Stock market today: S&P 500, Nasdaq, Dow futures inch higher as markets brace for Trump tariffs

US stock futures crept up as Wall Street prepared for President Donald Trump’s broad tariffs on America’s top trading partners to take effect.

Futures attached to the S&P 500 (ES=F) climbed 0.2%, Nasdaq futures (NQ=F) were up 0.3%, and Dow Jones (NQ=F) pushed up 0.1% from the flatline.

Starting tonight, Canada and Mexico will face 25% duties on US imports. The countries had been negotiating with the Trump administration to avoid the tariffs, but on Monday, Trump said there is “no room left for Canada or Mexico” to strike a deal.

Read more: Trump tariffs set to take effect on Canada, Mexico as Trump says ‘no room left’ for delay

So far, Canada’s foreign minister said the country is prepared to retaliate with a sweeping package of counter-tariffs against US products.

Also on Monday afternoon, Trump signed an executive order doubling US tariffs on China from 10 to 20%. The country “has not taken adequate steps to alleviate the illicit drug crisis,” the order read.

As traders faced the inevitability of new tariffs, a report on Nvidia (NVDA) chips being smuggled into China despite export controls caused shares of the AI giant to tumble. The company closed at its lowest point since September. Shares stabilized after the bell.

Retail giants Best Buy (BBY) and Target (TGT) will report earnings before the market opens on Tuesday, while Crowdstrike (CRWD) and Nordstrom (JWN) will release their reports after the bell.