Trump's New Tariff Threat Sinks Stock Futures
The president is considering another $100 billion in tariffs on Chinese products
Futures on the Dow Jones Industrial Average (DJI) are plummeting, with the blue-chip index set to snap its three-day win streak. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also firmly in the red in electronic trading, after President Donald Trump raised the trade stakes on Beijing last night -- proposing $100 billion in new tariffs on Chinese products. Traders are also digesting this morning's big jobs miss, with the U.S. adding 103,000 positions in March -- well below the 193,000 economists were expecting. Wage growth, meanwhile, edged up slightly more than expected, while the unemployment rate stood firm at 4.1%. Nevertheless, the major U.S. benchmarks seem set for weekly wins.
Continue reading for more on today's market, including:
How and why to trade short put spreads.Square stock could hit record highs next month.In just a few days, options traders doubled their money on this soybean stock.Plus, rumors of a potential casino merger; Micron set to extend losses; and Urban Outfitters announces a C-suite shift. 
5 Things You Need to Know Today
The Chicago Board Options Exchange (CBOE) saw 927,532 call contracts traded on Thursday, compared to 569,544 put contracts. The single-session equity put/call ratio fell to 0.61, and the 21-day moving average rose to 0.65.MGM Resorts International (NYSE:MGM) has reportedly expressed interest in a potential buyout of Wynn Resorts, Limited (NASDAQ:WYNN), according to the New York Post -- following last month's news that former WYNN CEO Steve Wynn sold his entire stake in the casino in the wake of sexual misconduct allegations. While MGM stock is down 0.2% in electronic trading, WYNN shares are up 1.7%.Micron Technology, Inc. (NASDAQ:MU) plunged 6.7% yesterday to close at $49.84, after UBS initiated the chip stock with a "sell" rating. MU shares are now down 21% from their mid-March 17-year high at $63.42, and have shed another 3.7% in electronic trading -- set to open at their lowest level since early March.Urban Outfitters, Inc. (NASDAQ:URBN) said the CEO of its Anthropologie division, David McCreight, is leaving, effective April 27. URBN stock is down 1.5% ahead of the bell, but has put in a strong performance in 2018 -- hitting an annual high of $38.70 yesterday, before closing at $38.55.First-quarter earnings season kicks off next week, with several big banks set to report. The Fed's March meeting minutes and inflation data are also on tap.
Revamped Trade Tensions Weigh on Global Stocks
Stocks in Asia were mostly lower today, after President Trump's latest tariff announcement. In response, China's Shanghai Composite closed down 0.2%. Meanwhile, Japan's Nikkei gave back 0.4%, as drug giant Takeda Pharmaceutical suffered sharp losses, and South Korea's Kospi shed 0.3%. Meanwhile, Hong Kong's Hang Seng bucked the regional trend and added 1.1% thanks to a strong performance from bank stocks.
Markets in Europe are trending lower at midday, as investors react to reignited trade tensions. Auto and semiconductor stocks are taking the brunt of the hit, while mining stocks with heavy China exposure are also falling. London's FTSE 100 is down 0.2% at last check, the French CAC 40 is nursing a 0.5% loss, while the German DAX is down 0.7%.