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US stock futures (ES=F, NQ=F, YM=F) are moving higher Friday morning after the Trump administration boasted a trade between the United States and the United Kingdom on Thursday.
Ahead of trade negotiations between US and Chinese officials this weekend, President Trump has preemptively stated that an 80% tariff on imports from China "seems right."
Lyft (LYFT) shares jump in the pre-market session after posting its first quarter earnings results yesterday. Yahoo Finance will be hearing from Lyft CEO David Risher later this morning. Additionally, travel booker Expedia (EXPE) finds its stock slipping this morning after cutting its outlook amid slowing travel demand.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
Let's get to the three things that you need to know today.
First up, US stock futures holding steady ahead of trade talks this weekend, the negotiations coming after the US announced its first major trade deal with the UK this week. Bank of America saying stocks were correct to rally on the trade optimism, but warned the rebound is likely over as investors quote, buy the expectation and sell the fact. President Trump's tariff announcement in early April triggered the worst stock sell-off since 2020. But since the tariff reprieve on April 9th, the S&P has rallied 14%, though it's still down on the year.
And here's what we can expect from the weekend's US China trade negotiations. The Trump administration is weighing a dramatic tariff reduction during weekend talks with Bloomberg reporting that the US has set a target of reducing tariffs below 60% as a first step. However, this morning President Trump posted on Truth Social and said he thinks the tariff rate should be brought down to 80% from 145%, but is ultimately leaving Treasury Secretary Scott Besons to make the decision.
And on the earnings front here, shares of ride hailing app Lyft rallying this morning after topping Wall Street expectations and expanding its buyback. Analysts were positive on the results with Goldman raising the stock to a buy rating. Meantime shares of the travel company Expedia plunging as the company cut its full year outlook as travel demand slows due to uncertainty around consumers discretionary spending in the United States.
