Dow, S&P 500, Nasdaq Futures Slip As Trump Hikes Tariffs, Iran Tensions Loom: Why MLTX, AG, VNDA, NFLX, VXUS Are Trending Today

Investors are now headed for a catalyst-heavy week, led by Nvidia and Salesforce earnings, U.S. labor and inflation data, and a busy slate of Federal Reserve speakers.

• Nasdaq 100 futures are down 0.8%, S&P 500 futures edged 0.6% lower, and Dow futures fell by 0.5%.
• Trump raised global tariffs to 15% following a Supreme Court ruling that struck down his earlier tariffs.
• He is also weighing a limited military strike on Iran, even as U.S.-Iran talks are set to resume in Geneva this week.

U.S. stock futures slipped late Sunday as Trump’s surprise tariff escalation and renewed tensions with Iran unsettled investors ahead of a pivotal earnings and data-heavy week.

As of 9.20 p.m. ET, Nasdaq 100 futures were down 0.8%, while S&P 500 futures down by 0.6%. Dow futures were down 0.5%.

On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) was ‘bearish’ amid ‘high’ message volume, while sentiment toward the Invesco QQQ Trust (QQQ) and SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘bearish’ amid ‘normal’ message volume.

US Market Drivers

U.S. President Donald Trump said on Saturday that he would raise global tariffs to 15%, up from the 10% level announced a day earlier, following a U.S. Supreme Court ruling that struck down his preferred tariff mechanism. Trump said the higher duties would take effect immediately.

The initial 10% tariffs announced on Friday were scheduled to take effect on Feb. 24, according to a White House fact sheet, and Trump warned that additional levies would be issued over the coming months.

In the prior session, the Dow Jones Industrial Average rose 0.5%, while the S&P 500 gained 0.7% and the Nasdaq Composite advanced 0.9%.

In a Truth Social post on Saturday, Trump said, “Those members of the Supreme Court who voted against our very acceptable and proper method of TARIFFS should be ashamed of themselves. Their decision was ridiculous but, now the adjustment process begins, and we will do everything possible to take in even more money than we were taking in before!”

The Supreme Court ruled 6-3 that Trump exceeded his authority by using an emergency-powers law to impose sweeping reciprocal tariffs and targeted import taxes. The justices did not address potential refunds, leaving the issue to lower courts, with refunds estimated as high as $170 billion if fully allowed. 

Mohamed El-Erian, Chief Economic Advisor at Allianz, said on X that questions around “who owns what to whom” following the Supreme Court ruling, including its impact on roughly $133 billion of possible tariff refunds, are now being actively debated and will soon be tested in the courts. “Even if the overall tariff collection remains the same by the end of the year, as suggested by Secretary Bessent, the incidence on companies and sectors may be quite different,” he added.

Geopolitical risks added to caution after Trump is reportedly weighing an initial limited military strike on Iran to pressure Tehran into a nuclear deal, an option that could be authorized within days and would target select military or government sites, with the possibility of escalation if Iran refuses to comply. Oman’s Foreign Minister Badr Al Busaidi confirmed on X that U.S.-Iran negotiations are set to take place in Geneva on Thursday.

Trending Stocks To Watch On NYSE, Nasdaq

MoonLake Immunotherapeutics (MLTX): Shares surged over 10% in overnight trading ahead of Monday’s Investor Day after the company reported positive Phase 2 data for its spine disease drug sonelokimab, showing strong clinical and imaging improvements in axial spondyloarthritis.

First Majestic Silver (AG): The stock closed at an all-time high on Friday after the company reported record fourth-quarter (Q4) and full-year 2025 silver production, revenue, cash flow, and earnings, and announced a dividend of $0.0083 per share for Q4.

Vanda Pharmaceuticals (VNDA): Shares jumped about 45% in extended trading on Friday after the FDA approved Bysanti tablets for the treatment of bipolar I disorder and schizophrenia in adults.

Netflix (NFLX): Shares could open under pressure on Monday after Trump threatened consequences if the company does not remove board member Susan Rice, adding political risk to an already sensitive period as Netflix’s bid involving Paramount Skydance remains in discussions. 

Vanguard Total International Stock ETF (VXUS): The ETF hit an all-time high amid a weaker dollar and growing investor rotation into international equities, as U.S. stocks draw their smallest share of global equity inflows since 2020, according to a Bloomberg report, citing BofA analyst Michael Hartnett.

How Global Markets Are Performing Today

In broader markets, the yield on the benchmark 10-year U.S. Treasury note rose to 4.1% on Friday.

Gold futures were up 1.5% at $5,158.34, while silver futures surged 4.5% to $86.02. Oil prices slipped in early trade, with front-month WTI crude down 0.8% at $65.97 per barrel and Brent crude lower by about 0.6% at $71.30.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose about 0.5% to 805.85, with gains in Hong Kong stocks offset by declines in Australian equities, while markets in Japan were closed for a holiday.

Among the catalysts for the week, Nvidia is set to report earnings on Wednesday, a key test for AI spending trends, with Salesforce also reporting the same day. Initial jobless claims are scheduled for Thursday, followed by January PPI inflation data on Friday, while a total of 11 Federal Reserve speaker events are on tap through the week.

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