S&P futures are pointing lower today, down (0.4%). European equity markets are mostly lower. Asia equities mixed. Most of the attention are going to notable declines in US futures in the wake of latest Trump tariff news, extending Friday's losses that capped off the first decline in S&P 500 in three weeks. US 10 year yield flat to 4.4%, 2Y to 3.9%. US Dollar little changed versus yen but higher against other trading partners. Crude oil, gold and Bitcoin futures are all extending gains after Friday's strength. Industrial metals are mixed. President Trump threatens EU and Mexico with 30% tariffs, effective 1-Aug, further testing market resilience. He added that this would be separate from sectoral tariffs. White House Economic Advisor Hassett affirmed Trump sees current EU concessions as insufficient. Trump said Mexico failed to do enough to stop fentanyl flows across the border.

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