Wall Street is set to open lower on Friday as President Donald Trump said there's "absolutely no need to rush" on a trade agreement with China and tariffs will make the United States "much stronger."
Futures for the Dow Jones Industrial Average plummeted 143 points, or 0.6%, to 25,673
Futures for the S&P 500 forfeited 20 points, or 0.7%, at 2,852.75
NASDAQ futures fell 54.25 points, or 0.7%, to 7,541
Trump signaled in a Twitter post Friday morning he could stick with China tariffs for a long period of time. The comments came after he slapped higher tariffs — from 10% to 25% — on $200 billion worth of Chinese goods.
There's still hope that the U.S. and China could hatch a deal, however. Some market participants believe the new tariffs are not applied to Chinese exports that are already in transit before the deadline, which provides some additional time for the two sides to reach an agreement.
Shares of Ford rallied more than 2% in pre-market Friday, providing some support for the market, after Bank of America Merrill Lynch upgraded the equity to buy from neutral, citing a strong utility vehicle and truck lineup over the next few years.
Overseas, the Nikkei 225 sank 0.3% Friday, while in Hong Kong, the Hang Seng Index improved 0.8%
Oil prices nicked up 11 cents to $61.81 U.S. a barrel.
Gold prices poked up 50 cents at $1,285.70 U.S. an ounce.