Stock futures were trading in the red Friday as the lack of clarity surrounding President Donald Trump’s plan to impose so-called reciprocal tariffs put investors in an uncertain mood. Trump signed a memo ordering his team to start drawing up plans for equalizing levies against any country currently taxing imports from the U.

Trump noted in his press conference that some nations have already floated tariff cuts, though he also acknowledged that inflation could rise in the short term — a sign he isn’t afraid to do exactly what he said he would do.

The Dow, S&P 500, and Nasdaq gained Thursday as the stock market reacted to President Donald Trump's tariff announcement, inflation data, and Russia-Ukraine peace talks.

And they shrugged off a pre-market social media post and a late-day press conference on potential new tariffs from President Donald J. Trump. Yields declined sharply, and tech stocks led what looks like an old-fashioned relief rally.