4:15pm: Tariff fallout
Trump’s new global tariffs saw US stocks finish the day firmly in the red. The Dow Jones fell 1.7% or about 820 points to 48,804 points, the Nasdaq was down 1.1% at 22,627 points and the S&P 500 fell 1% to 6,837 points.
3:30pm: Proactive news headlines
- OKYO Pharma Ltd (NASDAQ:OKYO), a clinical-stage biopharmaceutical company developing therapies for neuropathic corneal pain (NCP) and inflammatory eye diseases, announced that its abstract has been accepted for presentation at the Association for Research in Vision and Ophthalmology (ARVO) 2026 Annual Meeting, scheduled for May 3 to 7 in Denver, Colorado.
- Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID), a provider of AI-driven identity and security solutions, announced a partnership with IDetect, a provider of ID scanning and entrance security solutions, to give the company access to the American Association of Motor Vehicle Administrators (AAMVA) Driver’s License Data Verification (DLDV) service.
- TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) has welcomed the news that Ganfeng Lithium’s subsidiary Litio Minera Argentina S.A. has completed the first export of lithium chloride from the Mariana Lithium Project in Argentina, on which TNR holds a 1.5% net smelter return (NSR) royalty.
- Ocean Power Technologies Inc (NYSE-A:OPTT) has provided an operational update outlining recent deployments and development milestones related to its offshore autonomy infrastructure roadmap.
- Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) has released the results of an updated National Instrument 43-101 compliant feasibility study for its wholly owned Angel Island lithium project in Esmeralda County, Nevada.
- U.S. Global Investors (NASDAQ:GROW) has reported its financial results for the second quarter of fiscal 2026, which ended on December 31, 2025, highlighting an increase in assets under management and improved operating performance.
2:30pm: Market movers
- Domino's Pizza Inc (NYSE:DPZ) shares rose more than 2% after the pizza chain released mixed results for the fourth quarter of 2025, with revenue topping expectations on increased sales.
- Novo Nordisk (NYSE:NVO) attempt to reclaim the initiative in the obesity drug race has backfired, after its experimental next-generation treatment failed to prove it was as effective as a rival therapy from Eli Lilly.
- TomCo Energy PLC (AIM:TOM, OTC:TMCGF) shares dropped 35% on Monday, falling to 0.035p, impacted by expected new equity dilution, after it announced a renewed partnership with Valkor that leaves the pair jointly controlling Greenfield Energy on a 50:50 basis, as the AIM-listed group looks to progress oil-sands opportunities in Utah’s Uinta Basin.
1:15pm: In the red
Trump’s latest tariff threats continued to weigh on US stocks in the early afternoon, with the Dow Jones down 1.4%, the Nasdaq down 1% and the S&P 500 down 0.9%. Meanwhile, fears the US would carry out military activity in Iran drove volatility (VIX), gold and oil higher.
“The panic-trade trinity of gold, oil and the VIX made a return to our screens today, all three rising as social media filled up with fresh updates on US deployments to the Middle East and reports emerging from all sides in the region," IG chief market analyst Chris Beauchamp said.
“With Nvidia’s earnings this week only expected to see a 4% move in the stock, it seems the geopolitical situation remains the chief driver for the time being.”
11:25am: Week ahead
Global markets are heading into a week shaped by a mix of trade policy uncertainty, key corporate earnings, and economic data.
Following last week’s US Supreme Court decision striking down the Trump administration’s previous tariff measures, attention has turned to how the administration plans to replace the revenue stream.
Over the weekend, President Trump announced an increase in global tariffs to 15%, citing Section 122 of the Trade Act. That statute allows for a temporary tariff of 150 days without Congressional approval, leaving questions over exemptions, refunds of previously collected tariffs, and the impact on deficit projections.
Deutsche Bank analysts note that while the Supreme Court ruling itself was widely anticipated, the timing and administration response could affect medium-term economic and fiscal outcomes.
“The timing and structure of refunds of previously collected tariffs could have implications for the medium-term outlook,” the bank said.
Kathleen Brooks, research director at XTB, highlighted the ongoing uncertainty around the tariff narrative. She noted that while Trump’s latest move triggered confusion, “no major selloff” has occurred, and markets are weighing whether corporate refunds from previously ruled-illegal tariffs could offset the impact of new levies.
Brooks also suggested that the situation could support European equities over US markets in the near term and may contribute to continued weakness in the dollar.
10:01am: Dow Jones leads retreat at open
US stocks have opened in the red, as expected.
The Dow Jones is at the front of the retreat, down 0.9%, with the Nasdaq down 0.6% and the S&P 500 falling 0.45%
Biggest faller on the Dow is Salesforce, down 4.4%, followed by Nike, down 3.6%, and American Express, down 3.1%.
Next are IMB, Microsoft, Amazon and Visa, down between 2.3% and 1.6%.
8:15am: Trump threatens 'much more powerful and obnoxious' tariffs
Donald Trump has threatened to use more "obnoxious" tariffs as he attacked the Supreme Court for ruling against his previous tariffs.
In a post on his Truth Social network, the US President said: "The supreme court (will be using lower case letters for a while based on a complete lack of respect!*) of the United States accidentally and unwittingly gave me, as President of the United States, far more powers and strength than I had prior to their ridiculous, dumb, and very internationally divisive ruling.
"For one thing, I can use Licenses to do absolutely “terrible” things to foreign countries, especially those countries that have been RIPPING US OFF for many decades, but incomprehensibly, according to the ruling, can’t charge them a License fee - BUT ALL LICENSES CHARGE FEES, why can’t the United States do so? You do a license to get a fee! The opinion doesn’t explain that, but I know the answer!
"The court has also approved all other Tariffs, of which there are many, and they can all be used in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used.
"Our incompetent supreme court did a great job for the wrong people, and for that they should be ashamed of themselves (but not the Great Three!)."
7:55am: Nasdaq and Dow Jones set to open lower
Wall Street looked set for a softer open to the week as renewed tariff uncertainty and geopolitical tension weighed on sentiment.
Futures pointed lower across the board, with the Nasdaq down 0.6%, the S&P 500 off 0.4% and the Dow Jones 0.3% weaker as traders gear up for the last trading week of the month.
This follows the US Supreme Court ruling at the end of last week that Donald Trump’s broad-based tariffs were unconstitutional, which led to an initially positive reaction from investors.
The President immediately responded with plans for a 10% global tariff under the 'Section 122' authority, increasing this to 15% on Saturday, the maximum tariff that can be imposed using these rules, which only lasts until mid-July before needing Congressional approval.
Precious metals were in demand due to the new uncertainty, and this trend continued on Monday, with gold up over 1% to $5,163.4 an ounce and silver rising almost 3% to $87/oz.
Meanwhile oil prices ticked higher as investors brace for potential US strikes on Iran, with WTI up 0.2% at $66.61 a barrel.
European markets started mostly in the red but have moved into positive territory as the session has worn on.
The new US tariffs are likely to be “only smoke and mirrors”, said ING economist Carsten Brzeski, while the White House prepares alternative measures, such as under Section 301 trade rules.
Weaker US futures suggested the latest tariff headlines are “fueling the sell-America trade”, said market analyst Kathleen Brooks at XTB.
The Nasdaq remains in the red for the year to date after what Brooks described as a "bruising month that has been categorized by broad US stock sell offs spurred by fears about the latest AI tools", with the US tech index is a major global underperformer.
Factory orders and the Dallas Fed manufacturing index are due on Monday.
Later in the week, President Trump will deliver his State of the Union address to Congress early on Wednesday, while Nvidia will release its earnings after the close that day.
A phalanx of Fed members are lined up to speak during the week, which ends with wholesale inflation data on Friday.
"There are some hints of frayed investor nerves now starting to show," said David Morrison at Trade Nation, "as the major US indices struggle to maintain their upside momentum.
"Renewed tariff uncertainty is now added to concerns over US-Iranian nuclear proliferation talks, while private credit shows some unwelcome cracks which could infect the banking sector and beyond."