Markets Brace for Nvidia Earnings as US-Canada Trade Talks Collapse

TLDR

• US stock futures slipped Monday after US-Canada trade talks broke down over the weekend
• The US imposed a 50% tariff on roughly $20 billion of Canadian imports, effective immediately
• Canada’s PM Mark Carney vowed to match the tariffs dollar for dollar starting September 8
• Nvidia earnings on Wednesday are being watched closely as a key test for AI stocks
• The US-Iran conflict is pushing energy prices higher, with inflation already running at 3.4%

Wall Street started the week on shaky ground as investors weighed a fresh trade dispute with Canada, rising energy prices, and the looming Nvidia earnings report.

US stock futures were mixed on Monday morning. Dow Jones futures edged lower, while S&P 500 and Nasdaq futures fell 0.1% and 0.3% respectively.

All three major indexes ended last week in the red. The Dow fell 0.85%, the S&P 500 dropped 1.4%, and the Nasdaq slid 2.1%.

US-Canada Trade Talks Fall Apart

Trade negotiations between the US and Canada collapsed late Friday night. The US responded by slapping a 50% tariff on around $20 billion worth of Canadian goods, which took effect at 12:01 a.m. Saturday.

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