5 Things to Know Before the Stock Market Opens

U.S. stock futures point lower as investors continue to monitor tariff announcements from the White House after President Donald Trump said that decisions on tomorrow’s reciprocal tariffs have been made; OpenAI announces a $40 billion funding round led by Japan’s SoftBank that values the ChatGPT maker at $300 billion; Commerce Secretary Howard Lutnick reportedly warns firms that their CHIPS Act funding could be cut if they don’t increase U.S. investments; and Moderna (MRNA) shares are in focus after plummeting yesterday following the resignation of a top FDA official. Here’s what investors need to know today.

1. US Stock Futures Point Lower as Tariff Updates Loom

U.S. stock futures are pointing lower after indexes recovered from early losses Monday as investors await tariff updates. Dow Jones Industrial Average futures are 0.6% lower after the blue-chip index jumped 1% yesterday. Nasdaq and S&P 500 futures are pointing lower by a similar percentage. Bitcoin (BTCUSD) is up about 2% to trade above $84,000. Gold futures are rising to another all-time high, and oil futures are ticking higher. Yields on the 10-year Treasury note are falling.

2. Trump Says He Has Settled on Reciprocal Tariffs Plan

President Donald Trump said he has decided on tariffs to be announced tomorrow for what he called “Liberation Day.” The Wall Street Journal reported that Trump’s decisions focused on enacting a 20% tariff on all U.S. imports or applying reciprocal tariffs that match those on U.S. exports. Meanwhile, the European Union (EU) said it was ready to apply retaliatory tariffs on the U.S. if negotiations to avoid the increased import taxes were unsuccessful.

3. OpenAI Closes $40B Funding Round at $300B Valuation

OpenAI announced it has closed a $40 billion funding round that raises the ChatGPT parent’s valuation to $300 billion. Japan’s SoftBank is leading the founding round with up to $30 billion in investments, with another $10 billion coming from a syndicate. SoftBank’s total investment depends on whether OpenAI transforms into a for-profit company before year’s end. OpenAI said it would use the funding to “push the frontiers of AI research even further, scale our compute infrastructure, and deliver increasingly powerful tools.”

4. Lutnick Warns Recipients of Potential CHIPS Act Funding Cuts, Report Says

Commerce Secretary Howard Lutnick reportedly is pressing chipmakers set to receive federal funding to expand their U.S. production or face funding cuts. According to Bloomberg, Lutnick has warned firms receiving 2022 CHIPS and Science Act funding that it could be cut if they don’t expand the size of their U.S. investments. Lutnick cited a recent announcement by chipmaking giant Taiwan Semiconductor Manufacturing Company (TSM) to invest $100 billion in U.S.-based chip manufacturing facilities.

5. Moderna Stock in Focus After Sinking on FDA Vaccine Chief’s Resignation

Moderna (MRNA) shares are in focus after plummeting yesterday following the resignation of a top U.S. healthcare official over vaccine policy. Moderna stock fell almost 9% to hit a five-year low on the resignation of Food and Drug Administration’s vaccine chief, Peter Marks, who cited conflicts with Health and Human Services Secretary Robert F. Kennedy Jr. Moderna shares, which are little changed in premarket trading, are down 95% from their August 2021 peak driven by demand for their COVID-19 vaccine.