SPX: S&P 500 Futures Dive as Trump Says Tariff Reprieve Ends August 1. Who’s Making Deals?

Short answer — only the UK and Vietnam have reached a deal with the US. Trump expects a lot more to follow this week.

📉 S&P 500 Futures Drop

• Futures contracts tied to the S&P 500 (SPX) slipped roughly 0.3% Monday morning as traders returned from the long July 4th weekend to a heavy dose of tariff tension.
• Dow futures dropped about 113 points, Nasdaq futures also dipped around 0.3% — an early sign investors are bracing for a bumpy week ahead.
• With not many scheduled economic reports to stir markets this week, there’s one big question. Will President Trump’s looming deadline to revive tariffs spark fresh volatility or force countries to scramble for last-minute trade deals?

📢 August 1 Is the Date

• The White House confirmed the 90-day pause on reciprocal tariffs will expire Wednesday, sending rates back to their original levels (set on April 2) starting August 1 if no new deals are reached.
• Original tariffs were set between 20% and 50% on imports from countries worldwide — a blow that could easily rattle supply chains and disrupt corporate earnings.
• Trump says he expects most countries to have “deals or new tariff letters” by Wednesday. So far, only the UK and Vietnam have signed on the dotted line.

💪 Tactics: Full Pressure

• The tariff standoff comes after a monster week for Wall Street: The S&P 500 gained 1.7% to notch its 7th record close this year, while the Dow and Nasdaq also closed at new highs.
• The Dow Jones Industrial Average soared 2.3% last week, ending at 44,828 — its highest since February 5 — and is now up more than 5% for the year.
• With Treasury Secretary Scott Bessent promising “maximum pressure” and Commerce Secretary Howard Lutnick confirming the plan, try to watch every headline for clues about who’s next to sign a deal — or get hit by fresh tariffs come August 1.