US stock futures slid on Monday after the Supreme Court refuted the legality of President Trump's most sweeping tariffs, leaving markets grappling with uncertainty about his next move in trade policy.

Dow Jones Industrial Average futures (YM=F) dropped 0.4%. Contracts on the S&P 500 (ES=F) fell 0.5%, while those on the tech-heavy Nasdaq 100 (NQ=F) dropped around 0.7%.

Markets are coming off a volatile session on Friday, when the Supreme Court invalidated a broad swath of Trump’s trade agenda, fueling hopes that trade tensions could ease. Still, stocks ended the day — and week — with sizable gains.

On Saturday, in response to the Supreme Court ruling, Trump said he would lift the baseline tariff rate on imports from 10% to 15%, effective immediately. It remained unclear whether Trump had formally taken steps to enact the higher duties.

Trade policy isn’t the only geopolitical concern on Wall Street. Iran remains in focus after Trump urged Iran to reach an agreement with the US on its nuclear program, warning of consequences if talks fail. Oil prices (BZ=F, CL=F) fell over 1% on Monday, after ending last week up more than 5%.

Meanwhile, earnings season continues to wind down, with Nvidia (NVDA) scheduled to take center stage when it reports results on Wednesday. Salesforce (CRM) also reports Wednesday for a wider view of the tech landscape, and Home Depot (HD) acts as a litmus test for retail on Tuesday.

Bloomberg reports:

Bitcoin (BTC-USD) slid in early Asia trading on Monday, roiled by fresh nervousness over the status of US tariffs.

The original digital asset slid as much as 4.8% to nearly $64,300, its lowest since Feb. 6. Other tokens fared worse, with Ether (ETH-USD), the second-largest token, retreating 5.2%.

The losses come after US officials on Sunday said trade deals already negotiated with partners remain in place, despite a Supreme Court ruling that struck down President Donald Trump’s use of emergency authority to impose tariffs.

In a social-media post on Saturday, Trump said he would increase the global 10% tariff he announced one day earlier to 15%, stirring up more economic turbulence. The dollar and US stock futures dropped in early trading on Monday, with contracts for the S&P 500 down 0.8% and the Nasdaq 100 down 1%. A gauge of Asian equities climbed 1%.

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Bloomberg reports:

Gold (GC=F) climbed after a run of three weekly gains, as heightened uncertainty over US trade policy unsettled markets and hurt the dollar.

Bullion rose as much as 1.4% toward $5,180 an ounce. President Donald Trump said Saturday he would impose a global tariff of 15% to preserve measures after the Supreme Court ruled against his use of emergency powers to set duties. The weaker dollar made the metal cheaper for many buyers.

The court ruling has cast doubt over deals the US has negotiated with major trading partners. The European Parliament’s trade chief said he’ll propose delaying ratification of an agreement with Washington until there’s more clarity, Indian officials will postpone a trip to the US, while a member of Japan’s ruling party called the situation “a real mess.”

Read more here.

Bloomberg reports:

Blue Owl Capital Inc.’s co-chief reeled off all the times he'd seen this type of fear before. Covid. Silicon Valley Bank's collapse. Liberation Day.

Marc Lipschultz was addressing analysts on the 11th straight day of losses for the firm’s shares, the worst streak since Blue Owl went public almost five years ago. Just weeks earlier, investors yanked more than 15% of net assets from one of the money manager’s tech-focused funds.

But as Lipschultz saw it, this was par for the course when markets get jittery. Some clients in private credit funds like theirs ask for their cash back in times like these. The firm was handling this latest bout of worry just as it had in the past.

It appears different now. Blue Owl last week permanently shut the gates on one of those funds — preventing investors from withdrawing their cash every three months as they’d previously been allowed — and began selling assets to return investor capital.

It’s the latest sign of tumult in a $1.8 trillion market stricken with worry about overspending on artificial intelligence, the technology’s disruptive power and lending standards more broadly. And it’s evoking comparisons to the run-up to the 2008 financial crisis.

Read more here.