FX.co ★ US Futures Hold Pullback

US equity futures declined on Monday, giving back part of last session’s gains as uncertainty over the direction of US economic policy prompted investors to pare exposure to risk assets. Futures on the S&P 500 and Dow Jones Industrial Average were down 0.4%, while Nasdaq 100 contracts fell 0.6%.

President Trump imposed a 15% tariff on all countries under Section 122 emergency authority, leaving trading partners uncertain about how the new levies would interact with existing trade agreements and how the administration might seek to prolong them, given that Congress is unlikely to endorse the measures. The move came after the Supreme Court struck down tariffs that had been in place against several countries since April of last year.

In corporate news, Gilead slipped 1.5% after agreeing to acquire Arcellx in a $7.8 billion deal. Nvidia traded slightly lower ahead of its earnings release this week. Asset managers with significant exposure to private credit also retreated, extending recent declines after Blue Owl restricted redemptions from one of its funds last week.