U.S. equity futures moved modestly lower on Monday as investors assessed the fallout from the Supreme Court’s ruling against President Donald Trump’s emergency tariffs, while attention turned toward upcoming earnings from semiconductor heavyweight Nvidia later this week.
As of 05:50 ET, Dow Jones futures were down 110 points, or 0.2%, S&P 500 futures declined 16 points, or 0.2%, and Nasdaq 100 futures fell 100 points, or 0.4%.
Wall Street’s major indexes finished last week higher, supported by optimism following the closely watched court decision and relief that the United States had refrained from launching military strikes against Iran.
Trump raises tariffs to 15% after court setback
Over the weekend, Trump announced plans to increase a temporary universal import tariff to 15%, up from an initially proposed 10%, shortly after the Supreme Court ruled that he had exceeded his authority by invoking emergency economic powers to impose broad trade duties.
The president described the ruling as a “disgrace,” and responded by invoking a provision of the 1974 Trade Act to introduce global tariffs of 15% for up to 150 days to address what he called “international payment problems.”
“The Supreme Court’s decision to strike down President Trump’s use of IEEPA tariffs removes one legal channel but does not signal the end of the tariff regime,” said Lale Akoner, global market analyst at eToro. “In our view, markets were already pricing in a restructuring of trade policy, specifically the removal of IEEPA tariffs and a shift toward a more formalised 15% framework. This ruling accelerates that transition rather than derailing it.”
“The near-term risk is uncertainty: shifting legal foundations could dampen activity temporarily. However, if the outcome is a more predictable tariff structure, equities may ultimately benefit.”
Reports indicated that several major trading partners that had reached agreements with the Trump administration over the past year are now seeking renegotiations or greater clarity regarding the new tariff framework.
The European Commission, which represents the European Union’s 27 member states in trade negotiations, urged Washington to honor the terms of a 2025 agreement and requested “full clarity” on how tariff policies will evolve following the ruling.
Against this backdrop, investors are also watching for comments from Federal Reserve Governor Christopher Waller later Monday. Waller, who is scheduled to speak on the economic outlook in Washington, was one of two policymakers who dissented from the Fed’s January decision to keep interest rates unchanged within a 3.5%–3.75% range.
Economic data releases later in the session will include durable goods orders and factory orders.
Nvidia earnings in focus
Market attention this week is also firmly on results from artificial intelligence leader Nvidia (NASDAQ:NVDA), widely viewed as a bellwether for AI-related demand.
The chipmaker is due to report fiscal fourth-quarter earnings on Wednesday, with analysts expecting earnings per share of $1.52 on revenue of $65.56 billion, according to Investing.com forecasts. That compares with EPS of $0.89 and revenue of $39.33 billion in the same period last year.
The earnings release comes amid growing debate over the sustainability of the AI boom and its broader impact on technology markets. Software and logistics stocks have recently come under pressure amid concerns about disruption linked to AI developments, with weakness spreading into other sectors.
Oil prices ease after recent rally
Oil prices declined on Monday, giving back part of last week’s gains as investors evaluated prospects for a third round of nuclear negotiations between the United States and Iran, alongside continued uncertainty surrounding U.S. trade policy.
Brent crude futures fell 0.7% to $70.83 per barrel, while U.S. West Texas Intermediate crude dropped 0.7% to $66.05 per barrel.
Both benchmarks had rallied nearly 6% last week amid fears of a potential U.S.–Iran conflict and an unexpected drawdown in U.S. crude inventories.
The two countries are expected to hold another round of nuclear talks on Thursday in Geneva, raising hopes for a diplomatic resolution that could reduce risks to Middle Eastern oil supply.
Iran remains a key member of the Organization of the Petroleum Exporting Countries (OPEC) and holds some of the world’s largest proven crude oil reserves.