US stock futures slid on Monday after the Supreme Court refuted the legality of President Trump’s most sweeping tariffs, leaving markets grappling with uncertainty about his next move in trade policy.
Dow Jones Industrial Average futures (YM=F) dropped 0.4%. Contracts on the S&P 500 (ES=F) fell 0.5%, while those on the tech-heavy Nasdaq 100 (NQ=F) dropped around 0.7%.
Markets are coming off a volatile session on Friday, when the Supreme Court invalidated a broad swath of Trump’s trade agenda, fueling hopes that trade tensions could ease. Still, stocks ended the day — and week — with sizable gains.
On Saturday, in response to the Supreme Court ruling, Trump said he would lift the baseline tariff rate on imports from 10% to 15%, effective immediately. It remained unclear whether Trump had formally taken steps to enact the higher duties.
Trade policy isn’t the only geopolitical concern on Wall Street. Iran remains in focus after Trump urged Iran to reach an agreement with the US on its nuclear program, warning of consequences if talks fail. Oil prices (BZ=F, CL=F) fell over 1% on Monday, after ending last week up more than 5%.
Meanwhile, earnings season continues to wind down, with Nvidia (NVDA) scheduled to take center stage when it reports results on Wednesday. Salesforce (CRM) also reports Wednesday for a wider view of the tech landscape, and Home Depot (HD) acts as a litmus test for retail on Tuesday.
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