US stocks pulled back slightly on Monday as Wall Street braced for a turbulent week, with renewed trade tensions injecting uncertainty ahead of a key inflation report and the first wave of second-quarter earnings.
The S&P 500 (^GSPC) was off about 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) was roughly flat. The Dow Jones Industrial Average (^DJI) fell about 0.2%.
Investors are showing little appetite for risk after President Trump said Saturday that the US will impose 30% tariffs on goods from the EU and Mexico from Aug. 1. The increased pressure on key US trading partners is testing the market’s previous resilience in the face of escalating tariff tensions. Faith in the idea that Trump will back off from threatened hikes helped lift stocks to all-time highs last week.
Silver (SI=F) prices rose to the highest levels in nearly 14 years, as shelter-seeking investors looked for alternatives to gold (GC=F), near a record amid 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.
Officials from the EU and Mexico are pushing to continue negotiations with the US in hopes of securing a lower rate via a new deal. The hiked tariffs as they stand are seen as likely to remake global trade relations and add to existing inflationary pressures.
Read more: The latest on Trump’s tariffs
That adds uncertainty ahead of consumer inflation data scheduled for release this week. Investors are looking to the June CPI report for signs of how earlier rounds of tariffs are impacting prices across the US economy. The reading will feed into expectations for the Fed’s decision on interest rates due in just over two weeks.
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.
LIVE 10 updates
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Stocks open mixed
US stocks pulled back slightly on Monday as Wall Street braced for a turbulent week, with renewed trade tensions injecting uncertainty ahead of a key inflation report and the first wave of second-quarter earnings.
The S&P 500 (^GSPC) was off about 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) was roughly flat. The Dow Jones Industrial Average (^DJI) fell about 0.2%.
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Crypto stocks rise as bitcoin tops $120K, Congress kicks off ‘Crypto Week’
Crypto stocks added to this year’s gains on Monday as bitcoin (BTC-USD) surpassed $120,000 for the first time. The rally in crypto highlighted optimism in the sector as House lawmakers kicked off “Crypto Week,” which is expected to result in new crypto-friendly stablecoin legislation.
Coinbase (COIN), the largest crypto exchange, rose 1.6%, while Robinhood (HOOD) gained nearly 3%. Stablecoin issuer Circle (CRCL) added 0.5%.
Strategy (MSTR) was up 2.8%. The Michael Saylor-led firm is one of the largest corporate holders of bitcoin through its bitcoin treasury.
Bitcoin was trading just below $121,000 as of 9 a.m. ET.
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Trending tickers in premarket trading: Nio, Nebius, Tesla, Lionsgate
Here’s a look at stocks moving ahead of the opening bell:
Nio (NIO): US-listed shares of Nio jumped 5% in premarket trading after the Chinese EV maker unveiled its line of ONVO L90 SUVs, which will be launched at the end of July. Early pre-sales boosted optimism about the competitiveness of the seven-seater vehicle.
Nebius Group (NBIS): Nebius stock soared more than 7% after Goldman Sachs initiated coverage with a Buy rating, citing the company’s role in providing AI infrastructure.
Tesla (TSLA): Tesla stock rose 1.3% ahead of a shareholder vote to determine whether to invest in CEO Elon Musk’s xAI startup. Musk announced the vote after SpaceX reportedly agreed to invest $2 billion in xAI.
Lionsgate (LION): Lionsgate shares surged 11% premarket on reports that Legendary Entertainment was considering taking over the film studio.
Check out more trending tickers here.
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Big banks are trying to put Trump tariff tumult in their rear-view mirror
Wall Street’s giant lenders are getting set to report their second quarter results this week, kicking off earnings season in earnest.
What a difference a quarter makes for the mood surrounding the US’s largest banks, Yahoo Finance’s David Hollerith reports:
Read more here.
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Kenvue CEO steps down amid board’s strategic review
Kenvue (KVUE) stock rose 4% in premarket trading after the company said CEO and board member Thibaut Mongon stepped down as part of a strategic review.
The Tylenol maker, which spun off from Johnson & Johnson (JNJ) in 2023, named company director Kirk Perry as interim chief executive, per Reuters.
“The Board’s strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the company’s portfolio and how it operates,” board chair Larry Merlo said.
Read more here.
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CPI data, big bank earnings, Netflix results: What to watch this week
Stocks are on the back foot before the bell, but are still trading near record highs heading into a busy week of economic data and quarterly earnings reports.
Yahoo Finance’s Myles Udland lays out the highlights in what’s coming this week:
Read more here.
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FTSE rises, Europe markets dip amid fresh Trump tariff threats
Yahoo Finance UK’s Lucy Harley-McKeown reports:
The FTSE 100 (^FTSE) ticked higher and European stocks dropped on Monday morning, as traders digest the latest round of tariff threats by US President Donald Trump.
The US and UK have already struck a partial trade deal, meaning tariff threats have less impact on the FTSE.
Read more here.
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RBC lifts S&P 500 year-end price target to 6,250
Reuters reports:
Read more here.
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Bitcoin pushes past $120,000 in record first
Bloomberg reports:
Read more here.
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Gold gains over weekend following Trump tariff shake up
Gold (GC=F) rises with tariff threats from Trump driving investors toward the safe-haven commodity.
Bloomberg reports:
Read more here.
