Stocks were facing a weak open after President Trump said late Wednesday he planned to impose unilateral tariffs on dozens of trading partners in the coming weeks.

Speaking to reporters at the Kennedy Center, he said the U.S. was very happy about its trade truce reset with China. But the administration wants more deals now and expects to send letters to more than 150 countries saying, essentially, make trade offers or see new tariffs imposed.

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Separately, market jitters intensified amid heightened tensions in the Middle East.

Ahead of the open, futures in the Standard & Poor’s 500 Index fell 34 points. Nasdaq-100 trading showed a decline of 134 points, and the futures on the Dow Jones Industrial Average were off 288 points. 

The cautious mood is stalling a rebound in US stocks that had brought the S&P 500 within reach of its all-time high, even as questions about the economic impact of Trump’s trade agenda persisted. 

MANDEL NGAN/AFP via Getty Images

Decent earnings and limited economic fallout have supported the rally so far. The question is how long the optimism can last.

Shares of aerospace giant Boeing  (BA)  were down about 7.7% to $197.57. A 787 Dreamliner heading to London from India’s Ahmedabad crashed after takeoff around 12:30 a.m. EDT. 

Reports say 242 people were on board. Local authorities told AP that no one appeared to have survived the crash. 

It was the first crash of a 787 in 14 years of service. Ahmedabad is in Gujarat state in west-central India.

The market wasn’t helped by another decent report on inflation. The Producer Price Index, which measures price changes that that companies receive, was up 0.1% in May, the Bureau of Labor Statistics said. 

On an annualized basis, the index was up 2.6% from a year earlier. Core PPI, which strips out energy and prices, was up 2.7%. 

It probably means the Federal Reserve won’t raise interest rates at next week’s meeting. 

Some good news on the earnings front: Oracle  (ORCL)  shares were up nearly 9% in premarket trading after the software stalwart beat estimates and offered positive guidance.