US pre-open: Futures slip as Trump tariff hike rattles markets
By Iain Gilbert
Date: Monday 23 Feb 2026
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Monday after Donald Trump raised his global tariff rates after the Supreme Court ruled he had exceeded his powers when instituting his so-called "reciprocal" tariffs.
As of 1230 GMT, Dow Jones futures were 0.36%, while S&P 500 and Nasdaq-100 futures had the indices 0.38% and 0.56% weaker, respectively.
The Dow closed 230.81 points higher on Friday as market participants digested key inflation data, disappointing fourth quarter GDP figures and a Supreme Court decision on Donald Trunp's sweeping tariff regime.
Trump said over the weekend that he would lift his newly announced global tariff rate to 15%, up from the 10% level outlined a day earlier, adding that the duties would take effect immediately, although it remained unclear whether any formal documentation had been issued to enact the change.
In a post on social media, Trump said the increase represented the "fully allowed" level under existing law and signalled that further levies would follow in the coming months - adding to market uncertainty around the outlook for both inflation and global growth.
Trade Nation's David Morrison said: "Investors reacted positively when they first heard about the court ruling on Friday afternoon. US stock indices had been under some downside pressure. But they rebounded on hopes that trade tensions might ease, while opening the door to refunds for companies impacted by the now-invalidated tariffs. This helped to push the Dow, S&P and Nasdaq back into positive territory by Friday's close, and all posted overall gains for the week, led by the tech-heavy Nasdaq.
"But President Trump responded over the weekend and announced a new, legally tested tariff framework, warning that additional levies could follow in the coming months. The shift has reinforced uncertainty around the outlook for inflation, global growth and supply chains, keeping investors on edge."
Geopolitics also remained in focus prior to the open, with Iran continuing to weigh on sentiment after Trump urged Tehran to reach an agreement on its nuclear programme, warning that "bad things" could occur otherwise.
Additionally, bitcoin was under pressure as risk appetite softened, sliding as much as 5% at one stage to below $65,000 before recovering to $65,747.70 as the benchmark cryptocurrency remained roughly 2.75% lower amid an ongoing bout of volatility.
On the macro front, the Chicago Federal Reserve's January national activity index will be published at 1330 GMT, while factory orders data will follow at 1500 GMT.
No major corporate earnings were slated for release on Monday.
Reporting by Iain Gilbert at Sharecast.com
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