US stock futures fall amid Trump tariff chaos; Nvidia earnings in focus

Investing.com - U.S. stock index futures declined on Sunday night, after President Donald Trump stated that he would raise global tariffs under another law following the Supreme Court’s ruling that his previous tariff plan was unconstitutional.

The market is also closely watching earnings reports from AI giant NVIDIA (NASDAQ: NVDA), which will release its results this week.

As of 6:44 p.m. Eastern Time (11:44 p.m. Beijing Time), the S&P 500 futures fell 0.3% to 6,902.25 points, the Nasdaq 100 futures dropped 0.5% to 24,945.75 points, and Dow futures declined nearly 0.3% to 49,547.0 points.

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Wall Street closed higher on Friday, with the Supreme Court’s ruling fueling optimism that Trump’s tariffs might be relaxed, helping investors overlook disappointing economic data.

Trump raises temporary tariffs to 15% after Supreme Court ruling

Over the weekend, Trump announced he would increase the general temporary tariffs from 10% to 15%, just days after the Supreme Court ruled that he exceeded his authority by declaring a national emergency to impose a series of trade tariffs.

Reports indicate that several major countries that signed trade agreements with the Trump administration over the past year are now seeking to renegotiate or demand more clarity on his tariff policies.

Trump cited another separate but untested law—Section 122—to impose the 15% tariff. However, no president has previously invoked this law, and Trump will need Congressional approval to extend his tariffs after 150 days.

The Supreme Court’s ruling suggests that recent uncertainty in U.S. trade policy will intensify, as countries and companies race to assess how Trump will proceed with his tariff plans.

In recent months, these tariffs have faced increasing criticism for potentially raising living costs. The trade data released last week for December also showed that tariffs had little effect in curbing the country’s massive trade deficit in 2025.

NVIDIA earnings in focus, seeking more AI clues

This week’s focus is on the earnings report from AI giant NVIDIA (NASDAQ: NVDA), seeking more insights into this rapidly growing industry. The company produces some of the most advanced AI processors on the market, making it a key indicator of AI-related demand.

NVIDIA will release its Q4 earnings on February 25. According to Investing.com forecasts, the world’s most valuable publicly traded company is expected to report earnings of $1.52 per share and revenue of $65.56 billion.

In comparison, the same period last year saw earnings of $0.89 per share and revenue of $39.33 billion.

As NVIDIA’s earnings are announced, market uncertainty about the AI industry’s outlook and its potential impact on the tech sector is increasing. In recent weeks, software and logistics stocks have been heavily sold off due to concerns over AI-related disruptions, with losses spreading to broader sectors.

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