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The S&P 500 futures are down 51 points and are trading 0.9% below fair value, the Nasdaq 100 futures are down 242 points and are trading 1.5% below fair value, and the Dow Jones Industrial Average futures are down 255 points and are trading 0.6% below fair value.

Contracts tied to the S&P 500, Nasdaq 100, and Dow industrials are sharply lower. Market participants are waiting on President Trump's reciprocal tariff announcement on April 2 and reacting to some negative tariff-related headlines over the weekend.

A Wall Street Journal report indicated that the Trump administration is considering broader tariffs on April 2, including a 20% universal tariff on all imports from all countries.

Pre-open losses in mega cap stocks are also contributing to the downside bias. NVIDIA is lower by more than 4.0% ahead of the open.

The 10-yr yield is down seven basis points to 4.19% and the 2-yr yield is down six basis points to 3.85%, reflecting ongoing safe-haven trading due to concerns about US trade policy.

In corporate news:

• Apple (AAPL 216.10, -1.80, -0.8%): competing with Elon Musk over satellite expansion, according to WSJ; prepares artificial intelligence health features, according to Bloomberg
• Tesla (TSLA 247.25, -16.30, -6.2%): protests occurred over the weekend, according to Bloomberg
  TSMC (TSM 160.54, -4.71, -2.9%): will continue with plan to build new fab, according to Reuters 
• Stellantis (STLA 10.92, -0.41, -3.6%): aims to purchase CO2 credits from Tesla's (TSLA) pool, according to Reuters