Stock futures saw a notable decline on Monday following President Donald Trump’s announcement over the weekend regarding increased global tariffs. This decision came in response to a Supreme Court ruling that invalidated most of his previously imposed “reciprocal” duties. As a result, futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average all pointed down by 0.5%, 0.3%, and 0.3%, respectively.
The developments stem from the Supreme Court’s ruling on Friday, which struck down a majority of tariffs announced by Trump last April. In the wake of this ruling, Trump stated that he would implement a global tariff hike starting at 10%, which he later escalated to 15%. These new tariffs do not derive their authority from the International Emergency Economic Powers Act, which the court determined did not empower the president to impose such tariffs.
Further complicating the market landscape, Bloomberg reported early Monday that the European Union is prepared to suspend the ratification of its trade agreement with the U.S. and is seeking clarification from Trump’s administration regarding the new tariffs.
In the midst of this economic uncertainty, the cryptocurrency market saw fluctuations, with Bitcoin briefly falling below $65,000 before slightly rebounding to around $66,300 in recent trading activity. Meanwhile, the yield on 10-year Treasury notes dipped below 4.08%, down from 4.09% at Friday’s close, impacting interest rates on various consumer loans including mortgages.
In terms of commodities, safe-haven gold futures surged nearly 2% to reach $5,170 an ounce, while silver futures jumped approximately 5% to $86.20 an ounce. Conversely, West Texas Intermediate crude oil futures experienced a decrease of 0.6%, settling slightly above $66 per barrel. The U.S. dollar index, which measures the greenback against a basket of currencies, fell by 0.1% to 97.70.
In the stock market, shares of the Magnificent Seven tech giants were generally lower before the opening bell, with the exception of Google parent Alphabet (GOOGL), which saw a slight increase of about 0.5%. Nvidia (NVDA), set to report its earnings on Wednesday, experienced a marginal decline of 0.1%.
In other notable stock movements, U.S.-listed shares of Novo Nordisk (NVO) plummeted 15% in premarket trading after data indicated that its CagriSema obesity treatment yielded less weight loss compared to Eli Lilly’s (LLY) Zepbound, leading Eli Lilly’s stock to gain 3%.
On the upswing, Domino’s Pizza (DPZ) saw its stock rise by 6% following better-than-expected quarterly results. Dominion Energy (D) was also anticipated to release its earnings before the market opened.
In the airline sector, shares of major U.S. carriers Delta Air Lines (DAL), United Airlines (UAL), and American Airlines (AAL) fell modestly, as a significant blizzard impacted the Northeast, resulting in thousands of flight cancellations.
