Futures Fall Amid Tariffs Uncertainty; Bitcoin Drops, Safe-Haven Gold Rises

Stock futures pointed lower Monday after President Donald Trump said over the weekend that he was raising global tariffs following a Supreme Court ruling against a majority of his “reciprocal” duties.

Nasdaq 100, S&P 500, and Dow Jones Industrial Average futures were down 0.6%, 0.4%, and 0.4%, respectively, in recent trading.

On Friday, after the Supreme Court struck down the majority of his tariffs announced last April, Trump announced a 10% global hike, then upped it to 15% a day later. The new duties do not rely on powers granted by the International Emergency Economic Powers Act, which the court ruled did not allow the president to impose tariffs.

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.”

Amid the uncertainty, bitcoin fell below $65,000 overnight before rebounding slightly to around $66,300 in recent trading. The 10-year Treasury yield, which influences interest rates on a variety of consumer loans including mortgages, fell below 4.08% from 4.09% at Friday’s close.

Meanwhile, safe-have 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, were 0.6% lower at just over $66 a barrel.

The U.S. dollar index, which tracks the value of the greenback against a basket of currencies, ticked 0.1% lower to 97.70.

“From a market-behavior perspective, declining policy predictability is compressing risk tolerance in cross-border capital allocation,” Bitunix Exchange analyst Dean Chen said. “Funds are tilting toward short-duration liquidity instruments and defensive assets, with risk-asset absorption contingent on whether clearer institutional signals emerge.”

Shares of all of the Magnificent Seven tech giants were modestly lower before the bell except for Google parent Alphabet (GOOGL), whose shares edged 0.3% higher. Shares of Nvidia (NVDA), which reports earnings Wednesday, ticked 0.2% lower.

In other notable stock moves, U.S.-listed shares of Novo Nordisk (NVO) sank 13% in premarket trading after its CagriSema obesity treatment delivered less weight loss than that of Eli Lilly’s (LLY) Zepbound. Eli Lilly stock gained 3%.

Domino’s Pizza (DPZ) stock popped 6% after the pizza-delivery company reported better-than-expected quarterly results. Dominion Energy (D) also was set to issue results before the bell.

Also, shares of major U.S. carriers Delta Air Lines (DAL), United Airlines (UAL), and American Airlines (AAL) declined modestly after a blizzard slammed the Northeast, causing thousands of flights to be canceled.