Business
Stock market today: Dow futures rise ahead of tariff case, Musk compensation vote
Markets signaled another positive session as futures rose Sunday night ahead of a big week for President Donald Trump’s tariffs and Tesla CEO Elon Musk’s blockbuster compensation plan.
Futures tied to the Dow Jones industrial average rose 107 points, or 0.22%. S&P 500 futures were up 0.28%, and Nasdaq futures added 0.30%. That would add to Friday’s rally.
The yield on the 10-year Treasury fell 1.8 basis points to 4.083%. The U.S. dollar was up 0.06% against the euro and up 0.16% against the yen.
Gold dipped 0.11% to $3,992 per ounce. U.S. oil futures rose 0.64% to $61.37 a barrel, and Brent crude climbed 0.62% to $65.17 as OPEC+ signaled it will pause its production increases next year.
On Wednesday, the Supreme Court will hear arguments in a case challenging Trump’s ability to use the International Emergency Economic Powers Act (IEEPA) to impose his so-called reciprocal tariffs and duties tied to the fentanyl trade.
Lower courts have ruled against him, but some trade experts still see a chance that the high court will decide in his favor.
On Sunday, Treasury Secretary Scott Bessent said he’s optimistic that the Supreme Court will decide in the administration’s favor and pointed to China’s strict rare earths export curbs that threatened a wide range of industries and critical technologies.
“The president was able to push back using his IEEPA powers,” he told Fox News Sunday. “If that’s not use of an emergency power at an emergency time, I don’t know what it is.”
On Thursday, Tesla shareholders will gather for the company’s annual meeting and will vote on Musk’s $1 trillion compensation package.
Chairwoman Robyn Denholm urged shareholders to support it, warning in a letter Monday that the company risks losing significant value if the deal fails and Musk opts to step down as chief executive.
She added that the historic pay is needed to motivate Musk Tesla pushes further into artificial intelligence, robotics, and autonomous driving.
If approved at the annual meeting, Musk will be incrementally paid more than 420 million Tesla shares, but only if he can achieve the company’s growth plans, which include the delivery of 20 million Tesla vehicles and 1 million robotaxis in commercial operation.
For his part, Musk told analysts on Tesla’s earnings call last month that the proposal is more about making sure he can’t be sidelined.
“It’s called compensation, but it’s not like I’m going to go spend the money,” he said. “It’s just, if we build this robot army, do I have at least a strong influence over that robot army, not current control, but a strong influence? That’s what it comes down to in a nutshell. I don’t feel comfortable wielding that robot army if I don’t have at least a strong influence.”
Meanwhile, elections in New York City, New Jersey and Virginia could help change the narrative in Washington, D.C., where lawmakers remain deadlocked over the government shutdown.
The election results could spur one party to reach a deal sooner rather than later, clearing the way for federal employees and benefits to be paid again.
Reopening the government would also restart the flow of economic data. Until then, only private-sector sources are available, including the Institute for Supply Management’s manufacturing index on Monday, ADP’s monthly payroll report on Wednesday, and ISM’s services index on Wednesday.
