On Monday, stock futures experienced a decline following President Donald Trump’s weekend announcement regarding an increase in global tariffs. This decision came in light of a Supreme Court ruling that largely opposed his “reciprocal” duties. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average suggested decreases of 0.5%, 0.3%, and 0.3%, respectively. On Friday, in response to the Supreme Court’s ruling that nullified the majority of his tariffs implemented last April, Trump announced a global increase of 10%, which he subsequently raised to 15% the following day. The newly imposed duties do not derive from the powers granted by the International Emergency Economic Powers Act, as the court concluded that this legislation does not authorize the president to implement tariffs.
On early Monday, Bloomberg reported that the European Union was “poised to freeze the ratification process of its trade deal with the US and is seeking more details from President Donald Trump’s administration on its new tariff program.” Amidst prevailing uncertainty, bitcoin experienced a decline, falling below $65,000 overnight, before making a modest recovery to around $66,300 in recent trading sessions. The 10-year Treasury yield, an essential determinant of interest rates for a range of consumer loans including mortgages, fell to below 4.08%, a decline from 4.09% at Friday’s close.
Meanwhile, safe-haven gold futures advanced nearly 2% to $5,170 an ounce, while silver futures jumped about 5% to $86.20 an ounce. West Texas Intermediate futures, the U.S. crude oil benchmark, saw a decrease of 0.6%, trading at slightly above $66 a barrel. The U.S. dollar index, which tracks the value of the greenback relative to a basket of currencies, experienced a decline of 0.1%, settling at 97.70. Prior to the market’s opening, shares of the Magnificent Seven tech giants exhibited slight declines, with the notable exception of Google parent Alphabet, which recorded an increase of roughly 0.5%. Shares of Nvidia declined by 0.1% as the company prepares to report earnings on Wednesday.
In other notable stock moves, U.S.-listed shares of Novo Nordisk fell 15% in premarket trading after its CagriSema obesity treatment demonstrated less weight loss compared to Eli Lilly’s Zepbound. Eli Lilly shares saw a rise of 3%. Domino’s Pizza stock surged 6% following the company’s announcement of quarterly results that exceeded expectations. Dominion Energy was also scheduled to release its results prior to the market opening. Additionally, shares of prominent U.S. carriers Delta Air Lines, United Airlines, and American Airlines experienced a slight decline following a blizzard that impacted the Northeast, resulting in the cancellation of thousands of flights.