Stock futures are swimming in red ink this morning, with President Donald Trump shaking up Wall Street after the announcement of an increase in global tariffs to 15%. The escalation comes in retaliation to Friday's Supreme Court ruling that struck down the duties. Futures on the Dow Jones Industrial Average (DJI) are indicating a triple-digit move lower, while S&P 500 Index (SPX) and Nasdaq Composite (IXIC) futures are also sharply lower. Gold and Bitcoin (BTC) prices are moving in opposite directions, the safe-haven metal last seen 2% higher, while the volatile cryptocurrency is testing the $65,000 region.
- Nvidia earnings: Just how impactful are they?
- Merck stock looks like a good pick for options bears.
- Plus, two drugmakers with very different results; and Alphabet's AI-driven upgrade.
5 Things You Need to Know Today
- The Cboe Options Exchange saw 3.1 million call contracts and 2 million put contracts traded on Friday, the highest combined volume in over a month. The single-session equity put/call ratio rose to 0.65, while the 21-day moving average remained at 0.59.
- Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) stock is 39.8% higher before the bell, after the Food and Drug Administration (FDA) approved the company's pill for bipolar disorder and schizophrenia. Vanda stock is poised to fill its 2026 deficit in one day, should these gains materialize.
- Novo Nordisk A/S (NYSE:NVO) stock is staring down a 15.2% drop ahead of the open, after an 84-week trial showed the company's weight-loss drug CagriSema wasn't as effective as Eli Lilly's (LLY). The Danish drug stock is down 20% this month and is poised to open at its lowest level in nearly five years.
- The shares of Alphabet Inc (NASDAQ:GOOGL) are pointed higher in electronic trading, after Wells Fargo issued an upgrade to "overweight" from "equal-weight." The firm also lifted its price objective to $387 from $354, citing AI growth capacity with Gemini. Alphabet stock is over 70% higher year over year,. but flat in 2026.
- Inflation data will close out the week.
Tariffs Disrupt Overseas Momentum
Markets in Asia were scattered to kick off the week, as investors weigh the latest tariff threats from Trump. South Korea’s Kospi recorded a third-straight pop and fresh record high, adding 0.7%. Hong Kong’s Hang Seng Index surged 2.5%, while markets in Japan and China were closed for holiday.
European stocks are lagging, with Trump’s tariff threats and Rolls-Royce stock weighing on sentiment. Germany’ Ifo business climate survey data rose to 88.6 in February, up from 87.6 in January. At last check, Germany’s DAX is off 0.6%, France’s CAC 40 is 0.1% lower, and London’s FTSE 100 is 0.1% higher.
