U.S. stock futures fell Tuesday as President Donald Trump’s 25% tariffs on Canada, Mexico, and China took effect, prompting retaliatory measures from some countries.

S&P 500 futures declined 0.6%, while Nasdaq 100 futures dropped 0.7%. Dow Jones Industrial Average futures edged down 0.2%.

The S&P 500 had its worst day of the year so far on Monday, with stocks plunging after the ISM manufacturing index came in lower than expected and as investors braced for the new tariffs.

Here are stocks to watch on Tuesday.

Chipotle

Chipotle Mexican Grill (CMG) shares declined in premarket trading due to concerns about the restaurant chain’s dependence on avocados, with 50% of its supply coming from Mexico. As tariffs on imports from Mexico take effect, investors are worried about the potential impact on the company. The company has said its diverse supply chain could help it withstand tariffs.

Nvidia

Nvidia (NVDA) stock fell more than 3% in the premarket on Tuesday as concerns mounted over AI-related spending and the impact of new tariffs. The chip manufacturer seems to be cautious about limitations on the export of AI chips. Nvidia stock plunged Monday after Singapore said it’s investigating whether servers shipped to Malaysia containing chips barred from China ended up in the mainland.

Super Micro Computer

Super Micro Computer (SMCI), a key player in AI hardware, also declined, mirroring Nvidia’s slump. Investors are uncertain about how Trump’s tariffs could shape the future of the AI industry.

Target

Shares of Target (TGT) were down in early trading as it beat Wall Street’s earnings expectations. For the fourth quarter, the company reported revenue of $30.92 billion, about $2.41 earnings per share. But Target said it expects a “meaningful” decline in first-quarter profits compared to the same period last year. The cautious outlook stems from “ongoing consumer uncertainty,” weaker sales in February, and mounting concerns over the impact of tariffs. President Donald Trump’s new tariffs on imported goods from Canada, Mexico, and China — which together accounted for almost 42% of total imports in 2024 — went into effect early Tuesday.

Tesla

Tesla (TSLA) stock declined more than 4% in early trading due to rising fears about tariffs among investors. It is likely that the new tariff will raise car prices.

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