U.S. stock futures are modestly lower in premarket trading after President Donald Trump said he’s raising his global tariffs to 15% from 10% after the Supreme Court struck down the president’s “reciprocal” tariffs.

The new tariffs heightened market uncertainty about the outlook for inflation and global growth. Trump also warned that additional levies would be coming over the next few months.

Meanwhile, Iran remains a focal point for investors. This past week, Trump encouraged Iran to reach a deal over its nuclear program, warning that otherwise “bad things” might happen.

Trump is scheduled to deliver his State of the Union address to Congress on Tuesday.

Nvidia (NVDA) earnings will be a key focus this week for markets. The chipmaking giant is set to release results on Wednesday and the company will have to reassure investors that its artificial intelligence investment strategy remains intact.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 0.2% near $66.60 a barrel with the U.S. and Iran headed for a third round of nuclear talks, easing concerns about a potential conflict, while President Donald Trump created uncertainty for global growth and fuel demand with a new round of tariff hikes.
• Gold (/GC) – Gold prices are up 2% near $5180 and climbed to a more than three-week high on Monday as uncertainty stoked by the U.S. Supreme Court’s decision to strike down a vast swathe of President Donald Trump’s tariffs pressured the dollar and pushed investors to the safety of bullion.
• Bitcoin (/BTC) – The Crypto Future is down around 2% near 66,500 in premarket trading.
• VIX – The CBOE Volatility Index was down 5.6% on Friday and settled at 19.09 as stocks were higher.
• U.S. Dollar (/DX) – The dollar is flat at 97.75.

Biggest Premarket Movers (as of 7 AM ET - Mark % Change)

1. Domino’s Pizza (DPZ): +5.31%
2. Eli Lilly (LLY): +2.72%
3. Corning (GLW): +1.50%
4. Newmont (NEM): +1.15%
5. Schein Henry (HSIC): +1.14%

1. Smurfit Westrock (SW): -5.85%
2. Intl. Paper (IP): -5.19%
3. Packaging Corp. (PKG): -5.00%
4. DoorDash (DASH): -3.01%
5. Applovin (APP): -2.55%

Economic Data

• 8:30 AM ET: Chicago Fed Nat. Activity Index
• 10:00 AM ET: Factory Orders (Delayed)
• 10:30 AM ET: Dallas Fed Mfg. Survey

Notable Earnings

• Premarket: D, DPZ, FRPT, SCL
• Postmarket: BBBY, BHF, BMRN, FANG, HIMS, KEYS, OKE, PAY, ZD
• Premarket Tomorrow: AS, AMT, BNS, BCC, DOCN, ELAN, EXPD, FIS, HSIC, HD, KDP, NRG, PLNT, PTLO, WLK
• Postmarket Tomorrow: AMC, CWH, CAVA, CSGP, EOG, FSLR, FLYW, GDDY, HPQ, LCID, MQ, MELI, MOS, RRC, RVLV, TEM, TREX, WDAY, ZETA

Upgrades/Downgrades

• Wells Fargo upgrades Alphabet (GOOGL) to Overweight from Equal Weight
• Aletheia upgrades Nvidia (NVDA) to Buy from Hold
• BofA upgrades J.M. Smucker (SJM) to Buy from Neutral
• Jefferies downgrades Deere (DE) to Underperform from Hold
• Jefferies downgrades Workday (WDAY) & DocuSign (DOCU) to Hold from Buy
• BofA downgrades General Mills (GIS) to Neutral from Buy

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