US Futures Markets Open Lower Amid Tariff Escalation
US futures markets opened lower on Thursday, 10/04/2025, reflecting the direct impact of the new tariff escalation between Washington and Beijing. The cautious tone prevailed after a brief relief the previous day, when the indexes registered one of the biggest increases in decades, motivated by the partial suspension of tariffs by the US government.
Early in the morning, S&P 500 futures, trading at 5,383.25 points, fell 1.9%, while Nasdaq 100 contracts, heavily exposed to the technology sector, fell 2.4%. Dow Jones futures fell 1.3%, equivalent to about 500 points. The negative movement also influenced the bond market: the yield on 10-year Treasuries fell to 4.3%, reflecting the search for safer assets.
The turning point came after the Trump administration raised import tariffs from China to 125%, intensifying the trade conflict. In response, Beijing increased its tariffs to 84%, which further escalated the bilateral conflict. The decision surprised Wall Street, which until then had been betting on a possible de-escalation of tensions.
Meanwhile, investors were closely watching the latest Consumer Price Index (CPI) report from the Bureau of Labor Statistics. The March data showed a 2.4% increase from the same period a year earlier — down from 2.8% in February but slightly below expectations for a 2.5% increase.
On a monthly basis, the CPI fell 0.1%, the first decline since May 2020. The core index, which excludes food and energy, rose 0.1% in March, slowing from 0.2% in the previous month. This slower pace may, however, be temporary, if the impact of tariffs on inflation is confirmed in future readings.
At the time of publication, the price of Bitcoin was quoted at US$81,704.06, up 6.5% in the last 24 hours.