08:58 AM EST, 02/03/2025 (MT Newswires) -- US equity futures were falling pre-bell Monday after President Donald Trump unveiled fresh tariffs against key trading partners.

The Dow Jones Industrial Average futures fell 1.3%, S&P 500 futures dropped 1.5%, and Nasdaq futures were down 1.7%.

The tariffs, set to take effect on Tuesday, will include 25% duties on Canada and Mexico, and 10% on China.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.8% at $77.01 per barrel and US West Texas Intermediate crude 2.7% higher at $74.50 per barrel.

The Purchasing Managers' Manufacturing Index, scheduled for release at 9:45 am ET, is seen coming in at 50.1 in January, which would be unchanged from the flash report.

Forecasters see the Institute for Supply Management's January Manufacturing Index, due at 10 am ET, unchanged from December at 49.3. Construction spending is expected to have risen by 0.3% in December following no change in November.

In other world markets, Japan's Nikkei finished 2.7% lower, Hong Kong's Hang Seng ended 0.04% lower, while the Chinese market was closed for holiday. The UK's FTSE 100 was down 1.3%, and Germany's DAX index was 1.6% lower in Europe's early afternoon session.

In equities, GH Research ( GHRS ) shares were up 90% after the company said a phase 2b trial of a treatment candidate for treatment-resistant depression met its primary endpoint. Triumph Group ( TGI ) stock was 34% higher after the company agreed to be acquired by affiliates of Warburg Pincus and Berkshire Partners for about $3 billion.

On the losing side, Cleveland-Cliffs ( CLF ) shares were down 2.5% after the company said it plans to sell $750 million senior guaranteed notes in an offering exempt from registration requirements. SR Bancorp ( SRBK ) stock was down 20% after the company reported late Friday lower Q4 earnings and revenue.