Dow Jones Today: Stock Futures Fall Amid Continued Concerns About Tariffs, Economic Outlook; Gold Hits Another Record High

Stock futures are lower Monday amid lingering concerns about President Trump’s tariff policies and their potential impact on the economy.

Futures tied to the S&P 500 and the Nasdaq were down 1.1% and 1.4% about 45 minutes before the opening bell, while those tied to the Dow Jones Industrial Average slipped 0.8%. Each of the major indexes lost ground last week, giving back a portion of the previous week’s big gains, as trade tensions with China intensified and Federal Reserve Chairman Jerome Powell said that tariffs would cause inflation to rise and economic growth to slow, posing a challenge for the central bank as it decides where to set interest rates.

China on Monday said it would retaliate against countries that cooperate with the U.S. on trade deals that hurt China’s interest, while Trump in a social media post listed eight so-called “non-tariff cheating” measures, including currency manipulation, value-added taxes and export subsidies. The Trump administration, which has imposed new tariffs on countries around the world, including a 145% import tax on goods from China, has said it in is negotiations with dozens of countries.

Adding to the mix, Trump on Friday reiterated his criticism of Powell, saying that the Fed chair should be lowering interest rates. Investors are concerned that an abrupt dismissal of the Fed chair, whose term runs for about another year, would further destabilize global markets.

The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was at 98.14 this morning, down from 99.38 at the end of last week and trading at its lowest level in three years. The dollar has steadily weakened in recent months as the trade tensions have escalated.

The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, was at 4.40%, up from 4.33%. The yield, which moves in the opposite direction of bond prices, has risen substantially this month amid the confusion surrounding U.S. trade policy.

Gold futures were up 2.6% at $3,415 an ounce this morning, trading at another record high as investors turn to the precious metal as a safe haven.

Shares of the world’s largest technology companies were down across the board in premarket trading, led by a 4% decline for EV maker Tesla (TSLA), which is due to release its quarterly earnings report after the closing bell tomorrow. AI chipmaker Nvidia (NVDA) was down more than 3%, while rival semiconductor company Broadcom (AVGO) and Apple (AAPL) each declined more than 2%. Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) and Meta Platforms (META) were all down more than 1%.

Among other noteworthy tech movers, chipmakers Advanced Micro Devices (AMD), Micron (MU) and Marvell Technology (MRVL) each dropped more than 2%.

Shares of Strategy (MSTR), the major bitcoin holder that until recently was known as MicroStrategy, were up about 2.5% as the digital currency gained ground. Bitcoin was at $87,300, up from an overnight low of $84,600.

Crude oil futures, which have been on a bumpy ride in recent weeks, were down sharply this morning. West Texas Intermediate futures, the U.S. benchmark, slid 2.5% to $63.10 per barrel.