Investing.com-- U.S. stock index futures fell on Monday evening as President Donald Trump signed executive orders imposing tariffs on major metal imports, while caution before key inflation data also weighed.

Futures fell after a positive session on Wall Street, as investors engaged in some dip-buying from last week’s losses. Heavyweight technology stocks were the biggest drivers of gains. 

S&P 500 Futures fell 0.2% to 6,075.50 points, while Nasdaq 100 Futures fell 0.3% to 21,789.25 points by 19:21 ET (00:21 GMT). Dow Jones Futures fell 0.2% to 44,504.0 points. 

Trump signs orders on steel, aluminum tariffs 

Trump on Monday signed executive orders imposing 25% tariffs on steel and aluminum imports, while also stating that there would be no exceptions to the duties. 

Major steel exporters such as Canada, Mexico, and Brazil were subject to some quota-based tariff exceptions, which will now be revoked.

Trump warned that tariffs on metals could go higher, and that he was considering tariffs on cars, chips, and pharmaceuticals. The U.S. President also flagged plans to raise U.S. import tariffs to match foreign duties on the import of U.S. goods.

Trump’s renewed tariff talk had rattled Wall Street last week, setting up U.S. stocks for some dip-buying on Monday. 

The S&P 500 Futures rose 0.7% to 6,066.48 points, while the NASDAQ Composite rose nearly 1% to 19,714.27 points. The Dow Jones Industrial Average rose 0.4% to 44,470.41 points. 

Gains in heavyweight technology stocks, particularly chipmakers, buoyed Wall Street, as a raft of Wall Street’s so-called artificial intelligence hyperscalers signaled that they will increase AI spending in 2025.

Energy stocks surged tracking gains in oil prices, as investors bet that tariff-related disruptions in the oil supply chain will tighten markets. 

But overall gains were limited by weakness in cyclical stocks, amid growing uncertainty over the U.S. economic outlook.

CPI inflation data due this week, to offer more rate cues

Focus was now squarely on upcoming consumer price index inflation data, due on Wednesday, for more cues on the world’s largest economy.

The reading is expected to show inflation remained sticky in January, giving the Federal Reserve little impetus to cut interest rates in the near-term. 

Several Fed officials have warned in recent weeks that uncertainty over Trump’s policies- which could be inflationary in nature- will keep the central bank from cutting interest rates.