Stock Futures Slip as Tariff Comments and Texas Floods Dominate Market News

Stock futures are lower as investors react to President Donald Trump's comments on tariffs, which will now go into effect on August 1. Commerce Secretary Howard Lutnick clarified Trump's earlier announcement of a 90-day pause. Tesla shares are down nearly 7% after CEO Elon Musk announced a new political party, the "America Party." Heavy rain threatens more flooding in central Texas after at least 82 deaths.

U.S. stock futures fell on Monday as investors reacted to President Donald Trump's comments on tariffs and Elon Musk's announcement of a new political party. The Dow Jones Industrial Average futures (YM=F) slipped 0.1%, while S&P 500 futures (ES=F) backed off 0.3%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped 0.5%, with Tesla (TSLA) stock sinking amid concerns about Musk's political ambitions [1].

Trump confirmed that tariffs will go into effect on August 1, not July 9, as initially expected [2]. Commerce Secretary Howard Lutnick clarified that the president is setting the rates and deals for these tariffs. This announcement comes as the U.S. is set to reach deals with only a few major trading partners, including the UK and Vietnam, while a framework toward an agreement with China is still being discussed [1].

Adding to trade uncertainties, Trump threatened an additional 10% tariff on countries that align with the "Anti-American policies of BRICS," which includes key U.S. trading partners like China and India [1]. This threat was made after the BRICS summit in Brazil, where the group expressed concerns about the U.S.'s tariff policies [1].

Investors are also concerned about the potential impact of Musk's new political party, the "America Party," on Tesla's stock. Musk announced the party over the weekend, aiming to focus on a few Senate seats and House districts to influence contentious laws [3]. Tesla shares fell nearly 7% in premarket trading on Monday, reflecting investor concerns about Musk's political involvement [3].

Heavy rain in central Texas is also causing flooding, with at least 82 deaths reported, but this event is not expected to significantly impact the financial markets [4].

References:
[1] https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-futures-fall-as-trump-warns-of-10-brics-tariff-deals-deadline-looms-001624571.html
[2] https://www.cnbc.com/2025/07/06/stock-market-today-live-updates.html
[3] https://www.cnbc.com/2025/07/07/tesla-tsla-shares-today.html