US stock futures retreated on Monday as investors grappled with the fallout from the Supreme Court's rebuff of President Trump's most sweeping tariffs, which has thrown major trade deals into doubt.

Contracts on the S&P 500 (ES=F) slipped 0.2%, while those on the tech-heavy Nasdaq 100 (NQ=F) shed 0.3%, both paring deeper premarket losses. Dow Jones Industrial Average futures (YM=F) dropped roughly 0.3%, coming off a volatile but winning session on Friday.

Growing uncertainty about the global trade landscape is unsettling markets, amid debate about Trump's next moves and reaction from countries that have signed US trade pacts.

The Supreme Court's invalidation of many US tariffs on Friday initially fueled trade hopes and buoyed stocks. But Wall Street gauges and the dollar (DX-Y.NYB) are starting the week on the back foot after Trump said Saturday that the US will lift the baseline tariff rate on imports to 15%, effective immediately.

In a strong response, the EU rejected any hike in tariffs, saying "a deal is a deal" and calling on Washington to clarify the steps it will take following the court rebuff.

Meanwhile, the US customs agency said it will stop collecting the overturned tariffs, amid calculations for $2 trillion hit to the federal budget. Refunds by the US to importers and the legal basis for Trump's new levies are other concerns on Wall Street.

Elsewhere in geopolitics, markets are weighing the prospects for US-Iran nuclear talks, set to resume on Thursday as US forces swarm the Middle East. Last week, Trump warned Iran to reach a deal or face the consequences. Oil prices (BZ=F, CL=F) fell on Monday, after ending last week up more than 5%.

Looking ahead, AI chipmaker Nvidia's (NVDA) results on Wednesday are the earnings highlight as the season continues to wind down, and as AI disruption fears swirl. Salesforce (CRM) — whose stock was hit by those fears — reports the same day. Before that, investors get a litmus test for retail in Home Depot's (HD) quarterly update on Tuesday.

Novo Nordisk (NVO) stock san 13% before the bell on Monday after its next-generation obesity drug CagriSema ‌was less effective than Eli Lilly's tirzepatide ‌in a head-to-head trial.

Eli Lilly (LLY) stock rose 4% following the news.

Reuters reports:

The trial was designed to show CagriSema was at least as effective as tirzepatide in reducing weight, but ‌failed to meet ⁠that goal, Novo said in a statement.

The outcome is a blow to Novo ⁠Nordisk, which is fighting to regain its lost first-mover advantage in the lucrative obesity treatment ​market, where ​demand for drugs with ​higher efficacy is ‌surging.

Novo Nordisk said CagriSema achieved a 23% reduction in body weight over 84 weeks, compared to 25.5% for Eli Lilly's tirzepatide in the trial.

Read more here.

The fallout from President Trump's tariff defeat on Friday has gone far and wide, and the markets have started to react to the news.

Stocks: US stock futures slipped on Monday as Wall Street digested the latest news on Trump's tariff defeat. Dow Jones Industrial Average futures (YM=F) dropped 0.3%. Contracts on the S&P 500 (ES=F) fell roughly 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) sank 04%.

Chinese stocks got a boost from tariffs, as investors weighed the impact on the current deal the US has with China and whether China's leader Xi Jinping would seek to renegotiate it. The Hang Seng index (^HSI) closed 2% up on Monday.

Gold: Gold (GC=F) futures rose 1%, and silver (SI=F) gained 4% as investors poured into safe-haven assets following Trump's tariff defeat.

Bitcoin: Bitcoin (BTC-USD) fell below $66,000 and was down 3% on Monday.

Oil: Brent (BZ=F) and West Texas Intermediate (CL=F) both fell 0.7% on Monday.

Some assorted thoughts from around Wall Street on the Supreme Court's tariff ruling:

Deutsche Bank

\\"Looking ahead, the reality is that the 15% tariff imposed under Section 122 can only remain in place for 150 days (late July), after which Congressional approval would be required to extend it. Section 122 was designed as a temporary tool to address emergency balance of payments issues and would likely face further legal challenges if rolled over repeatedly.

That raises a key political question: will a small number of Republicans in either chamber be reluctant to support what could be framed as an extension of a consumer tax hike just three and a half months before the mid term elections? At that point, the administration faces a binary choice: try to secure an extension or allow the tariff to lapse. The latter appears the more likely outcome. In that scenario, the administration would probably pivot to other legal authorities—most notably Section 232 (national security) or Section 301 (unfair trade practices)—to re establish a more durable tariff regime. While the groundwork for such a move has almost certainly been laid, these measures are narrower in scope and would themselves be vulnerable to legal challenge.\\"

Goldman Sachs

\\"Imports from countries that will experience meaningful tariff reductions from the latest policy changes are likely to pick up in coming months, but the impact on GDP should be largely offset by increased inventory accumulation and consumption, reduced imports from other countries through which trade had been rerouted, and small reductions in imports from countries whose tariff rate has risen. We are launching our 2026Q1 GDP tracking estimate at 3.4%, though this incorporates a 1.3 percentage point contribution from the end of the government shutdown in 2025Q4. We continue to forecast 2.5% GDP growth for 2026 Q4/Q4, a 0.3 percentage point acceleration from 2025 Q4/Q4 that partly reflects the fading drag from tariffs giving way to a boost from tax cuts.\\"

Jefferies

\\"Retailers face decisions around whether to reinvest tariff savings into lower prices, allow margins to expand, or redirect savings into the business. We expect outcomes to vary by category, competitive intensity, and brand positioning. Reduced tariff pressure could allow retailers to revisit suppliers or sourcing regions that had become less economical, potentially improving assortment, innovation, or supply chain efficiency.\\"

The European Commission has published a reply to Trump's 15% global tariffs, issued following the Supreme Court ruling that Trump did not act with legal authority when shaking up global trade at the start of his second term.

Reuters reports:

The European Commission demanded on Sunday that the United States stick to the terms of an EU-U.S. ‌trade deal reached last year, after the U.S. Supreme Court struck ‌down Donald Trump's global tariffs and he responded with new levies across the board.

The Commission, which ​negotiates trade policy on behalf of the 27 EU member states, said Washington must provide \\"full clarity\\" on the steps it intends to take following the court ruling.

After the court struck down Trump's global tariffs on Friday, the U.S. president announced temporary, ‌across-the-board tariffs of 10%, which ⁠he then hiked to 15% a day later.

\\"The current situation is not conducive to delivering 'fair, balanced, and mutually beneficial' transatlantic trade and ⁠investment, as agreed to by both sides\\" in the joint statement setting out the terms of last year's trade agreement, the Commission said. \\"A deal is a deal.\\"

The comments ​were ​far more strongly worded than the Commission's ​initial response on Friday, which had ‌said only that it was studying the outcome of the Supreme Court decision and keeping in contact with the U.S. administration.

Read more here.

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%.

Read more here.

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.