U.S. stock futures fell Friday as fresh trade tensions weighed on sentiment. President Trump’s surprise move to impose steep new tariffs on Canadian goods raised concerns about broader global trade disruptions. Meanwhile, Nvidia crossed a $4 trillion market cap, and Bitcoin surged to record highs, driven by strong institutional demand.

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1. Trump Imposes 35% Tariff on Canadian Imports

President Donald Trump escalated trade tensions late Thursday, announcing a 35% tariff on all Canadian imports effective August 1. This marks a sharp increase from the current 25%. Trump warned that the rate could rise if Canada retaliates.

Goods under the USMCA trade agreement will remain exempt, as will the 10% tariff on Canadian energy and fertilizer. Trump also signaled possible 15% to 20% blanket tariffs on other trading partners. Recent measures have already hit countries like Japan, South Korea, and included a 50% tariff on copper.

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2. U.S. Futures Drop on Trade Anxiety

Markets pulled back from recent highs in response to the tariff announcement. As of 03:20 ET (NASDAQ: NVDA):

• S&P 500 futures fell 26 points (-0.4%)
• Nasdaq 100 futures were down 42 points (-0.2%)
• Dow futures dropped 200 points (-0.5%)

Despite strong closes Thursday, with the S&P 500 and Nasdaq reaching record highs, the new trade risks have unsettled investors. For the week, gains remain modest, with the Dow flat and both the S&P and Nasdaq up less than 1%.

Attention is now turning to whether Trump will target the European Union next. EU officials are pushing to reach a deal before the August 1 deadline.

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3. Nvidia Tops $4 Trillion Market Cap

Nvidia (NASDAQ: NVDA) made history Thursday, becoming the first company to close above a $4 trillion market cap, finishing the session at $4.004 trillion. The stock is now up 89% since April lows, fueled by relentless demand for AI technology.

“This is the first reinvention of computing since the 1960s,” said CEO Jensen Huang on MSNBC, highlighting the company’s pivotal role in the AI revolution.

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4. Bitcoin Soars Past $118,000

Bitcoin rallied to a new all-time high Friday, reaching $118,320 before easing to $117,670, up 5.6% on the day. The surge is driven by strong institutional interest and favorable crypto policy under the Trump administration.

Spot Bitcoin ETFs brought in $1.18 billion in net inflows Thursday, marking six straight days of gains. Total ETF trading volume reached $6.3 billion, the highest since May.

In a further boost to sentiment, a top Chinese regulator held strategy talks this week on stablecoin and digital currency policy—an indication of a potential shift in China’s crypto stance.

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5. Oil Rises on Sanctions Speculation

Oil prices edged higher on speculation that the U.S. may impose new sanctions on Russia.

• Brent crude rose 0.4% to $68.94
• WTI crude gained 0.6% to $66.96

Still, gains were limited by ongoing concerns over global demand and increased OPEC+ production. Both benchmarks dropped over 2% on Thursday amid fears that new tariffs could hamper global economic growth.

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