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 also 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.

Stocks making the biggest moves after hours

These are the stocks making the biggest moves in extended trading:

Levi Strauss — Shares of the denim maker popped about 6% after the company raised its sales guidance, saying it expects it will absorb some tariff costs for now. It also beat earnings and revenue expectations for the most recent quarter, reporting it earned 22 cents per share adjusted versus 13 cents expected. Revenue of $1.45 billion, topped the $1.37 billion estimate, according to LSEG.

PriceSmart — The discount retailer rose about 7% after reporting higher than expected earnings and revenue for the latest quarter. Earnings per share came in at $1.14, beating analyst estimates by 2 cents, according to LSEG. Revenue of $1.32 billion narrowly topped estimates of $1.31 billion.

• Bitcoin stocks — Stocks tied to the price of bitcoin rose after hours as the the flagship cryptocurrency continued climbing to new records into the evening. Bitcoin was last higher by 4% at $116,031.95, according to Coin Metrics. Bitcoin miners Mara Holdings and CleanSpark each gained nearly 3%. MicroStrategy added 1.8%.

Stock futures open little changed

U.S. equity futures opened flat on Thursday evening.

Futures tied to the benchmark S&P 500 fell 0.04%. Nasdaq 100 futures were lower by 0.01%. Dow Jones Industrial Average futures slipped 32 points, or 0.07%.