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Futures up: Dow 0.2%, S&P 500 0.35%, Nasdaq 0.44%

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Big banks including JPMorgan ( JPM ) to report earnings later in

the day

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Beijing increases tariffs on US imports to 125%

(Updates prices, adds comment)

By Shashwat Chauhan and Purvi Agarwal

April 11 (Reuters) - U.S. stock index futures swung

between gains and losses on Friday after China increased its

tariffs on U.S. imports to 125% in the latest escalation of the

ongoing trade war, with markets keenly awaiting bank earnings

later in the day.

China's move comes after U.S. President Donald Trump on

Thursday ramped up pressure on the country by lifting tariffs to

an effective rate of 145%, even as he announced a 90-day tariff

reprieve on most trading partners.

Stocks have been on a roller-coaster ride in response to

tariff announcements in the past few days. Wall Street fell for

four straight sessions, before bouncing back on Wednesday with

the S&P 500 seeing its largest one-day percentage jump

since October 2008.

Stocks, however, slumped again on Thursday and were more

than 7% off from levels seen before last week, when Trump's

"reciprocal" tariffs sparked the market rout.

"The significant tariffs on China will cause economic

disruption if they remain in place ... while downside risks do

remain, we believe the risk of a more severe economic downturn

is now more limited," Mark Haefele, chief investment officer at

UBS Global Wealth Management said.

Later in the day, big banks such as JPMorgan Chase ( JPM ),

Morgan Stanley ( MS ), Wells Fargo ( WFC ) and asset manager

BlackRock ( BLK ) are scheduled to report results before markets

open.

Investors focus will likely shift from profits to bank

bosses' remarks on the economy amid worries that Trump's tariffs

could hamper global growth and stoke inflation.

At 05:52 a.m. ET, Dow E-minis were up 78 points, or

0.2%, S&P 500 E-minis were up 18.5 points, or 0.35%, and

Nasdaq 100 E-minis were up 81.5 points, or 0.44%.

Most megacap and growth stocks edged higher after initial

losses in premarket trade, with Apple ( AAPL ), Nvidia ( NVDA )

and Amazon.com ( AMZN ) all marginally higher.

Investors fled to traditional safe-haven assets such as gold

, which jumped to a record high. Safe-haven currencies

such as the Japanese yen and Swiss franc also

strengthened against the dollar.

The rally in the precious metal lifted gold miners, with

Newmont ( NEM ) and U.S.-listed shares of Barrick Gold ( GOLD )

rising 3.5% and 2.8%, respectively.

Treasury yields remained elevated after a steep bond selloff

earlier this week. The yield on the 10-year note was

at 4.38%, hovering near its February highs.

At least three Fed officials, including New York Fed

President John Williams, are scheduled to speak throughout the

day.

Traders currently expect more than 90 basis points of

interest rate cuts by the Federal Reserve this year, starting in

June, according to LSEG data.