US stock futures fell early 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.
Futures tied to the S&P 500 (ES=F) were down 1%, while those on the tech-heavy Nasdaq (NQ=F) fell 1.1%. Dow Jones Industrial Average futures (YM=F) also dropped 0.9%.
As of 5:38:01 AM EDT. Market Open.
ES=F YM=F NQ=F
As Yahoo Finance’s Josh Schafer wrote in our preview of the week ahead, 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, from Trump’s “Liberation Day” to the subsequent walk back to a seemingly ever-escalating battle with China.
The S&P 500 (^GSPC) fell about 1.5% in a shortened trading week last week, while the Nasdaq Composite (^IXIC) and Dow (^DJI) each shed roughly 2.6%. All three indexes are down over 5% since Trump’s April 2 tariff event at the White House.
Read more: The latest on Trump’s tariffs
Big banks and some consumer-facing companies have already revealed their first-quarter earnings reports, providing insight into their preparations ahead of the tariffs. So far, a smaller percentage of companies are beating analyst expectations — and those who are outrunning the estimates are doing so by smaller margins than usual.
This week, two of the “Magnificent 7” take the spotlight of some 120 S&P 500 companies reporting: 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%.
The economic data front is set for a quieter week, with key points on the housing market and a reading of consumer sentiment set for later in the week.
Bitcoin (BTC-USD) surged to its highest level since Trump’s “Liberation Day” tariff announcements on Monday, driven by concerns over his push to remove Federal Reserve Chairman Jerome Powell.
Gold (GC=F) also reached a record high, boosted by Trump’s criticism of the Fed and continued trade war uncertainties.
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