Erian, the former Pimco chief executive, said the data "will undoubtedly intensify the Administration's pressure on the Federal Reserve to reduce rates as early as this month," but was unlikely to sway most Fed officials.

Stock futures fell Monday following the U.S. government’s announcement that tariffs are set to go into effect Aug. 1. The Dow Jones Industrial Average futures slid by 53 points, or 0.1%, while the S&P 500 and Nasdaq 100 futures dipped 0.

“Record highs and a low VIX signals markets have already priced in perfection — a soft landing and a clean unwind of tariff risks — which feels wildly out of sync with the real-world picture,” said Hebe Chen, an analyst at Vantage Markets in Sydney. “A pullback is very much on the table, with the S&P 500 glued to overbought territory,” she said.

With the tariffs set to kick in now on Aug. 1, the latest move by the White House amounts to essentially a four-week extension of its previous 90-day pause, wrote Tobin Marcus, an analyst at Wolfe Research.

US stock futures dipped as Trump expanded tariffs to 14 more countries and delayed the “reciprocal” tariff deadline to August 1

A Deutsche Bank survey is asking investors what they're looking for on July 9, when a pause on the so-called reciprocal tariffs announced by President Donald Trump on April 2 is due to expire. Trump on Tuesday said he had no intention to extend the pause.

U.S. President Donald Trump's announcement of a 50% tariff on imported copper pushed U.S. Comex copper futures to a record high, affecting global markets and trade relations. Stock indexes showed mixed reactions,