U.S. stock index futures dropped on Tuesday following a selloff on Wall Street in the previous session when President Donald Trump imposed tariffs on trade partners that could intensify a growth-denting global trade war.

Market Snapshot

At 8:45 a.m. ET, Dow E-minis were down 122 points, or 0.28%, S&P 500 E-minis were down 36.75 points, or 0.63%, and Nasdaq 100 E-minis were down 134.75 points, or 0.66%.

Pre-Market Movers

Tesla - Electric-vehicle maker Tesla was down 4.3% in premarket trading. Tesla chair Robyn Denholm has sold about $33.7 million in the electric vehicle maker's stock, a filing with the Securities and Exchange Commission showed on Monday. Meanwhile, Tesla sold 30,688 China-made electric vehicles in February, down 49.2% from a year earlier, data from the China Passenger Car Association (CPCA) showed on Tuesday. BofA lowered the firm’s price target on Tesla to $380 from $490 and keeps a Neutral rating on the shares.

Nvidia - Shares of Nvidia fell 4% after the leading maker of artificial-intelligence chips dropped 8.7% on Monday to $114.06, the stock’s lowest close since mid-September 2024, on tariff worries. Nvidia has closed lower for five of the past trading sessions and has declined 15% this year. Its market cap has dropped below $3 trillion. Analysts at Mizuho said Nvidia has slumped for a number of reasons, includingcontinued concerns about potential restrictions on exports of its AI hardwareamid reports that advanced chips have been reaching China despite U.S. sanctions.  

Super Micro Computer - Super Micro Computer fell 6.8% after the maker of AI servers dropped 13% on Monday. The stock has declined 29% over the last three trading sessions. Super Micro has suffered from a hangover after an initial celebration last week when it avoided delisting and met its compliance deadline for submitting financial filings. 

Sea - U.S-listed shares of Sea were up 5.8% in premarket trading. Sea topped Wall Street estimates for fourth-quarter revenue on Tuesday, helped by strong growth in its financial services segment and e-commerce platform Shopee.

Okta - Okta jumped 14% after the provider of cloud-based software and identity-access solutions reported better-than-expected fourth-quarter earnings and revenue, and said it anticipates fiscal first-quarter revenue of $678 million to $680 million, higher than Wall Street predictions of $670 million. “We’re optimistic about FY 26, but also it’s pretty early in the year,” Chief Executive Todd McKinnon toldBarron’sin an interview.

Walgreens Boots Alliance - Walgreens Boots Alliance rose 5% after The Wall Street Journal reported the drugstore chain was nearing a dealwith private-equity firm Sycamore Partners to be acquired for around $10 billion. The Journal report, which cited people familiar with the matter, said a share price of between $11.30 and $11.40 has been discussed and the aim was to complete the deal as soon as Thursday. The agreement would take Walgreens off the public market.

Target - Target was down 3.3% in premarket trading. Strong holiday demand for discretionary items helped the retailer beat fourth-quarter earnings expectations, but Target said uncertainty over consumer demand and tariffs will weigh on the current quarter’s performance.

Best Buy - Best Buy fell 4.2% after the electronics retailer reported fourth-quarter earnings and revenue that topped Wall Street forecasts. Same-store sales in the period rose 0.5%—analysts were expecting a decline of 1.5%. The company also raised its quarterly dividend by 1%.

GitLab - GitLab swung to a profit in the fourth quarter and adjusted earnings during the period of 33 cents a share beat analysts’ expectations of 23 cents. Revenue rose 29% to $211.4 million and also topped estimates. For fiscal 2026, GitLab said it expects adjusted earnings of 68 cents to 72 cents a share, below Wall Street forecasts of 80 cents, and revenue of $936 million to $942 million, compared with analysts’ expectations of $938.9 million. Shares of Gitlab, a DevSecOps platform that helps companies develop, secure, and operate software, fell 7.6%.

On Holding - On Holding was rising 6.9% after the sneaker company reported fourth-quarter earnings and revenue that beat analysts’ estimates.

Market News

Trade Wars Erupt as Trump Hits Canada, Mexico, China with Steep Tariffs

U.S. President Donald Trump's new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, launching new trade conflicts with the top three U.S. trading partners.

The tariff actions, which could upend nearly $2.2 trillion in two-way annual U.S. trade went live at 12:01 a.m. EST (0501 GMT), hours after Trump declared that all three countries had failed to do enough to stem the flow of the deadly fentanyl opioid and its precursor chemicals into the U.S.

China responded immediately after the deadline, announcing additional tariffs of 10%-15% on certain U.S. imports from March 10 and a series of new export restrictions for designated U.S. entities.

Canada and Mexico, which have enjoyed a virtually tariff-free trading relationship with the U.S. for three decades, were poised to immediately retaliate against their longtime ally.

Trump Pauses Military Aid to Ukraine After Clash With Zelenskiy

President Donald Trump ordered a pause to all military aid to Ukraine, turning up the heat on Volodymyr Zelenskiy days after an Oval Office blowup with the Ukrainian president left support from his country’s most important ally in doubt.

The US is holding up all pending military assistance until Trump determines Ukraine’s leaders demonstrate a good-faith commitment to peace, according to a senior Defense Department official, who asked not to be identified discussing private deliberations. The administration will also review the aid to make sure it’s contributing to a solution to the conflict, a White House official said.

The order applies to all US military equipment not currently in Ukraine, including weapons in transit on aircraft and ships or waiting in transit areas in Poland. While the extent of the affected weapons isn’t immediately known, Trump had inherited from former President Joe Biden the authority to deliver $3.85 billion in weapons from US stockpiles.