U.S. Stock Futures Slide as Trump Tariffs Rise; Nvidia Earnings in Focus

U.S. stock index futures moved lower Sunday evening after President Donald Trump announced plans to raise global tariffs using a different legal authority, adding fresh uncertainty to U.S. trade policy. Investors are also preparing for highly anticipated earnings from NVIDIA Corporation (NASDAQ: NVDA), a key player in the artificial intelligence sector.

S&P 500 Futures declined 0.3% to 6,902.25, Nasdaq 100 Futures dropped 0.5% to 24,945.75, and Dow Jones Futures slipped nearly 0.3% to 49,547.0 as of 18:44 ET. The pullback followed a positive Wall Street session on Friday, when markets rallied after the Supreme Court ruled that Trump had exceeded his authority in imposing broad tariffs under an economic emergency declaration.

Over the weekend, Trump said he would lift the temporary universal tariff on imports to 15% from 10% by invoking Section 122, a rarely used trade provision. No previous president has relied on this law, and any extension beyond 150 days would require Congressional approval. The decision has heightened near-term market volatility as global trading partners seek clarity and, in some cases, renegotiation of existing trade agreements.

Critics argue that higher import tariffs could further increase the cost of living, while recent trade data showed limited progress in reducing the U.S. trade deficit in 2025. This evolving trade landscape is adding pressure to equity markets already navigating mixed economic signals.

Meanwhile, Nvidia earnings are set for February 25, with analysts forecasting earnings per share of $1.52 on revenue of $65.56 billion, up sharply from $0.89 EPS and $39.33 billion in revenue a year earlier. As the world’s most valuable publicly traded company and a leader in AI chip manufacturing, Nvidia’s results are expected to provide crucial insight into artificial intelligence demand and the broader tech sector outlook.