Market Reaction to Tariff Changes

Wall Street futures showed a downward trend as the market opened on Monday, following a holiday weekend. The Trump administration's recent announcement to delay the global tariff deadline to August 1 from July 9, coupled with new tariffs on BRICS countries and their allies, has injected fresh uncertainty into the trade policy landscape.

Impact on Major Indices

By 4:13 am ET, the Dow Jones had fallen by 0.24%, the Nasdaq 100 declined by 0.59%, and the S&P 500 lost 0.45%. This market movement reflects investor caution in the face of evolving trade policies.

Currency Movements

The euro also felt the pressure, trading 0.30% lower against the dollar, with a rate of 1.17384 at 4:24 am ET.

Tesla's Premarket Drop

Adding to the market's volatility, Tesla shares plummeted over 7% in premarket trading after CEO Elon Musk announced plans to establish a new political party, signaling potential shifts in the tech and auto sectors.