US Futures Point to Lower Open

US stock futures edged lower on Monday, with contracts tied to the Dow, S&P 500, and Nasdaq all down around 0.3%, as trade tensions intensified following President Trump’s weekend announcement of a 30% tariff on imports from the EU and Mexico, set to take effect on August 1.

Leaders from both trading partners have pledged to continue negotiations with the US in hopes of reaching an agreement that could reduce the tariff hike.

Meanwhile, investors are bracing for a key CPI report due tomorrow, which is expected to show a pickup in inflation as companies begin passing on higher import costs.

On the corporate front, megacaps were mostly lower in premarket trading, including Microsoft (-0.4%), Apple (-0.8%), Amazon (-0.2%), Meta (-0.2%), Broadcom (-0.4%), and Alphabet (-0.6%) while Nvidia traded around the flatline.

On the other hand, shares of Tesla gained about 1.2% after Elon Musk suggested there will be a shareholder vote on Tesla's xAI investment.