- Stock futures pointed to a lower open as investors assessed fresh tariff threats from President Donald Trump.
- Levi Strauss raised its full-year financial outlook.
- Goldman Sachs is taking an autonomous software engineer for a test drive.
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Stock futures on Friday pointed to a lower open on Wall Street as investors assessed fresh tariff threats from President
Donald Trump
. That’s after the
S&P 500
and
Nasdaq Composite
both
closed at record highs
on Thursday, with markets shrugging off Trump’s announcements from earlier in the week of 50% tariffs on
imports from Brazil
and
copper
— even though those duties could
drive up U.S. prices
on everything from
coffee
to business jets to pipes for new houses.
Follow live market updates.
Trump on Thursday threatened
35% tariffs
on goods from Canada, effective Aug. 1. The president complained in a letter posted to Truth Social that Ottawa had retaliated with duties against Washington and said that Canada needs to do more to combat Fentanyl. “If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,” Trump wrote in the letter addressed to Canadian Prime Minister Mark Carney. Meanwhile, Trump also threatened
blanket tariffs
of 15% or 20% on a large swath of the world. “We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%. We’ll work that out now,” Trump told NBC News’ “Meet the Press” moderator Kristen Welker. The United States’ current tariff rate on nearly all countries is 10%. “I think the tariffs have been very well-received. The stock market hit a new high today,” Trump told Welker on Thursday.
Levi Strauss
raised its
full-year financial outlook
on Thursday, saying it is working to absorb the impact of Trump’s tariffs. The jeans giant’s forecast assumes a 30% tariff on China — the source of around 1% of its products — and 10% duty on the rest of the world. “We are absorbing some of the costs. What helps is that our business is so strong,” said CEO Michelle Gass. “We have been pulling back on promotions anyway, that’s leading to more full-price selling, and some of our new innovation, our new fits, we’re pricing at a premium, and they’re buying. So all of those things help us navigate this time of having the tariff headwind.”
Goldman Sachs
is taking an
autonomous software engineer
for a test drive. The program, which is called Devin, is made by AI-startup Cognition and is set to join 12,000 human developers at the bank, Goldman tech chief Marco Argenti told CNBC. Cognition said last year that it had created the first AI software engineer, with videos showing Devin completing multi-step assignments. “Initially, we will have hundreds of Devins [and] that might go into the thousands, depending on the use cases,” Argenti said.
Trump’s budget chief,
Russell Vought
, said Thursday that
Federal Reserve
Chairman
Jerome Powell
“has grossly mismanaged the Fed.” The Office of Management and Budget director suggested in a letter posted on X that Powell misled Congress about “ostentatious” renovations of the central bank’s headquarters. Trump has repeatedly — and unsuccessfully — urged Powell to cut interest rates and
reportedly considered
firing him.
Money Report
The No. 1 red flag that someone is a bad boss, according to a workplace expert: ‘Sometimes you want a job so badly that you ignore it’
Here’s how much more expensive back-to-school shopping is in 2025 — in one chart
—
CNBC’s Lisa Kailai Han, Sean Conlon, Dan Mangan, Tanaya Macheel
,
Anniek Bao, Vinay Dwivedi, Gabrielle Fonrouge, Hugh Son and Amelia Lucas, as well as NBC News, contributed to this report.
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