tumbling 7% and dragging equity sentiment lower.
     

The result: both the S&P 500 and NASDAQ formed bearish engulfing patterns on Thursday’s daily charts—technically signaling possible downside ahead.

Today’s macro calendar holds major flashpoints:

  • Eurozone Flash CPI, expected at 1.9%, remains in focus as the ECB navigates inflation constraints.
     

  • U.S. Labor Report, including Non-Farm Payrolls (expected at 106,000), Average Hourly Earnings (0.3%), and Unemployment Rate (4.2%), are set to land midday.
     

  • ISM Manufacturing PMI, expected around 49.5, will be watched for signs of contraction.
     

Early Friday price action is cautious:

  • Futures are uneven—with Nasdaq under pressure following Amazon's sell-off and broader trade concerns.
     

  • In Europe, DAX futures are down, testing critical support levels.
     

  • In FX, the USD holds firm; Aussie dollar and Euro are showing modest rebound, while NZD remains fragile.
     

  • Commodities:
     

    • Oil continues to exhibit strength and range-holds near weekly highs.
       

    • Metals like gold and copper remain under pressure after Thursday’s sell-off.
       

With NFP on deck, Trump's trade headlines in the air, and divergent momentum across markets—Friday doesn't promise a dull exit to August.


 
Show More Articles
Axiory uses cookies to improve your browsing experience. You can click Accept or continue browsing to consent to cookies usage. Please read our Cookie Policy to learn more.