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
- Canadaโs 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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