FX.co ★ US Futures Waver

US equity futures were little changed as investors weighed how higher tariffs and inflationary pressures from the war in Iran might affect the US economy. Contracts on the three major stock indices hovered near the flat line, consolidating yesterday’s sharp losses that pushed benchmarks toward year-to-date lows. Treasury Secretary Bessent said global tariffs will be raised to 15% this week, with further increases planned by the fourth quarter. The announcement added to inflation concerns, as petrol-linked commodities retained most of their gains this week following reports that a container ship was hit in the Strait of Hormuz. The incident deepened doubts over President Trump’s assurances of insurance coverage and military escorts for tankers passing through the chokepoint. Fears of energy-price shocks and higher tariffs weighed on equities across most sectors, driving a spike in yields along the curve, while the heavyweight technology sector extended last month’s losses. Banks and asset managers also came under pressure amid mounting signs of strain among large private-credit firms.