Dow Jones Today: Stock Futures Slide as Tariffs Set to Take Effect; Bitcoin Drops Below $95,000

Major U.S. stock indexes are poised to open sharply lower on Monday after President Donald Trump over the weekend signed executive orders calling for tariffs to be imposed on Canada, Mexico and China.

Futures tied to the Dow Jones Industrial Average were down 1.3% in recent trading, while those linked to the S&P 500 and the Nasdaq fell 1.5% and 1.7%, respectively. Stocks are coming off a volatile week of trading fueled by corporate results, the Federal Reserve’s latest decision on interest rates, the revelation that Chinese startup DeepSeek had launched a highly effective, low-cost AI model and uncertainty about trade policy.

The tariffs of 25% on Mexico and Canada, and 10% on China, are set to go into effect early Tuesday. Canada and Mexico have vowed to implement retaliatory measures.

“In the weeks ahead, tariffs are likely to represent an overhang on markets and contribute to volatility, at least until investors gain greater clarity on the path and destination of US trade policy,” UBS Global Wealth Management Chief Investment Officer Mark Haefele said.

Shares of automakers tumbled in premarket trading amid the brewing trade war. General Motors (GM) was down more than 7%, while Ford (F) and Toyota (TM) dropped more than 3%.

Electric vehicle maker Tesla (TSLA) was also down more than 3% ahead of the opening bell, as mega-cap tech stocks fell across the board. Chipmakers Nvidia (NVDA) and Broadcom (AVGO) fell nearly 4%, while Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Meta Platforms (META) also lost ground.

Shares of software maker MicroStrategy (MSTR), one of the world’s largest holders of bitcoin, were down more than 7% as the digital currency fell sharply as investor risk appetite waned. Cryptocurrency exchange Coinbase Global (COIN) was down 6%, while bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) both tumbled more than 7%.

Bitcoin was trading below $95,000 this morning, down from last week’s high of more than $106,000. The digital currency is still about 35% higher since the presidential election amid optimism about a more favorable regulatory outlook under a crypto-friendly White House and Congress.

The yield on 10-year Treasurys, which is sensitive to investor views on the economic outlook, were at 4.53%, down from 4.57% at Friday’s close.

Gold futures were up 0.5% at around $2,850, near a new record high, while WTI crude oil futures gained about 2%.