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US stocks rose modestly on Monday as Wall Street braced for a turbulent week, as renewed trade tensions injected uncertainty ahead of a key inflation report and the first wave of second quarter earnings.
The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) drifted just above the flat line, while the tech-heavy Nasdaq Composite (^IXIC) added about 0.2%.
Bitcoin (BTC-USD) spiked to above $122,000 for the first time as investors greeted the open of Congress’s “Crypto Week,” but the asset dropped back below $120,000 later in the day. Stocks with crypto ties also rallied as the House of Representatives weighs three key pieces of crypto-related legislation.
Earlier in the day, investors showed a diminished appetite for risk after President Trump said Saturday that the US will impose 30% tariffs on goods from the EU and Mexico from Aug. 1. The increased pressure on key US trading partners is testing the market’s previous resilience in the face of escalating tariff tensions. Faith in the idea that Trump will back off from threatened hikes helped lift stocks to all-time highs last week.
Officials from the EU and Mexico are pushing to continue negotiations with the US in hopes of securing a lower rate via a new deal. The hiked tariffs as they stand are seen as likely to remake global trade relations and add to existing inflationary pressures.
Read more: The latest on Trump’s tariffs
That adds uncertainty ahead of consumer inflation data scheduled for release this week. Investors are looking to the June CPI report for signs of how earlier rounds of tariffs are impacting prices across the US economy. The reading will feed into expectations for the Fed’s decision on interest rates due in just over two weeks.
Meanwhile, Trump ratcheted up tensions with Russia over the war in Ukraine on Monday, threatening to impose “secondary” tariffs of up to 100% on the country. He also said the US would provide weapons to Ukraine.
Earnings season kicks into swing this week, with all the major US banks due to report results starting on Tuesday. Investors are showing interest in IPO and M&A markets, while Wells Fargo (WFC) reports after being freed from a decade of stringent regulatory restrictions.
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Contenders to succeed Powell slam Fed chair as White House pressure intensifies
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Stocks cling to gains after Trump threatens secondary tariffs on Russia
US stocks were little changed after President Trump floated secondary tariffs of up to 100% on Russia if the country does not make progress toward ending its war with Ukraine in 50 days.
The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) were roughly flat Monday afternoon, while the tech-heavy Nasdaq Composite (^IXIC) added about 0.2%.
The tariffs Trump threatened would theoretically apply to the imports of countries that trade with Russia. Direct US trade with Russia has plummeted amid the war, but Russia still trades with many countries in Europe and Asia — most notably China.
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Tesla stock higher on potential for xAI investment
Yahoo Finance’s Pras Subramanian reports:
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RBC projects S&P 500 to end 2025 at current levels
Another Wall Street firm no longer sees the S&P 500 declining to finish the year.
In a note to clients on Sunday, RBC Capital Markets boosted its year-end S&P 500 target to 6,250 from a prior target of 5,730. As RBC Capital Markets’ Lori Calvasina noted, the adjustment comes amid the market’s more than 25% bounce back from the April lows and essentially moves their target back to where it sat in mid-March before the bulk of the tariff turmoil began.
“We feel neutral on the outlook for stocks in the 2nd half of 2025, and are mindful that our new price target is essentially in line with recent levels,” Calvasina wrote. “We expect choppy conditions in the back half of the year, and swings in both directions.”
Calvasina noted that it’s likely still “too early to stop worrying about tariff impacts” on corporate earnings and also highlighted a slowdown in recent momentum as reasons she remains cautious that the next major move for the benchmark index is higher.
While Calvasina is at least the ninth strategist tracked by Yahoo Finance to recently raise their S&P 500 target from their April downward revision, she’s also part of a growing list of those who aren’t pounding the table for the rally to continue.
Yardeni Research president Ed Yardeni, who maintains a 6,500 year-end target for the S&P 500, wrote in a note to clients on Sunday that the recent V-shape recovery in stocks could soon look more like a “square-root shaped pattern” where the rapid rise higher stalls out.
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Apple stock falls as pressure builds to invigorate AI strategy
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Stocks open mixed
US stocks pulled back slightly on Monday as Wall Street braced for a turbulent week, with renewed trade tensions injecting uncertainty ahead of a key inflation report and the first wave of second-quarter earnings.
The S&P 500 (^GSPC) was off about 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) was roughly flat. The Dow Jones Industrial Average (^DJI) fell about 0.2%.
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Crypto stocks rise as bitcoin tops $120K, Congress kicks off ‘Crypto Week’
Crypto stocks added to this year’s gains on Monday as bitcoin (BTC-USD) surpassed $120,000 for the first time. The rally in crypto highlighted optimism in the sector as House lawmakers kicked off “Crypto Week,” which is expected to result in new crypto-friendly stablecoin legislation.
Coinbase (COIN), the largest crypto exchange, rose 1.6%, while Robinhood (HOOD) gained nearly 3%. Stablecoin issuer Circle (CRCL) added 0.5%.
Strategy (MSTR) was up 2.8%. The Michael Saylor-led firm is one of the largest corporate holders of bitcoin through its bitcoin treasury.
Bitcoin was trading just below $121,000 as of 9 a.m. ET.
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Trending tickers in premarket trading: Nio, Nebius, Tesla, Lionsgate
Here’s a look at stocks moving ahead of the opening bell:
Nio (NIO): US-listed shares of Nio jumped 5% in premarket trading after the Chinese EV maker unveiled its line of ONVO L90 SUVs, which will be launched at the end of July. Early pre-sales boosted optimism about the competitiveness of the seven-seater vehicle.
Nebius Group (NBIS): Nebius stock soared more than 7% after Goldman Sachs initiated coverage with a Buy rating, citing the company’s role in providing AI infrastructure.
Tesla (TSLA): Tesla stock rose 1.3% ahead of a shareholder vote to determine whether to invest in CEO Elon Musk’s xAI startup. Musk announced the vote after SpaceX reportedly agreed to invest $2 billion in xAI.
Lionsgate (LION): Lionsgate shares surged 11% premarket on reports that Legendary Entertainment was considering taking over the film studio.
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Big banks are trying to put Trump tariff tumult in their rear-view mirror
Wall Street’s giant lenders are getting set to report their second quarter results this week, kicking off earnings season in earnest.
What a difference a quarter makes for the mood surrounding the US’s largest banks, Yahoo Finance’s David Hollerith reports:
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Kenvue CEO steps down amid board’s strategic review
Kenvue (KVUE) stock rose 4% in premarket trading after the company said CEO and board member Thibaut Mongon stepped down as part of a strategic review.
The Tylenol maker, which spun off from Johnson & Johnson (JNJ) in 2023, named company director Kirk Perry as interim chief executive, per Reuters.
“The Board’s strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the company’s portfolio and how it operates,” board chair Larry Merlo said.
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CPI data, big bank earnings, Netflix results: What to watch this week
Stocks are on the back foot before the bell, but are still trading near record highs heading into a busy week of economic data and quarterly earnings reports.
Yahoo Finance’s Myles Udland lays out the highlights in what’s coming this week:
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FTSE rises, Europe markets dip amid fresh Trump tariff threats
Yahoo Finance UK’s Lucy Harley-McKeown reports:
The FTSE 100 (^FTSE) ticked higher and European stocks dropped on Monday morning, as traders digest the latest round of tariff threats by US President Donald Trump.
The US and UK have already struck a partial trade deal, meaning tariff threats have less impact on the FTSE.
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RBC lifts S&P 500 year-end price target to 6,250
Reuters reports:
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Bitcoin pushes past $120,000 in record first
Bloomberg reports:
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Gold gains over weekend following Trump tariff shake up
Gold (GC=F) rises with tariff threats from Trump driving investors toward the safe-haven commodity.
Bloomberg reports:
