Futures on Wall Street are continuing from where they left off on Friday, as profit booking continued from higher levels amidst the increasing trade uncertainties. The Dow futures are currently down 200 points,

Markets had dismissed tariff risks under the assumption that Trump would follow an earlier pattern and back off, in what became known as the so-called TACO trade. That allowed stocks to reach new record-high territory recently, marking a stunning rebound from the collapse triggered by his “Liberation Day” reciprocal tariffs in April.