Stock Market Update

The stock market is on track for a sharply lower start with futures on the S&P 500 trading 85 points below fair value. This puts the market on track to extend this week's 2.0% loss in the S&P 500.

Equity futures fell to lows after President Trump brought the conversation back to tariffs by threatening a 50% tariff on imports from the EU due to a sluggish pace of negotiations. The president's comments caused shockwaves, weighing on U.S. equity futures and European stocks.

The market did not receive any data this morning, but the New Home Sales report for April (Briefing.com consensus 679,000; prior 724,000) will be released at 10:00 ET.

Treasuries hold gains with the 10-yr yield falling eight basis points to 4.47%.