Global markets are entering Friday with mixed momentum. US stock futures are inching higher this morning as Wall Street digests President Trump’s latest Federal Reserve pick and the close of the first day under his sweeping new tariffs.
At the same time, Japan’s markets are powering to record highs, while oil prices are sinking into their longest losing streak since 2021.
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Wall Street Eyes Fed and Tariffs
Dow, S&P 500, and Nasdaq 100 futures are each up around 0.2% after Thursday’s mixed session. The Dow closed down about 0.5%, the S&P edged slightly lower, and the Nasdaq managed a 0.35% gain.
The catalyst came late Thursday when Trump nominated Stephen Miran, the current chairman of the Council of Economic Advisors, to join the Fed’s Board of Governors. While the move boosted hopes of a September rate cut, confirmation is unlikely before autumn due to the Senate’s August recess.


Meanwhile, gold surged to fresh highs on reports of new tariffs on one-kilogram bullion imports.
Asia: Japan Leads, Rest of Region Lags
In Asia, Japan’s rally is the standout story. The Nikkei rose 2% and the Topix climbed 1% to record levels above 3,000. Gains were fueled by earnings beats from SoftBank (+11%) and Sony (+6%).
Elsewhere, the picture was softer. Hong Kong’s Hang Seng, South Korea’s Kospi, and Australia’s ASX fell between 0.1% and 0.7%, as investors weighed ongoing tariff risks and signs of slower global growth.
Oil: Seven-Day Slide Pressures Energy Markets
Oil prices are extending their decline, with Brent crude down 0.3% to around $65.34 a barrel and WTI at $63.70. This marks the longest losing streak in four years.
Traders are discounting geopolitical risks after Trump said he’d be willing to meet Vladimir Putin, easing fears of Russian supply disruptions. At the same time, Trump’s decision to double tariffs on all Indian imports of Russian crude to 50% has pushed state-owned refiners in India to scale back purchases.
The supply side is also loosening. OPEC+ has followed through on easing production curbs, and Brent’s front-month spread has narrowed sharply — a signal of less immediate tightness in the market.
Stagflation fears creep up in US
Wall Street strategists see signs of stagflation bubbling up in the US economy as President Donald Trump’s new tariffs go into effect. Data suggests higher inflation and slow growth are both imminent: Companies could soon pass tariffs on to customers, and the job market is teetering. Consumption is increasingly dependent on the top 10% of earners, who drive about half of spending. “These people will determine if the US economy avoids a recession,” one economist wrote. But another analyst argued in Project Syndicate that growth from American technological innovations will outweigh stagflationary policies. Still, it’s unclear if the AI boom propping up the economy is “evidence of the next Industrial Revolution or the next big bubble,” journalist Derek Thompson wrote.


Today’s Market Calendar
Time (US ET) | Time (UK) | Event / Company |
---|---|---|
10:20 | 15:20 | Fed’s Musalem Speaks |
Before Open | Tempus AI ($TEM), fuboTV ($FUBO), Wendy’s ($WEN), TeraWulf ($WULF), Under Armour ($UAA), Alpha Metallurgical ($AMR), Plains All American ($PAA), Canopy Growth ($CGC) | |
After Close | Virgin Galactic ($SPCE), DraftKings ($DKNG), Beyond Meat ($BYND), Airbnb ($ABNB), Occidental Petroleum ($OXY) |
Earnings – Before Market Open: Walt Disney ($DIS), Shopify ($SHOP), Uber Technologies ($UBER), Aurora Cannabis ($ACB), Novavax ($NVAX)
Earnings – After Market Close: Virgin Galactic ($SPCE), DraftKings ($DKNG), Beyond Meat ($BYND), Airbnb ($ABNB), Occidental Petroleum ($OXY)
What to Expect Next
Fed influence: Miran’s nomination reinforces expectations for at least one rate cut this year, but political dynamics could slow the process.
Tariff fallout: Corporate guidance from multinationals will be closely watched for signs of cost pass-through.
Energy outlook: With oil under sustained pressure, energy equities could face further volatility.
Investor sentiment: The CNN Fear & Greed Index is holding near neutral (54–55), suggesting markets could swing either way on fresh data.
Markets enter Friday on a delicate balance, optimism fueled by possible Fed easing and Japanese momentum is tempered by cautious sentiment, slipping oil, and tariff headwinds. Today’s performance hinges on whether Q2 earnings and Fed commentary validate the momentum or invite consolidation.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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