Dow, S&P 500, Nasdaq futures climb with tariffs and jobs data in focus

US stock futures made gains Monday as Wall Street regrouped amid a slew of fresh headwinds, including disappointing labor data and continuing trade uncertainty.

Futures tied to the S&P 500 (ES=F) climbed 0.6% as contracts on the Nasdaq 100 (NQ=F) rose 0.7% and Dow Jones Industrial Average futures (YM=F) moved up 0.6%.

The modest moves follow a sharp pullback on Wall Street on Friday. All three major indexes posted their worst weekly declines in months, ending a run of positive market moves. The S&P 500 (^GSPC) fell 2.4%, marking its steepest drop since late May. The Dow (^DJI) slumped 2.9% in its worst week since early April, while the Nasdaq Composite (^IXIC) shed 2.2%.

The declines were exacerbated Friday after July’s jobs report came in weaker than expected, and previous months’ tallies were revised sharply lower, flipping the narrative on the labor market’s strength. It led President Trump to lash out at the Bureau of Labor Statistics, which publishes the monthly jobs report, and fire its commissioner, creating further uncertainty.

Trump’s battle with the Fed and Chair Jerome Powell has also remained in focus. Traders tempered expectations around interest rate policy following the bank’s decision last week to leave rates unchanged for a fifth consecutive meeting. But after the weak jobs data, almost 90% of bets are on a cut in September.

At the same time, investors are examining fallout from Trump’s implementation of tariffs. The updated tariffs set to come into full effect this week range from 10% to 41% on a wide range of trading partners and raise concerns about rising costs amid broader inflationary pressures.

Read more: The latest on Trump’s tariffs

Earnings season continues to roll on with a busy week of corporate releases. Over 100 S&P 500 companies are set to report, with spotlights on Palantir (PLTR), Eli Lilly (LLY), and Disney (DIS).

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Goldman with a sobering view on the consumer

Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday’s lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble’s (PG) CEO told me on earnings day.

Goldman’s chief economist Jan Hatzius:

“We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity.

We expect declines in both business and residential investment in the second half of the year.”

Swiss stocks decline on US tariffs, push for lower drug prices

Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump’s 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.

Bloomberg News reports:

Read more here.

Gold steady with weak job data bolstering the precious metal

Gold (GC=F) held gains after a two month run of positivity as weak jobs data gave another reason to look towards haven assets.

Bloomberg reports:

Read more here.