By Joe Woelfel

Stock futures were sinking Monday after President Donald Trump imposed 25% tariffs on Canada and Mexico and 10% tariffs on China. Canadian energy products also will be hit with tariffs of 10%. Canada and Mexico said they would be retaliating with tariffs on goods from the U.S., while China vowed to take countermeasures.

These stocks were poised to make moves Monday:

Tesla was down 2.7% in premarket trading. The electric-vehicle maker assembles all its vehicles for the U.S. market in the country but about 15% of the parts in a Model Y sold in the U.S. come from Mexico. Some come from Canada as well though how much is harder to determine. Fellow EV makers Rivian Automotive and Lucid also were tumbling, down 3.6% and 2.5%, respectively.

Shares of the traditional car manufacturers were falling in premarket trading. Millions of cars sold in the U.S. each year are assembled in Canada or Mexico. Tariffs mean higher costs for the companies and potential supply-chain issues. General Motors was down 7.5%, Ford Motor declined 4.5%, and Jeep maker Stellantis slumped 6.3%.

Semiconductor companies with heavy exposure to China traded lower. Nvidia fell 2.9%, Broadcom fell 2.9%, and Applied Materials slid 2.4%.

Constellation Brands, the distributor of imported Mexican lager like Corona and Modelo Especial, was down 5.4% in premarket trading.

Shares of domestic steel makers were rising. Steel Dynamics gained 4.8%, Nucor was up 3.4%, and Cleveland-Cliffs jumped 2.9%.

Earnings reports are expected Monday from Palantir Technologies, NXP Semiconductors, Tyson Foods, and Clorox.

Palantir fell 2.5% to $80.41 in premarket trading ahead of fourth-quarter earnings after the closing bell Monday. Shares of the software company on Friday set a closing record high of $82.49, up 1.6% on the day, and an all-time intraday high of $85.22.

Reports are expected later in the week from Alphabet, Amazon.com, Advanced Micro Devices, Walt Disney, Qualcomm, Merck, Pfizer, Eli Lilly, Arm Holdings, PepsiCo, Toyota, Amgen, Spotify Technology, Ferrari, PayPal, Novo Nordisk, Alibaba, Uber Technologies, MicroStrategy, Philip Morris International, Honeywell, Bristol Myers, ConocoPhillips, Cloudflare, Take-Two Interactive Software, and Fortinet.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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February 03, 2025 05:06 ET (10:06 GMT)

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