Stock futures are lower Tuesday morning as businesses and investors assess the impact of newly imposed U.S. tariffs against leading trade partners.
Futures tied to the S&P 500 and tech heavy Nasdaq were down 0.7% and 0.9%, respectively, about an hour before the opening bell, while those linked to the Dow Jones Industrial Average slipped 0.3%. Stocks fell sharply on Monday—the S&P 500 posted its biggest one-day decline of 2025—amid growing concerns about the health of the economy and uncertainty about the impact of Trump administration policies.
Overnight, the U.S. imposed long-awaited 25% tariffs on Canada and Mexico, while doubling the levy on goods imported from China to 20%. Beijing and Ottawa quickly announced retaliatory tariffs on a number of products. The White House argues that tariffs will lead to more investment and new manufacturing jobs in the U.S., while investors fear that the trade measures will spark inflation and harm companies that do business around the world.
Shares of the world’s largest technology companies, which led Monday’s sell-off, were under pressure again in premarket trading this morning. AI chipmaker Nvidia (NVDA) was down 4%, after tumbling nearly 9% yesterday, while EV maker Tesla (TSLA), which has shed 30% of its value so far this year, slid 4.5%. Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG), Meta Platforms (META) and Broadcom (AVGO) were also losing ground, while Apple (AAPL) was flat.
Among other noteworthy movers in the tech sector, analytics software provider Palantir (PLTR) was down more than 5%, while server maker Super Micro Computer (SMCI) dropped nearly 7%.
Target (TGT) shares were down about 3% after the retailer reported better-than-expected earnings but warned that consumer uncertainty, as well as uncertainty around tariffs, would weigh on current-quarter results. Best Buy (BBY) shares were down 3% after the electronics retailer released its quarterly results.
Walgreens Boots Alliance (WBA) shares were up 5% in premarket trading after The Wall Street Journal reported that the pharmacy chain was close to a roughly $10 billion deal to be taken private.
The yield on 10-year Treasurys, which tends to fall when economic conditions weaken, was at 4.12% in recent trading, down from 4.18% at yesterday’s close. The yield, which affects borrowing on all sorts of costs, notably mortgages, is at its lowest level since early December.
Bitcoin was at $82,600, after rising to around $95,000 yesterday following an announcement by Trump that a crypto strategic reserve would be created.
Gold futures were up 1.3% at $2,940 an ounce, while West Texas Intermediate crude oil futures fell 1.4% to $67.50.