Dow, S&P and Nasdaq futures were all in the black, though slightly, even though China announced it was raising its tariffs on U.S. goods again, escalating their trade war.

U.S. stock index futures fell on Thursday after a blistering rally in the previous session following U.S. President Donald Trump's move to temporarily lower the heavy tariffs on dozens of countries, while raising the levies on China.

Wall Street had hoped for a rally. Stock futures are in a free fall as investors digest President Donald Trump’s sweeping tariffs.