Stock market today: Dow, S&P 500, Nasdaq futures edge lower as investors weigh earnings, Trump on China

US stock futures struggled on Friday to pick up on the recent rally as investors filtered through the latest batch of earnings and weighed Donald Trump’s hints at a softer stance on China tariffs.

Dow Jones Industrial Average futures (YM=F) fell almost 0.3%, while S&P 500 futures (ES=F) nudged below the flat line after the index hit its first record high of 2025 on Thursday. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were also little changed.

President Trump’s call at Davos for cuts to US interest rates, oil prices, and taxes spurred investor optimism for his policies, buoying stocks. The major gauges are set to end the holiday-shortened week with gains above 2%, demonstrating the power of Trump’s comments even as Wall Street questions his ability to order the changes.

On Thursday, Trump said he’d “rather not” impose tariffs on China — a softening in stance that eased some fears over the potential for trade war. Chinese stocks (000300.SS) rose after the remarks in a Fox interview.

Spirits are also getting a boost from a strong start to earnings season, with Verizon (VZ) and American Express (AXP) on Friday’s docket. But a key test is looming with Big Tech’s big players set to report results next week.

Meanwhile, Boeing (BA) shares slipped after the jet maker said it expects to book a $3.5 billion quarterly loss thanks to strikes and layoffs.

Elsewhere in markets, oil (CL=F, BZ=F) prices gained on Thursday, but were still on track for a weekly loss as markets rode the Trump roller-coaster. Investors were assessing not just the China shift but also the president’s demand that OPEC bring down the cost of crude.

Gold (GC=F) closed in on a record high as the dollar (DX-Y.NYB) pulled back, making the metal cheaper.

Preliminary readings on US manufacturing and services activity in January will shed light on how the economy is faring ahead of the Federal Reserve’s policy meeting next week.