Stocks waver on Wall Street after Trump imposes more tariffs

NEW YORK (AP) — Stocks are treading water on Wall Street after President Donald Trump ramped up his newest tariffs. The S&P 500 edged up 0.1% early Monday after Trump said Saturday that he would place temporary tariffs of 15% on other countries. That’s up from the 10% he had announced Friday in response to a Supreme Court ruling that struck down his sweeping taxes on imports from around the world. The Dow Jones Industrial Average was little changed, and the Nasdaq composite slipped 0.1%. Trump’s quick shift toward even more aggressive tariffs shows how much uncertainty still hangs over the global economy.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

U.S. futures were broadly lower on Monday as uncertainty lingered after the Supreme Court struck down most of President Donald Trump’s sweeping tariffs late last week.

Futures for the S&P 500 lost 0.5%, while futures for the Dow Jones Industrial Average dropped 0.6%. Nasdaq futures fell nearly 0.7%.

Novo Nordisk shares took a beating after the Danish drugmaker said trial results of its next generation weight loss drug CagriSema fell short of those of a similar drug made by rival Eli Lilly. Novo shares slid more than 13% in premarket trading. Eli Lilly shares rose 3.5%.

Domino’s climbed nearly 5% after the pizza delivery chain said it expects its market share to further expand in 2026 after posting strong same-store sales figures for the fourth quarter.

Despite Friday’s Supreme Court ruling, tariffs aren’t going away. Trump said Friday he would use other avenues to tax imports, such as an executive order imposing a 10% global tariff that he later raised to 15%. He said he’s looking at other tariffs, including ones that would require Commerce Department investigations.

Trump administration officials said they expect other countries to abide by trade agreements based on the tariffs that have been overturned. But the reaction to the latest developments has been tentative given uncertainty over what he will do.

The mixed reactions are “highlighting the winners-and-losers effect of shifts in tariff policy that has just delivered a boost to countries who previously had a comparatively bad deal,” Benjamin Picton of Rabobank said in a commentary.

“U.S. tariff policy will continue to be a source of uncertainty for markets as traders attempt to price in the implications of what is still a movable feast,” he wrote.

Bitcoin tumbled as much as 5% early Monday, briefly dropping below $65,000, before settling in around $66,000. The recent sell-off has been driven by investors pulling out of speculative assets and concerns about future cryptocurrency regulation.

The original cryptocurrency, pitched as “digital gold,” has lost nearly half of its value since Oct. 6, when it hit a record high of $126,210.50.

In Europe at midday, Germany’s DAX fell 0.6% and the CAC 40 in Paris edged down 0.1%. Britain’s FTSE 100 ticked up 0.1%.

Markets in Japan and mainland China were closed for holidays.

Hong Kong led regional gains as its Hang Seng Index surged 2.5% to 27,081.91.

In South Korea, the Kospi gained 0.7% to 5,846.09.

Australia’s S&P/ASX 200 shed 0.6% to 9,026.00.

Taiwan’s Taiex added 0.5% and the Sensex in India was up 0.6%. The SET in Bangkok ended nearly flat.

In energy trading early Monday, U.S. benchmark crude oil gained 19 cents to $66.67 per barrel. Brent crude, the international standard, picked up 18 cents to $71.48 per barrel.

The U.S. dollar slipped to 154.83 Japanese yen from 154.94 yen.

The price of gold rose 2.1%, while the price of silver was up 5.6%.