BY COMFORT OGBONNA
U.S. stock futures moved lower early Monday while most Asian markets traded higher, as investors reacted to a landmark decision by the Supreme Court of the United States striking down much of President Donald Trump’s sweeping tariff program. The ruling, which had been widely anticipated but still carried significant uncertainty, has injected a fresh wave of volatility into global markets already grappling with economic crosscurrents.
Cryptocurrency markets were among the hardest hit. Bitcoin tumbled as much as 5% in early trading, briefly falling below the $65,000 mark. The digital asset, long marketed as “digital gold,” has now shed nearly half its value since reaching a record high of $126,210.50 on Oct. 6. The latest sell-off reflects a broader retreat from speculative investments, as well as renewed concerns over the regulatory outlook for cryptocurrencies amid shifting U.S. policy signals.
Across Asia, trading sentiment was mixed. Markets in Japan and mainland China were closed for public holidays, limiting overall regional momentum. In Hong Kong, however, the Hang Seng Index surged 2.2% to 26,980.22, leading gains in the region as investors welcomed the prospect of easing trade tensions.
South Korea’s Kospi reversed early advances to edge 0.1% lower at 5,809.53, while Australia’s S&P/ASX 200 declined 0.6% to 9,024.40. Taiwan’s Taiex added 0.5%, India’s BSE Sensex rose 0.4%, and Thailand’s SET Index climbed 1.1%.
Analysts noted that the uneven performance across markets underscores the shifting dynamics of global trade policy. Benjamin Picton of Rabobank said the moves highlight a “winners-and-losers” effect as tariff adjustments potentially benefit countries that were previously at a disadvantage under U.S. trade measures. He cautioned that U.S. tariff policy is likely to remain a source of uncertainty as traders attempt to assess the broader economic implications of what remains a fluid and evolving situation.
Back in the United States, futures signaled a weaker open. Contracts tied to the S&P 500 fell 0.8%, while futures for the Dow Jones Industrial Average dropped 0.7%. The Nasdaq Composite futures declined 1%, reflecting pressure on technology and growth-oriented stocks.
On Friday, Wall Street had shown resilience following the court’s ruling. The S&P 500 rose 0.7% to 6,909.51 after fluctuating between modest gains and losses earlier in the session. The Dow Jones Industrial Average gained 0.5% to 49,625.97, and the Nasdaq Composite climbed 0.9% to 22,886.07. Investors appeared relieved that the immediate shock of the decision did not trigger widespread panic, even as questions linger about the administration’s next steps.
Despite the court’s decision, tariffs are unlikely to disappear entirely. Trump described the ruling as “terrible” and signaled plans to pursue alternative avenues to impose import taxes.
He said he intends to sign an executive order establishing a 10% global tariff under a statute that could allow such measures for up to 150 days, later suggesting the rate could rise to 15%. He also indicated that additional tariffs could be introduced following investigations conducted by the Commerce Department. The evolving policy landscape has left markets cautious, with investors reluctant to make aggressive bets amid continuing uncertainty.
Corporate earnings added another layer of complexity. Akamai Technologies plunged 14.1%, marking one of the sharpest declines on Wall Street. Although the cybersecurity and cloud computing firm reported stronger-than-expected results for the end of 2025, its profit outlook for the coming year disappointed investors. The company said it plans to allocate a larger share of revenue toward equipment and infrastructure investments, reflecting the broader impact of computer memory shortages tied to the artificial intelligence boom.
Meanwhile, recent economic reports showing slowing U.S. growth alongside accelerating inflation generated only a muted reaction. The data has complicated the outlook for the Federal Reserve, which faces the delicate task of balancing inflation control with economic support. According to market data from CME Group, traders continue to anticipate at least two interest rate cuts before year’s end.
Lower borrowing costs could bolster economic activity and lift asset prices, but they also risk reigniting inflationary pressures. Federal Reserve officials have reiterated that they want clearer evidence of sustained inflation moderation before committing to further rate reductions.
In commodities markets early Monday, U.S. benchmark crude oil fell 77 cents to $65.71 per barrel, while Brent crude, the international standard, declined 74 cents to $70.56 per barrel. Currency markets saw the U.S. dollar slip to 154.40 Japanese yen from 154.94 yen, while the euro strengthened to $1.1820 from $1.1797.
Precious metals rallied, with gold prices rising 1.9% and silver surging 5.4%, as investors sought traditional safe-haven assets amid lingering policy and economic uncertainty.
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