U.S. stock futures fell on Monday after closing higher on Friday. Futures of all the major benchmark indices were negative after the Supreme Court struck down federal tariffs imposed by President Donald Trump.
Despite the dramatic 6-3 Supreme Court ruling that invalidated President Trump’s emergency-law tariffs, equity markets remained buoyant on Friday.
Following the Supreme Court’s decision, Trump announced on Saturday an immediate increase in the baseline import tariff rate from 10% to 15%. However, it was not yet certain if formal actions had been initiated to implement these elevated duties.
Meanwhile, the 10-year Treasury bond yielded 4.08%, and the two-year bond was at 3.48%. The CME Group’s FedWatch tool‘s projections show markets pricing in a 95.9% likelihood that the Federal Reserve will leave the current interest rates unchanged in March.
| Index | Performance (+/-) |
| Dow Jones | -0.27% |
| S&P 500 | -0.20% |
| Nasdaq 100 | -0.28% |
| Russell 2000 | -0.47% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Monday. The SPY was down 0.24% at $687.77, while the QQQ declined 0.34% to $606.74.
Stocks In Focus
Vanda Pharmaceuticals
- Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) surged 34.37% in premarket on Monday after the U.S. Food and Drug Administration (FDA) approved its Bysanti tablets.
- VNDA maintains a strong price trend over the long, short, and medium terms, as per Benzinga’s Edge Stock Rankings.
SLB
- SLB NV (NYSE:SLB) fell 1.20% after it finalized several agreements with Star Energy Geothermal to advance the Sekincau Geothermal Development Project in Indonesia, while exploring additional collaborative prospects across North America.
- SLB maintains a strong price trend over the short, medium, and long terms with a moderate value ranking, as per Benzinga’s Edge Stock Rankings.
Novo Nordisk
- NVO maintains a weaker price trend over the short, medium, and long terms, with a solid quality ranking, as per Benzinga’s Edge Stock Rankings.
Keysight Technologies
- Keysight Technologies Inc. (NYSE:KEYS) was 0.40% lower as analysts expected it to post earnings of $2.00 per share on revenue of $1.54 billion, after the markets close.
- Benzinga’s Edge Stock Rankings indicate that KEYS maintains a strong price trend over the short, medium, and long terms, with a poor value score.
Strategy
- Strategy Inc. (NASDAQ:MSTR) fell 1.79% as the executive chairman, Michael Saylor, signaled in a cryptic post on X that the company is set to complete its 100th Bitcoin (CRYPTO: BTC) purchase on Monday, when it typically discloses its weekly acquisitions.
- Benzinga’s Edge Stock Rankings indicate that MSTR maintains a weaker price trend over the long, medium, and short terms.
Cues From Last Session
Consumer discretionary, communication services, and real estate stocks led the market higher on Friday, while energy and health care sectors lagged behind.
| Index | Performance (+/-) | Value |
| Dow Jones | 0.47% | 49,625.97 |
| S&P 500 | 0.69% | 6,909.51 |
| Nasdaq Composite | 0.90% | 22,886.07 |
| Russell 2000 | -0.049% | 2,663.78 |
Insights From Analysts
Mohamed El-Erian, Chief Economic Advisor at Allianz, views the current U.S. economic and market landscape as a period of significant structural shift, marked by heightened “volatility, dispersion, and fragmentation.”
In his recent assessment, he argues that the “easy world” of globalization and unifying economic frameworks has vanished, replaced by a climate where national security and domestic politics dictate market outcomes.
Regarding the economy, El-Erian is cautious about the labor market, warning that recent positive data might be a “head fake” as the underlying divergence between a cooling job market and GDP growth grows.
He is particularly concerned about the uncertainty following the Supreme Court’s tariff ruling, questioning, “Who owes what to whom?” as the administration seeks alternative legal paths for tariff collection.
For the stock market, El-Erian notes that the broad “love affair with AI” has cooled. He warns of a “market for lemons” risk where high-quality companies are unfairly punished by technical correlations with weaker names.
Despite these jitters, he suggests that selective, bottom-up investing remains viable, even as the broader market grapples with what he calls a “canary-in-the-coal-mine” moment regarding liquidity in private credit.
Upcoming Economic Data
Here’s what investors will be keeping an eye on this week.
- On Monday, December’s factory orders data will be out by 10:00 a.m., and Fed Governor Christopher Waller will speak at 8:00 a.m. ET.
- On Tuesday, December’s S&P Case-Shiller home price index (20 cities) will be released by 9:00 a.m., followed by December’s wholesale inventories and February’s consumer confidence data at 10:00 a.m. ET.
- A busy morning of Fed speakers includes Chicago Fed President Austan Goolsbee at 8:00 a.m., Atlanta Fed President Raphael Bostic at 9:00 a.m., Fed Governor Christopher Waller at 9:15 a.m., and Fed Governor Lisa Cook at 9:30 a.m. ET.
- On Wednesday, Richmond Fed President Tom Barkin will speak at 9:35 a.m., and Kansas City Fed President Jeffrey Schmid will speak at 11:00 a.m. ET.
- On Thursday, initial jobless claims for the week ending Feb. 21 will be released by 8:30 a.m. ET.
- On Friday, January’s delayed producer price index (PPI) report, including headline, core, and year-over-year data, will be out by 8:30 a.m. ET.
- February’s Chicago Business Barometer (PMI) will be released by 9:45 a.m., and November and December’s delayed construction spending reports will be out by 10:00 a.m. ET.
Commodities, Gold, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 0.38% to hover around $66.23 per barrel. Gold Spot US Dollar rose 0.82% to hover around $5,146.34 per ounce. Its last record high stood at $5,595.46 per ounce.
The U.S. Dollar Index spot was 0.22% lower at the 97.5830 level. Meanwhile, Bitcoin was trading 2.38% lower at $66,427.04 per coin.
Asian markets closed mixed on Monday as South Korea’s Kospi, Hong Kong’s Hang Seng, and India’s Nifty 50 indices rose. On the other hand, Japan’s Nikkei 225, China’s CSI 300, and Australia’s ASX 200 indices closed lower. European markets were also mixed in early trade.
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