Stock futures fell Monday after the U.S. said that tariffs are set to go into effect Aug. 1, not July 9.

Market Snapshot

At 8:45 a.m. ET, Dow Jones Industrial Average futures fell 14 points, or less than 0.1%. S&P 500 futures and Nasdaq-100 futures dipped 0.3% and 0.4%, respectively.

Pre-Market Movers

Tesla Motors — The E.V-maker tumbled 6% after CEO Elon Musk said he would form a new political party called “America Party.” Musk has been engaged in a feud with President Donald Trump, who called the new party “ridiculous.”

Wolfspeed Inc. rose 23% in premarket trading on Monday after soaring 53% in the previous trading day.

Core Scientific, Inc. fell 14% and CoreWeave, Inc. fell 4% in premarket trading after CoreWeave announced plans to acquire the company.

Regencell Bioscience Limited rose 9% in premarket trading after soaring nearly 17600% this year.

Geo Group Inc, CoreCivic, Inc — The private prison companies gained 7% and 4%, respectively. Trump’s so-called big, beautiful bill spending and tax cut bill, signed into law on July 4, includes a significant increase in funding for immigration detention centers.

SolarEdge — The solar company shed 2.3%. The stock jumped 39% the week prior after a tax on solar and wind projects was removed from Trump’s spending bill. However, the law removed federal support for solar and wind power.

WNS (Holdings) — Shares jumped 14% after French multinational company Capgemini said it will acquire Wns in a $3.3 billion cash deal. Capgemini is paying $76.50 per share, a 17% premium to Wins’ closing price on July 3.

MGM Resorts International — The casino stock lost 2% after Goldman Sachs initiated coverage with a sell rating. The bank said it expects pressure on MGM’s free-cash-flow generation to weigh on capital returns and valuation.

Market News

Trump Warns of 10% Tariff for “Anti-American” BRICS Policies

President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with “the Anti-American policies of BRICS,” injecting further uncertainty into global trade as the US continues to negotiate levies with many trading partners.

“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,” Trump said in a Truth Social post on Sunday night. “There will be no exceptions to this policy.”

Trump Says Higher Tariffs Set to Kick in on Aug. 1

President Donald Trump said the U.S. will start sending letters to countries on Monday announcing higher tariff rates that will start on Aug.1 or trade deals, according to media reports.

The 90-day pause on the tariff rates Trump announced on April 2 ends on Wednesday. In an effort to create more balanced trade with countries that the U.S. runs a trade deficit with, the president had released a long list of countries that the U.S. would impose tariffs on, running from a minimum of 10% to as high as 49%. He announced the pause after financial markets reacted strongly to the tariffs.

Trump Dismisses Musk’s Plan for 3rd Political Party as Doomed

President Donald Trump dismissed Elon Musk’s plan to launch a new political party, calling it “ridiculous” and insisting the U.S. remains a “two-party system.”

“Third parties have never worked, so he can have fun with it, but I think it’s ridiculous,” Trump told reporters Sunday, according to multiple press reports.

Musk announced Saturday that his long-teased “America Party” is officially formed, following Trump’s signing of a tax and spending bill that Musk has sharply criticized. So far, Musk hasn’t provided details or filed formal paperwork for the party. His announcement came after posting a poll on X claiming 65% support for creating the party.