Stock Market Today: Dow, S&P 500, Nasdaq Set to Open Flat; Trump Tariff Fears; Nvidia, USAR, Intel, Super Micro, More Movers

Stocks looked set to tumble on Monday after President Donald Trump threatened to impose further tariffs on Canada, boosting the likelihood that the “sell America” trade could gather pace this week.

Futures tracking the Dow Jones Industrial Average were down 51 points, or 0.1%. S&P 500 futures fell 0.2%, and contracts tied to the tech-heavy Nasdaq 100 dropped 0.4%.

Precious metals extended a stellar recent rally due to mounting geopolitical uncertainty. Gold futures jumped 2.3% to $5,094 an ounce, meaning bullion passed the $5,000 level for the first time ever, and silver futures surged 7.2% to $109 an ounce.

The yield on the 10-year Treasury note slipped 3 basis points to 4.21%.

The moves came after Trump said on Saturday that the White House would impose 100% tariffs on Canada if China makes a trade deal with the U.S.’s northern neighbor.

“China will eat Canada alive, completely devour it, including the destruction of their businesses, social fabric, and general way of life,” he wrote in a post on Truth Social.

Tariffs were Wall Street’s main worry last week after Trump threatened and then backed away from imposing tariffs on eight European countries if they didn’t allow his administration to annex Greenland. Investors have become used to the pattern by now: the president has often threatened to impose crippling levies, then backed away from those plans following a stock or bond market selloff.

“As with the little boy who cried wolf, the markets have begun to ignore the shouts of warning, ultimately increasing the likelihood of a catastrophic outcome,” said Emily Bowersock Hill, CEO and founding partner, Bowersock Capital Partners.

“The Sell America trade is re-accelerating and global investors are quietly trimming U.S. exposure and will likely continue to do so,” she added.

Wednesday’s Fed policy decision is likely to be the biggest market-moving event this week. The central bank is widely expected to keep interest rates at their current levels, but Chair Jerome Powell’s press conference could offer more clarity about where borrowing costs are headed.