Stock futures dipped sharply this morning, with S&P futures down 1.3% and Nasdaq futures down 1.5%, following President Trump's announcement of 25% import tariffs on goods from Canada and Mexico, with an additional 10% duty on China. European stocks opened lower after yesterday's comments from Trump that he'd "definitely" impose trade tariffs on the EU.

Tuesday brings Q4 results from Stock Advisor rec Alphabet (GOOG 1.47%), which has beaten the S&P 500 by 788% since that first 2012 recommendation. Signs that AI search features are driving increased traffic and boosting advertising revenue could be key.

• "A touch high": Wednesday brings a Q4 report from Walt Disney (DIS -0.33%), and Citigroup (C -0.53%) thinks earnings per share expectations might be a bit rich, after the previous four quarters beat forecasts.
• Reaching record highs: With a couple of Hidden Gems recommendations in the past few years, Amazon (AMZN 1.30%) has climbed 7.4% year to date ahead of Q4 figures due Thursday. Investors will want to see how its Amazon Web Services (AWS) business is doing after Q3 AWS revenue rose 19% year over year to $27.5 billion.

U.S. alcohol companies may be among those hardest hit by tariffs, with 83% of beer imports and nearly half of spirits coming from Mexico in 2024, says Bank of America (BAC -0.90%). Diageo (DEO -1.32%) fell 3.4% pre-market, with Constellation Brands (STZ -1.91%) down close to 6%.

• "We think the ISM manufacturing index is likely to break above 50": Bank of America sees a bullish outlook for the latest ISM Manufacturing PMI print due today. It could indicate earnings acceleration and could be bullish for stocks.
• Up 385% in the past 12 months: Palantir (PLTR 1.56%) will post Q4 earnings after the bell. Eyes will be on further customer deals for its Artificial Intelligence Platform (AIP), with possible defense and international wins on the cards.