Dow Jones Today: Stock Futures Edge Lower After Trump's Latest Tariff Threats; Bitcoin Surges to Another New High
Stock futures are pointing to a lower open Monday as investors respond to President Donald Trump’s latest tariff threats and prepare for a busy week of earnings reports and economic data.
Futures tied to the Dow Jones Industrial Average, S&P 500 and tech-heavy Nasdaq were each recently down 0.3%. Stocks are coming off a week of modest losses as concerns about U.S. policy have been revived, though the major indexes remain near all-time highs.
Trump on Saturday announced that imports from Mexico and the European Union would face 30% tariffs starting on Aug. 1. Last week, the president sent letters to more than 20 countries informing them of the import levies the U.S. will impose next month if deals aren’t reached before then. The back-and-forth on trade extends the uncertainty over how high the tariffs will be, amid fears that they could spur inflation, slow economic growth and eat into corporate profits.
Monday’s calendar of corporate news and economic data is quiet, but picks up significantly in the coming days, with a flurry of earnings reports from banks and other major companies, as well as closely watched data on inflation, retail sales and consumer confidence scheduled to be released.
Shares of the world’s largest technology companies, which have led the recent rally to record highs, were mixed in premarket trading. Microsoft (MSFT), Apple (AAPL), Alphabet (GOOG), Meta Platforms (META) and Broadcom (AVGO) were each down less than 1%. Shares of Tesla (TSLA) were up about 1%, while Nvidia (NVDA), which last week became the first company ever to reach a market capitalization of $4 trillion, and Amazon (AMZN) inched higher.
Crypto-related stocks were gaining ground this morning as bitcoin continued scaling new heights. Major bitcoin buyer Strategy (MSTR) and trading platform Robinhood Markets (HOOD) each tacked on more than 2%, while bitcoin miner MARA Holdings (MARA) jumped 3.5%.
Bitcoin was at $121,800 recently, after rising to an all-time high above $123,000 overnight. The cyrptocurrency has hit a string of new highs in recent days as companies continue adding to their bitcoin stockpiles and as Congress prepares to discuss three crypto-friendly bills this week that could give digital assets increased legitimacy.
Gold futures were up 0.1% at $3,365 an ounce, adding to recent gains that have lifted the precious metal to its highest level in three weeks. Oil was also trading at a three-week high this morning, with West Texas Intermediate futures, the U.S. crude oil benchmark, rising 1.5% to $69.45 per barrel.
The yield on the 10-year Treasury note was at 4.43%, up from 4.42% at Friday’s close. The yield, which affects borrowing costs on on a wide array of consumer and corporate loans, is at its highest level in a month.
The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up 0.1% at 97.92, adding to the modest gains it posted last week .