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.