U.S. stock futures dropped on Sunday evening as investors weighed more high-stakes drama on tariffs in the coming weeks.
A new deadline is emerging as President Donald Trump’s 90-day pause on his reciprocal tariffs is about to expire on Wednesday.
While markets expected an extension ahead of the July 9 end to the tariff reprieve, administration officials signaled there will be just a few weeks’ worth, saying Sunday that duties will return back to their “Liberation Day” levels on Aug. 1, unless countries reach trade deals with the U.S.
Meanwhile, Commerce Secretary Howard Lutnick said the tariffs will go into effect Aug. 1 “but the president is setting the rates and the deals right now.”
The yield on the 10-year Treasury edged up 0.8 basis point to 4.348%. Gold was essentially flat at $3,344.70 per ounce, while the U.S. dollar was unchanged against the euro and down 0.05% against the yen.
Not much economic data is due in the coming week, but minutes from the Federal Reserve’s last policy meeting will come out on Wednesday.
