The Day Ahead: Markets Brace for Tariff Volatility Today Amid BRICS Tension

Market Overview

U.S. equities are under pressure pre-market after President Trump confirmed a new 10% tariff on nations aligning with “Anti-American” BRICS policies, effective August 1 rather than July 9.

The move, announced during the BRICS summit in Rio, adds headline risk near record highs, reversing last week’s optimism around a potential delay.

Futures are lower, with Dow futures down 0.31%, S&P 500 futures off 0.47%, and Nasdaq futures down 0.56% as traders brace for tariff-driven volatility heading into earnings season.

Commodities, Crypto, and Bonds

Gold is down 0.6% to $3,314.21 as safe-haven demand eases following tariff reprieve signals and White House progress claims. Resistance remains near $3,360, with $3,320 acting as congestion if volatility rises.

Oil prices are weaker after OPEC+ raised August output by 548,000 bpd, intensifying oversupply concerns. Brent trades at $67.50 (-1.2%), WTI at $65.68 (-2.0%), with traders watching flows into the August 3 OPEC+ meeting.

Technical Outlook

S&P 500 Index Futures are near 6,294.50, consolidating below resistance at 6,333.25 after last week’s highs. The trend remains firm above the 50-day SMA at 5,967.80 and 200-day SMA at 5,982.56, with additional support at 5,959.00, and 5,808.75 if sellers push lower.

Nasdaq 100 Index Futures are around 22,924.75, below the swing high at 23,102.50 as markets digest tariff updates. The trend remains constructive above the 50-day SMA at 21,529.70 and 200-day SMA at 21,253.35, with 21,566.75 and 20,943.50 as additional support levels if momentum fades.

Dow Jones Index Futures are last at 45,002, below Friday’s 45,177 high, holding a constructive posture above the 50-day SMA at 42,659.40 and 200-day SMA at 43,520.00. Major resistance at 46,326 remains a key upside marker, with additional support at 42,088 and 41,552 if headlines drive selling.

Outlook

Today’s trade will focus on renewed U.S.-BRICS tariff concerns, with the confirmed August 1 timeline adding headline-driven volatility near all-time highs.

Gold and oil are reacting to evolving tariff and supply signals, while major index futures continue to hold above key moving averages.

Traders should monitor intraday White House updates as potential volatility triggers while using precise support and resistance levels for managing risk as markets test whether the extended rally can withstand this next phase of trade tension.