US stock futures dropped as Wall Street reacted to a slew of announcements from President Trump about a new wave of tariffs impacting furniture, pharmaceuticals and heavy machinery to take effect from Oct.1.

Futures attached to the Dow Jones Industrial Average (YM=F) hovered just above the flatline. Futures attached to the benchmark S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) ticked up 0.1%.

Stocks on Thursday logged a third straight day of losses. A surprise jump in GDP growth and decline in jobless claims shook investor confidence that more interest rate cuts this year are a sure bet. Jitters about the sustainability of the AI boom also unnerved Wall Street amid a series of major Big Tech moves in the sector this month.

Meanwhile, President Trump signed an order approving a $14 billion TikTok deal, though China still needs to sign off on the agreement. Fed governor Lisa Cook also urged the Supreme Court to reject Trump's attempt to fire her over alleged mortgage fraud, saying it would cause "chaos and disruption" in markets.

The economy's mixed signals and signs of division among Fed policymakers have amped up anticipation for the release of the August PCE report. Investors are looking for reassurance that inflation hasn't risen so fast that it could threaten the two rate cuts the Fed has projected for this year. The report is set to be released at 8:30 a.m. ET and is expected to show an easing in price pressures.

Oil prices rose overnight Thursday amid continued Ukrainian militry pressure on Russian production facilities. The commodity is looking to record its largest weekly gain in over three months.

Reuters reports:

Brent futures (BZ=F) climbed 15 cents, or 0.2%, to $69.57 a barrel by 0100 GMT, while U.S. West Texas Intermediate (CL=F) crude futures gained 23 cents, or 0.4%, to $65.21 a barrel.

\\"Gains were supported by ongoing Ukrainian drone strikes targeting Russian oil infrastructure, NATO's warning to Russia it is ready to respond to future violations of its airspace and Russia's move to halt key fuel exports,\\" IG analyst Tony Sycamore said.

Russian Deputy Prime Minister Alexander Novak said on Thursday the country would introduce a partial ban on diesel exports until the end of the year and extend an existing ban on gasoline exports.

The fall in capacity to refine oil has pushed Moscow close to reducing crude output. Several Russian regions are facing shortages of certain grades of fuel.

Both benchmarks reached their highest levels since August 1 this week, driven by a surprise drop in U.S. weekly crude inventories in addition to Ukraine's attacks on Russia's energy infrastructure.

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