Stock market today: Dow, S&P 500, Nasdaq futures slip as tariff concerns mount ahead of key inflation data

Updated Mon, Jul 14, 2025, 6:15 AM 2 min read

US stock futures pulled back on Monday as Wall Street braced for a turbulent week, with renewed trade tensions providing an uncertain background to this week’s key inflation report and wave of second-quarter earnings.

Futures tied to the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) were down roughly 0.3%. Dow Jones Industrial Average futures (YM=F) also fell around 0.3%, setting stocks up to add to Friday’s losses.

The tone is downbeat following President Donald Trump’s surprise announcement on Saturday that the US will impose 30% tariffs on goods from the European Union and Mexico, starting Aug. 1. The new duties raise the stakes for global trade relations and add to existing inflationary pressures. Officials from the EU and Mexico have signaled a willingness to continue negotiations in hopes of securing a reduced rate.

Read more: The latest on Trump’s tariffs

Silver (SI=F) prices rose to the highest levels in nearly 14 years, as shelter-seeking investors looked for alternatives to a near-record gold (GC=F) price, with increased demand leading to tighter physical supply. Elsewhere, bitcoin (BTC-USD) surged to above $120,000 for the first time, continuing to climb to fresh record highs amid a broader crypto rally.

The trade drama added to market uncertainty ahead of the June CPI inflation data scheduled for release this week. Investors are looking for signs of how earlier rounds of tariffs are impacting prices across the US economy, with eyes watching the Federal Reserve as a decision on rate cuts is expected in just over two weeks.

Meanwhile, tensions between the White House and the Fed continue to bubble, adding a layer of uncertainty onto the economic landscape. National Economic Council Director Kevin Hassett said Sunday to ABC News that President Trump could remove Fed Chair Jerome Powell “if there’s cause.”

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 decade of stringent regulatory restrictions.

Netflix (NFLX) results on Thursday will get Big Tech earnings rolling, with ASML (ASML) and Taiwan Semiconductor Manufacturing (TSM) also set to shed light on the AI chip sector.

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