U.S. Stock futures slipped on Sunday evening, following the Fourth of July weekend, after President Donald Trump’s confirmation regarding the reciprocal tariffs that are set to go into effect on August 1, instead of July 9.
The S&P 500 Futures trade at 6,297.50, down 0.43%, followed by Nasdaq Futures at 22,956.50, down 0.46%, and finally Dow Jones Futures down 0.33%, trading at 44,944.00, at the time of writing this.
This comes amid President Donald Trump saying that he would be sending out letters to America’s trading partners, announcing that tariffs would be back to April 2 levels, if there was no progress being made on signing a trade deal with the United States by then, according to a report by CNBC.
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Speaking alongside Trump, Commerce Secretary Howard Lutnick said that the tariffs will go into effect on August 1, adding that “the president is setting the rates, and the deals, right now,” to which Trump nodded in approval.
Treasury Secretary Scott Bessent said the same during his appearance on CNN’s “State of the Union” earlier in the day, saying that tariffs will “boomerang” back to “Liberation Day” levels, “if things don’t move along.”
Japan’s Nikkei 225 benchmark is down 204 points or 0.51%, trading at 39,608, with engineering, electronics and export-oriented stocks leading the decline.
The U.S. Dollar Index (DXY) is up 0.10%, trading at 97.098 against a basket of currencies, recovering from its lowest levels in over three years last week, hit by growing fiscal concerns, persistent trade uncertainties and expectations of faster rate cuts by the Federal Reserve.
While there are no noteworthy data releases or economic events on Monday, investors will be closely watching Barnes & Noble Education Inc.’s (NYSE:BNED) third quarter results later in the day.
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