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postUS stock futures fell sharply Monday as investors prepared for another week of developments on President Trump’s fast-moving tariff policies and for the kickoff of Big Tech earnings reports, with Fed independence also looming as an emerging risk.
Futures tied to the S&P 500 (ES=F) were down 1%, while those on the tech-heavy Nasdaq (NQ=F) sank 1.4%, leading the way down. Dow Jones Industrial Average futures (YM=F) dropped 0.8%, over 300 points.
CME – Delayed Quote • USD
As of 8:47:53 AM EDT. Market Open.
As Yahoo Finance’s Josh Schafer wrote in our preview of the week, the stock market remains largely at the mercy of Trump’s tariffs. Different headlines and shifts in narratives have driven big market swings over the past several weeks, with all three indexes down over 5% since Trump’s “Liberation Day” event.
Read more: The latest on Trump’s tariffs
Investors are also grappling with another emerging concern: Trump’s bluster around removing Fed Chair Jerome Powell, with whom Trump is unhappy for allegedly keeping interest rates too high. Trump’s new focus on Powell comes after the Fed chief delivered a stark warning on the potential effects of tariffs on the economy.
The “sell-America” trade gathered more steam Monday, as the US dollar (DX=F) index eyed its lowest level since 2022 and the benchmark 10-year Treasury yield (^TNX) rose to near 4.4%.
Meanwhile, earnings season continues, with this week looming as pivotal. Two of the “Magnificent Seven” take the spotlight of some 120 S&P 500 companies reporting this week: Elon Musk’s Tesla (TSLA) and Alphabet (GOOG, GOOGL). Both stocks are emblematic of this year’s shift away from the high-flying tech trade of recent years. Alphabet stock is down nearly 20% so far in 2025, while Tesla has lost a whopping 40%.
Tesla shares lost 4% in premarket trading on Monday. Another Magnificent Seven peer, Nvidia (NVDA), continued a recent slide, down 3% as China looks to domestic alternatives amid new US curbs on Nvidia’s chip sales.
Meanwhile, bitcoin (BTC-USD) surged to its highest level since Trump’s “Liberation Day” tariff announcements. Gold (GC=F) also reached another record, crossing the $3,400 level for the first time.
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Discover, Capital One stocks jump after lenders get key merger approvals
Discover (DFS) and Capital One (COF) stocks continued to gain on Monday morning after two bank regulators approved Capital One’s $35 billion purchase of Discover.
Discover shares jumped more than 7% ahead of the opening bell while Capital One (COF) climbed 4%.
As Yahoo Finance’s David Hollerith notes, Capital One’s purchase of Discover would make it the biggest credit card issuer in the US by loan volume, even bigger than JPMorgan Chase (JPM).
The combined bank is expected to have consolidated assets of approximately $637.8 billion, making it the sixth-largest nationally chartered US bank, according to regulators.
Read more here.
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US stock futures accelerate losses
US stock futures took a leg lower Monday morning as investors await updates on tariffs and threats to Federal Reserve independence reemerged.
S&P 500 futures (ES=F) tumbled 1.4%, while those on the tech-heavy Nasdaq (NQ=F) sank 1.58%. Dow Jones Industrial Average futures (YM=F) dropped 1.2%, over 400 points. Losses have accelerated over the past hour.
CME – Delayed Quote • USD
As of 8:47:53 AM EDT. Market Open.
The “Magnificent Seven” tech stocks were all down at least 1% in premarket trading.Nvidia (NVDA) stock fell 3% while Tesla (TSLA), which reports earnings on Tuesday, dropped 4%.
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Good morning. Here’s what’s happening today.
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The stock market may not have fully priced in a recession
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Netflix stock rises as rosy outlook calms investors’ nerves amid tariff fears
Netflix (NFLX) shares climbed 3% in premarket trading on Monday, boosted by a positive annual revenue forecast that eased investor concerns about its ability to weather an economic slowdown amid tariff-related challenges.
Reuters reports:
Read more here
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Bitcoin rebounds as Trump’s push against Powell weakens dollar
Bitcoin (BTC-USD) soared to its highest point since Donald Trump’s “Liberation Day” tariff remarks, as the dollar weakened amid growing concerns over the president’s push to remove Federal Reserve Chairman Jerome Powell.
Bloomberg News reports:
Read more here
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Gold hits record as dollar sags and trade war concerns persist
Gold (GC=F) surged to a record high, driven by a dip in the US dollar, President Trump’s criticism of the Federal Reserve, and ongoing trade war fears, fueling demand for safe-haven assets.
Bloomberg News reports:
Read more here
