Nasdaq futures slip as U.S. tariffs hit Canada and Iran
U.S. stock futures slipped and the Nasdaq faces fresh pressure after Washington slapped 50% tariffs on some Canadian goods and prepared sweeping Iran sanctions. Trade talks with Ottawa collapsed, Canada vowed dollar-for-dollar retaliation from Sept. 8, and rising Treasury yields added to a risk-off tone for U.S. markets.
Key Takeaways
- The U.S. imposed 50% tariffs on some Canadian imports after weekend trade talks collapsed.
- Ottawa pledged dollar-for-dollar retaliation starting Sept. 8, as President Trump accused Canada of seeking state-like benefits.
- Treasury Secretary Scott Bessent is set to unveil what he called the “single greatest financial offensive” against Iran.
- Longer-dated Treasury yields climbed again, with the 30-year at 5.273% and the 10-year around 4.734%, weighing on futures.
- Last week the Nasdaq rose 0.43%, but leadership looked fragile ahead of a packed earnings calendar.
What happened to U.S.-Canada trade over the weekend?
According to CNBC’s Daily Open, the United States on Saturday levied 50% tariffs on some Canadian goods after negotiations between the neighboring countries collapsed. Both governments blamed the other for failing to reach a deal.
Canadian Prime Minister Mark Carney said Ottawa would respond dollar for dollar, with retaliatory duties on U.S. goods taking effect Sept. 8. President Donald Trump accused Canada of wanting “the benefits of being a State, without being one.”
MarketWatch framed the backdrop as stock futures flat while the U.S. and Canada appeared headed for a trade war. Moomoo’s Capital Breakdown weekend note said the two-way squeeze could pressure U.S. construction and housing input costs, while Canada’s Sept. 8 list hits steel and agricultural equipment exports.
How are Iran sanctions adding to market stress?
Bessent is expected to announce a sweeping Iran sanctions package Monday, describing the measures as “the single greatest financial offensive ever marshalled against an adversary,” CNBC reported. Last week he told CNBC the administration’s plan to crush Iran’s economy would likely negate the need for major U.S. military operations.
Washington has demanded that allies and the rest of the world stop doing business with Iran, with Bessent saying “you are either with us or against us.” Iran’s foreign ministry spokesperson Esmaeil Baqaei called the approach an assertion of “extraterritorial sovereignty” over other United Nations members.
Moomoo flagged Bessent’s Monday briefing as a fresh catalyst and noted that long-end bond pressure remains intense, with the 30-year yield still near a 19-year high after only brief relief from earlier Treasury buybacks.
Why does the Nasdaq matter in this risk-off tape?
CNBC said U.S. futures slipped Sunday as longer-dated yields resumed their climb Friday, erasing much of the rally that followed expanded Treasury debt repurchases. The 30-year yield rose to 5.273%, while the benchmark 10-year climbed to around 4.734%. Asia markets were mixed early, with Japan’s Nikkei 225 higher and South Korea’s Kospi lower.
Moomoo noted last week’s tech tape finished essentially flat—XLK up 0.11% and the Nasdaq up 0.43%—but that masked damage underneath, including Meta’s nearly 7% weekly drop. Nvidia earnings later in the week were cited as a key test of whether that slide stabilizes.
For readers tracking how market stress shapes investor habits and recovery themes, see BlasterPost’s Longevity & Biohacking hub. The immediate story, though, is trade and sanctions colliding with higher yields—and a Nasdaq tape that is already showing uneven leadership.