Trump Tariffs Impact on Stock Market: Dow, Nasdaq, S&P 500 Futures Slide Again

The Trump tariffs impact on stock market is becoming more severe, as U.S. stock futures tumbled early Monday. Investors are bracing for a week packed with Big Tech earnings and fresh uncertainty around the Federal Reserve.

📉 Market Snapshot

• S&P 500 futures (ES=F): down ~1%

• Nasdaq futures (NQ=F): down 1.2%

• Dow futures (YM=F): down 0.7%

Last week, all major indexes suffered heavy losses:

• S&P 500 fell 1.5%

• Nasdaq Composite dropped 2.6%

• Dow Jones Industrial Average also lost 2.6%

Since Trump’s April 2 “Liberation Day” tariff event, all three indexes are now down more than 5%. That clearly shows how deep the Trump tariffs impact on stock market has become.

🇺🇸 Fed Under Fire

As if tariffs weren’t enough, investors are now grappling with Trump’s criticism of Fed Chair Jerome Powell. Trump has publicly expressed his frustration with Powell for keeping interest rates “too high”—even hinting at removing him.

This political tension is making investors question the independence of the Federal Reserve, which is a big red flag for financial markets. With inflation worries already on the table, the last thing the market needs is instability at the central bank.

📊 Big Tech Earnings: Make or Break?

We’ve already seen some Q1 earnings from big banks and consumer companies, but the real test begins this week. Over 120 S&P 500 companies are set to report earnings, including two of the “Magnificent Seven”:

• Tesla (TSLA)

• Alphabet (GOOG, GOOGL)

These two tech giants are under the spotlight, not just for their earnings—but also as symbols of how the market is shifting away from high-growth tech.

• Alphabet is down nearly 20% year-to-date

• Tesla has crashed a jaw-dropping 40% in 2025

Premarket Monday wasn’t kind either:

• Tesla slid nearly 4%

• Nvidia (another Mag 7 stock) dropped 3%

💹 Bitcoin and Gold Rally Amid Market Fears

Interestingly, while stocks fell, Bitcoin surged to its highest levels since Trump’s tariff speech. Gold futures (GC=F) also broke another record high, showing that investors are scrambling toward safe havens amid the growing Trump tariffs impact on stock market.

On the flip side, Netflix (NFLX) provided a rare bright spot, with shares up 3% premarket. The company’s positive annual revenue forecast helped ease concerns about streaming’s future in a slowing global economy.

Final thoughts

What we’re seeing right now is a market under pressure from multiple macro threats—Trump’s aggressive trade policies, Fed uncertainty, and underwhelming earnings from market leaders. The Trump tariffs impact on stock market is real, and it’s getting harder for investors to ignore the downside risks.

If you’re trading or investing, stay cautious. Keep an eye on earnings this week—they could trigger either a short-term bounce or deeper losses.