Wall Street Braces: Tariff Turmoil Shadows Market Moves

Wall Street is gearing up for a cautious start to the week, with tariff tensions casting a shadow over market activities. Investors remain uneasy as Tesla shares took a hit following CEO Elon Musk's announcement to launch a new political party.

President Trump has signaled upcoming tariff increases, which could affect global trade dynamics from August 1. The news has led to a measured response from markets, largely influenced by the anticipation of economic data and recent employment reports that show economic resilience.

The Federal Reserve's forthcoming June meeting minutes could provide further insight into interest rate decisions, as market participants speculate on potential future moves. Meanwhile, a tax-spending package, projected to increase the national deficit, further complicates fiscal policy outlooks.

(With inputs from agencies.)