S&P and Dow Jones futures fall as Trump tariffs revive uncertainty

US stock index futures declined on Monday as investors reacted to renewed tariff uncertainty after US President Donald Trump announced a new 15% global duty, even after a Supreme Court ruling struck down most of his earlier levies.

The Supreme Court, in a 6–3 decision on Friday, voided a large portion of tariffs imposed last year, finding the emergency law used by the administration did not authorize such measures.

The Court did not address potential refunds, leaving open the possibility of a roughly $170 billion gap in US finances.

Using a different statute, the administration first introduced a 10% tariff and then raised it to 15%, which could remain in place for up to five months while officials search for longer-term policy options.

Dow Jones Industrial Average futures down about 127 points, with S&P 500 and Nasdaq-100 futures also falling 0.25% to 0.4%, respectively.

Tariff policy clouds outlook

Markets had initially reacted positively to the court ruling, with the major indexes posting weekly gains on Friday.

The Nasdaq snapped a five-week losing streak, while the Dow gained more than 230 points and the S&P 500 rose about 0.7%.

However, the administration’s announcement of fresh duties quickly revived concerns about inflation, global trade, and economic growth.

The president said the tariffs would take effect immediately and warned that additional levies could follow in the coming months.

Oil prices also weakened, with Brent crude slipping about 0.5% to roughly $70.27 a barrel and US crude falling to around $66.28.

Bitcoin dropped below $65,000 at one point before recovering to $66,141, being down nearly 3% in the previous 24 hours.

Tech stocks, earnings and crypto movers

Most megacap and growth shares traded lower in premarket activity, though Alphabet rose about 0.5% after a gain in the prior session.

Nvidia fell 0.15% ahead of its earnings release later in the week on Wednesday, which investors are watching for signals on artificial intelligence spending.

High valuations and concerns about returns from large AI investments have recently pressured technology stocks.

Earnings from software companies, including Salesforce and Intuit, are also in focus as the S&P 500 software and services index has declined more than 20% this year.

Among individual movers, Eli Lilly rose 2.5% after rival Novo Nordisk’s obesity drug underperformed Lilly’s treatment in a Copenhagen trial.

Cryptocurrency-related equities weakened as bitcoin slipped.

Coinbase Global and Strategy (formerly known as Microstrategy) each fell more than 1%.

Precious metals and economic focus

Gold and silver mining stocks advanced alongside higher metal prices.

Newmont gained about 1%, while Hecla Mining rose roughly 1.8%.

Investors are also monitoring geopolitical developments and economic data releases, including durable goods orders and factory orders.

Meanwhile, tensions surrounding Iran and upcoming corporate earnings, particularly Nvidia’s results, remain key catalysts for markets in the days ahead.