Updated 1 min read
US stock futures retreated on Monday as the fallout from the Supreme Court’s ruling against President Trump’s most sweeping tariffs left markets grappling with uncertainty about the global trade landscape.
Contracts on the S&P 500 (ES=F) slipped 0.2%, while those on the tech-heavy Nasdaq 100 (NQ=F) shed 0.3%, both paring deeper premarket losses. Dow Jones Industrial Average futures (YM=F) dropped roughly 0.3%.
Markets are coming off a volatile session on Friday, when the Supreme Court invalidated a broad swath of Trump’s trade agenda, fueling hopes that trade tensions could ease. Still, stocks ended the day — and week — with sizable gains.
On Saturday, in response to the Supreme Court ruling, Trump said he would lift the baseline tariff rate on imports from 10% to 15%, effective immediately. It remained unclear whether Trump had formally taken steps to enact the higher duties.
Trade policy isn’t the only geopolitical concern on Wall Street. Iran remains in focus after Trump urged Iran to reach an agreement with the US on its nuclear program, warning of consequences if talks that resume this week fail. Oil prices (BZ=F, CL=F) fell about 1% on Monday, after ending last week up more than 5%.
Meanwhile, earnings season continues to wind down, with Nvidia (NVDA) scheduled to take center stage when it reports results on Wednesday. Salesforce (CRM) also reports Wednesday for a wider view of the tech landscape, and Home Depot (HD) acts as a litmus test for retail on Tuesday.
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Markets roundup: Stocks, gold, bitcoin and oil
The fallout from President Trump’s tariff defeat on Friday has gone far and wide, and the markets have started to react to the news.
Stocks: US stock futures slipped on Monday as Wall Street digested the latest news on Trump’s tariff defeat. Dow Jones Industrial Average futures (YM=F) dropped 0.3%. Contracts on the S&P 500 (ES=F) fell roughly 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) sank 04%.
Chinese stocks got a boost from tariffs, as investors weighed the impact on the current deal the US has with China and whether China’s leader Xi Jinping would seek to renegotiate it. The Hang Seng index (^HSI) closed 2% up on Monday.
Gold: Gold (GC=F) futures rose 1%, and silver (SI=F) gained 4% as investors poured into safe-haven assets following Trump’s tariff defeat.
Bitcoin: Bitcoin (BTC-USD) fell below $66,000 and was down 3% on Monday.
Oil: Brent (BZ=F) and West Texas Intermediate (CL=F) both fell 0.7% on Monday.
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Wall Street reacts to tariff ruling
Some assorted thoughts from around Wall Street on the Supreme Court’s tariff ruling:
Deutsche Bank
“Looking ahead, the reality is that the 15% tariff imposed under Section 122 can only remain in place for 150 days (late July), after which Congressional approval would be required to extend it. Section 122 was designed as a temporary tool to address emergency balance of payments issues and would likely face further legal challenges if rolled over repeatedly.
That raises a key political question: will a small number of Republicans in either chamber be reluctant to support what could be framed as an extension of a consumer tax hike just three and a half months before the mid term elections? At that point, the administration faces a binary choice: try to secure an extension or allow the tariff to lapse. The latter appears the more likely outcome. In that scenario, the administration would probably pivot to other legal authorities—most notably Section 232 (national security) or Section 301 (unfair trade practices)—to re establish a more durable tariff regime. While the groundwork for such a move has almost certainly been laid, these measures are narrower in scope and would themselves be vulnerable to legal challenge.”
Goldman Sachs
“Imports from countries that will experience meaningful tariff reductions from the latest policy changes are likely to pick up in coming months, but the impact on GDP should be largely offset by increased inventory accumulation and consumption, reduced imports from other countries through which trade had been rerouted, and small reductions in imports from countries whose tariff rate has risen. We are launching our 2026Q1 GDP tracking estimate at 3.4%, though this incorporates a 1.3 percentage point contribution from the end of the government shutdown in 2025Q4. We continue to forecast 2.5% GDP growth for 2026 Q4/Q4, a 0.3 percentage point acceleration from 2025 Q4/Q4 that partly reflects the fading drag from tariffs giving way to a boost from tax cuts.”
Jefferies
“Retailers face decisions around whether to reinvest tariff savings into lower prices, allow margins to expand, or redirect savings into the business. We expect outcomes to vary by category, competitive intensity, and brand positioning. Reduced tariff pressure could allow retailers to revisit suppliers or sourcing regions that had become less economical, potentially improving assortment, innovation, or supply chain efficiency.”
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EU says ‘a deal is a deal’, rejects Trump’s higher tariff proposal
The European Commission has published a reply to Trump‘s 15% global tariffs, issued following the Supreme Court ruling that Trump did not act with legal authority when shaking up global trade at the start of his second term.
Reuters reports:
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Bitcoin drops beneath $65,000 following tariff instability
Bloomberg reports:
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Gold climbs as tariff ruling spooks risk-averse investors
Bloomberg reports:
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Bloomberg reports:
