08:58 AM EDT, 07/14/2025 (MT Newswires) -- US equity futures were down ahead of Monday's opening bell after President Donald Trump threatened to impose 30% tariffs on imports from Mexico and Europe, starting Aug. 1.

Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq futures were all down around 0.3%.

Investors are also looking ahead to earnings from major banks, including JPMorgan Chase ( JPM ) , Citigroup ( C ) , Wells Fargo (WFC) and Bank of New York Mellon ( BK ) due Tuesday.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1% at $71.07 per barrel and US West Texas Intermediate crude 1.1% higher at $69.23 per barrel.

In other world markets, Japan's Nikkei closed 0.3% lower, Hong Kong's Hang Seng ended 0.3% higher, and China's Shanghai Composite finished 0.3% higher. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was down 0.8% in Europe's early afternoon session.

In equities, Sonnet BioTherapeutics ( SONN ) shares were up more than 160% pre-bell after the company said it has agreed to merge with Rorschach, backed by Atlas Merchant Capital and Paradigm Operations, and will build a reserve of HYPE, the token of the Hyperliquid Layer-1 blockchain.

On the losing side, Ultragenyx Pharmaceutical ( RARE ) shares were over 4% lower after the company said that the US Food and Drug Administration is requiring additional information related to the chemistry, manufacturing and controls, as well as observations from recent manufacturing facility inspections with respect to the company's biologics license application for gene therapy UX111 targeting Sanfilippo syndrome type A.