Markets may be mispricing tariff risks. Find out why record customs revenue, low volatility, and past patterns make a retreat less likely this time.

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.

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.

Wall Street is mixed in quiet trading as markets appeared to shrug off a new U.S. tariff deadline for trading partners.

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.

“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.

President Donald Trump doesn't like his new nickname 'TACO'. Here's why people are calling Trump TACO and the meaning behind the TACO trade acronym

US inflation heated back up in June, rising to its highest level in four months, as price increases — including those from tariffs — packed a bigger punch.