Dow, S&P and Nasdaq futures were all in the red as Bejing announced it was raising its tariffs on U.S. goods again, escalating their trade war.

US stock futures extended some of Thursday's losses before bouncing back as Wall Street gets ready to wrap up another week of tariff-fueled turmoil. Thursday's session showed that the initial optimism from Trump's 90-day "pause" on reciprocal tariffs for most trade partners had given way to concern about his escalation with China.

The stock market appeared poised for a reversal of the previous day’s blistering stock market rally as attention shifted to a potential U.S.-China trade war.

Products made here might still depend on materials from overseas. And they might be made on machines needing foreign replacement parts.

While the financial markets heave a collective sigh of relief now that President Donald Trump has paused the implementation of reciprocal tariffs (except those targeted at China), even the most optimistic among us would not dare imagine that this chapter has closed.

President Trump’s on-and-off tariffs could hide a plan to make bilateral trade deficits key to U.S. trade policies.

The well-timed bets likely paid off handsomely. Now, some Democratic lawmakers are calling for investigations into whether Trump's policy reversal led to any market manipulation or insider trading. Betting on short-term market swings is common and the trades in question could easily have been placed without any prior knowledge of the coming news as traders speculate on a market bounce or hedge against one every day.

Plus: A jailed U.S. citizen has been released in prisoner swap with Russia. | International tourists are turning away from the U.S. as a destination.

U.S. stocks are giving back some of their historic gains from the day before as Wall Street weighs a global trade war that has cooled in temperature but is still threatening the economy