U.S. stock futures are modestly lower ahead of the Wall Street open on Monday after the U.S. said that tariffs are set to go into effect Aug. 1, not July 9.

In an interview with reporters Sunday, President Donald Trump and Commerce Secretary Howard Lutnick were asked to clarify when tariffs are set to go into effect. In response, Lutnick said, “Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now.” Trump nodded in approval.

The moves come after the S&P 500 (SPX) and Nasdaq-100 (NDX) settled at another record high on Thursday ahead of the holiday weekend. With little economic data today and no earnings, investor focus will be on trade headlines along with the 6% fall in Tesla (TSLA) shares after CEO Elon Musk stated he is launching his own Political Party called the ‘America Party.’

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are flat near $67 a barrel after slipping more than 1% overnight after OPEC+ surprised markets by hiking output more than expected in August, raising concerns about oversupply. Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective crude production by 548,000 barrels per day, as they continue to unwind a set of voluntary supply cuts. This subset of the alliance — comprising heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates — met digitally earlier in the day. They had been expected to increase their output by a smaller 411,000 barrels per day.
• Gold (/GC) – Gold prices are down 1% at $3311, near one-week lows due to an uptick in the U.S. dollar, with investors awaiting details on the trade front ahead of U.S. President Donald Trump’s tariff deadline.
• Bitcoin (/BTC) – The Crypto Future is down about 1% near 109K in the premarket.
• VIX – The CBOE Volatility Index fell 1.5% on Thursday and settled at 16.38 as stocks were higher.
• U.S. Dollar (/DX) – The dollar is up 0.2% to 97 in this session.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Molina Healthcare (MOH): +1.84%
2. Public Services Enterprise (PEG): +1.33%
3. Constellation Brands (STZ): +0.98%

1. Tesla (TSLA): -6.61%
2. Smurfit Westrock (SW): -2.44%
3. Newmont (NEM): -1.82%

Economic Data

• 11:30AM ET: 3-Month Bill Auction, 6-Month Bill Auction

Notable Earnings

• Premarket: None
• Postmarket: None
• Premarket Tomorrow: None
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Jefferies upgrades Constellation Brands (STZ) to Buy from Hold
• DA Davidson upgrades Autodesk (ADSK) to Buy from Neutral
• Raymond James upgrades U.S. Bancorp (USB) to Strong Buy from Outperform
• Seaport Research downgrades Netflix (NFLX) to Neutral from Buy
• Piper Sandler downgrades CrowdStrike (CRWD) to Neutral from Overweight
• William Blair downgrades Tesla (TSLA) to Market Perform from Outperform

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.