Stocks are pointing to a lower open amid tariff uncertainty after major indexes posted gains last week; President Donald Trump is imposing new tariffs to replace the ones the Supreme Court struck down on Friday, starting with a 15% global tariff; earnings from Nvidia, Home Depot, Lowe’s, Salesforce and other major companies headline a busy week that will also include Trump’s State of the Union address; Novo Nordisk shares are slumping after the Ozempic and Wegovy maker disappointed in its latest clinical trial for its next-generation weight-loss drug; and thousands of flights are being delayed or canceled across the East Coast this morning as a blizzard hits the region. Here’s what you need to know today.
Stocks Point Lower Amid Tariff Uncertainty
Stock futures are lower this morning as markets react to President Trump’s latest attempts to introduce new tariffs after most of the trade levies imposed last year were struck down by the Supreme Court on Friday (more on that below). Futures tied to the Dow Jones Industrial Average and S&P 500 were each down 0.5% recently, while those linked to the tech-heavy Nasdaq dropped 0.7%. The major indexes gained on Friday, pushing each of the major indexes into positive territory for the week, as investors digested the tariff ruling and highly anticipated reports on inflation and economic growth. The Nasdaq Composite snapped a five-week losing streak following a tough stretch for tech stocks amid concerns about the sustainability of the AI boom. Gold futures were up nearly 2% at $5,175 an ounce as investors turned to the traditional safe haven amid the tariff uncertainty. Bitcoin was at $66,300, down from a weekend high around $68,500 but up from an overnight low of $64,300. The yield on the 10-year Treasury note, which affects interest rates on all sorts of consumer loans, was at 4.07% recently, down from 4.09% on Friday.
Trump Plans New Tariffs After Supreme Court Ruling
President Trump over the weekend said the U.S. would impose a 15% global tariff, up from the 10% import tax he had announced on Friday after the Supreme Court found most of the tariffs he imposed last year to be illegal. Rather than using the International Emergency Economic Powers Act to impose the tariffs, the new tariff will be imposed under Section 122 of the Trade Expansion Act, which allows the President to put tariffs in place to address trade imbalances for up to 150 days. Trump also said the White House would open investigations into several countries for potentially more tariffs through Section 301 of the same act, which allows for tariffs to be used to retaliate against unfair trade practices.
Nvidia Earnings, Trump’s State of The Union Headline Busy Week
Investors could hear more from President Trump on tariffs when he gives the State of the Union speech on Tuesday night, along with views on issues such as immigration and deportations, affordable housing policies, economic growth and more. It’s also a busy week of earnings reports, with tech heavyweights Nvidia (NVDA), Dell (DELL) and Salesforce (CRM), along with retailers including Home Depot (HD), TJX Companies (TJX) and Lowe’s (LOW), all set to report. Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) are each scheduled to post results as well, with the companies in the midst of talks for Paramount to provide its best offer to sway the Warner Bros. board away from its deal with Netflix (NFLX). Conglomerate and investing giant Berkshire Hathaway (BRK.A, BRK.B) is due to release its results on Saturday, marking the firm’s first earnings report since Warren Buffett’s retirement at the end of last year.
Novo Nordisk Stock Tumbles on Latest Weight Loss Drug Trial
Shares of Novo Nordisk (NVO) sank early Monday after the Danish drugmaker announced the results of another clinical trial for its new weight loss drug. Novo said that among a group of 809 people, the average weight loss for a patient taking its in-development drug CagriSema was about 23% of a patient’s body weight after 84 weeks, lower than the 25.5% mark for those in the trial taking tirzepatide, the active ingredient in Eli Lilly’s (LLY) Mounjaro and Zepbound. Results of earlier CagriSema trials had also disappointed and dragged Novo’s stock lower. Novo Nordisk’s U.S.-listed shares were down 14% recently, on track to hit their lowest level since mid-2021, while Eli Lilly shares gained 3%.
Blizzard Cancels Thousands of Flights Across East Coast
The snowstorm currently working its way across the East Coast is wreaking havoc on air travel, with over 5,300 flights cancelled in the U.S. already for Monday alone, per the flight tracking website FlightAware. There were more than 7,500 delays and 3,400 cancellations on Sunday as the storm started to batter the coast. Cancellation rates are near or above 90% at several airports including John F. Kennedy International, LaGuardia and Boston Logan International, among others. Shares of major airlines were lower this morning, with United Airlines (UAL) and American Airlines (AAL) each down about 1%, while Delta Air Lines (DAL) slipped 0.5%.
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