U.S. stock futures moved lower Monday as investors reacted to fresh tariff action from President Donald Trump and prepared for key earnings from chip giant Nvidia. Markets are balancing legal shifts in trade policy, new economic data, and growing questions about the strength of the AI boom.
At 05:50 ET (10:50 GMT), Dow Jones Futures fell 110 points, or 0.2%. S&P 500 Futures dropped 16 points, also 0.2%, while Nasdaq 100 Futures slipped 100 points, or 0.4%. The declines followed a stronger finish last week, when stocks rose after the Supreme Court struck down Trump’s earlier emergency tariff program and the U.S. refrained from military strikes against Iran.
Tariff Shift After Court Ruling
Over the weekend, President Trump responded to the court decision by raising a temporary universal import tariff from 10% to 15%. The new rate is the maximum allowed under Section 122 of the 1974 Trade Act and will apply for up to 150 days. Trump said the move was necessary to address “international payment problems.”
The Supreme Court had ruled that the administration exceeded its authority under the International Emergency Economic Powers Act. Analysts say the legal shift does not end tariffs but changes their structure.
Several trading partners are now seeking clarity. The European Commission, representing the European Union’s 27 member states, asked the U.S. to honor the 2025 trade accord and provide full transparency on its new tariff framework.
Investors are also watching Federal Reserve Governor Christopher Waller, who is scheduled to speak in Washington. Waller was one of two policymakers who dissented when the Fed kept interest rates unchanged at 3.5% to 3.75% in January. Durable goods orders and factory orders data are due later in the session.
Nvidia Earnings Take Center Stage
This week’s biggest corporate event is Nvidia’s fiscal fourth-quarter earnings report on Wednesday. The company is widely viewed as the backbone of the artificial intelligence sector because it produces advanced AI processors.
Forecasts call for:
- Earnings per share of $1.52
- Revenue of $65.56 billion
- Prior-year EPS of $0.89
- Prior-year revenue of $39.33 billion
If achieved, that would mark significant year-over-year growth. Still, recent selling in software and logistics stocks shows rising concern about AI-driven disruptions and stretched valuations.
Oil Prices Pull Back
Oil prices slipped after last week’s nearly 6% surge. Brent crude fell 0.7% to $70.83 per barrel, while U.S. West Texas Intermediate dropped 0.7% to $66.05. The prior rally was fueled by fears of U.S.–Iran conflict and an unexpected decline in U.S. crude stockpiles.
A third round of nuclear talks between the U.S. and Iran is expected Thursday in Geneva. Iran, a major OPEC producer with some of the world’s largest proven reserves, remains central to global supply stability.
With shifting trade rules, high-profile earnings, and geopolitical tensions, markets face a week where clarity is limited—but volatility is not.