A.M. Update

S&P futures are down 0.15%. Shares of US automakers and auto-parts suppliers dropped with peers in Europe also declining following Trump’s tariff announcement. Weekly initial claims totaled 224,000 (consensus 225,000) and continuing claims totaled 1.856 million. The initial response in equities was muted. The 10-yr yield is two basis points higher at 4.36% and the…