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The major averages were sharply lower, with the Big Three indices all slipping 1% or more following the latest updates on the tariff front. After the Supreme Court struck down broad tariff authority previously used by the administration, the administration promptly announced a new 15% global tariff plan under a different statute. Markets also appeared to be reacting to another wave of AI worries, with the latest bout triggered by a Citrini Research report that paints a picture of an AI-driven economic downturn, with mass white collar layoffs creating a deflationary cascade.The tariff developments have spilled over into commodity markets, with safe haven assets such as gold and silver seeing support as traders brace for policy-driven volatility and reposition for uncertainty.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:President Trump raised the so-called "Worldwide tariff" onMeanwhile, Trump demanded that Netflixfire board member Susan Rice orNovo Nordisksaid its REDEFINE 4 trialGileadArcellxin a deal with an implied equity value of $7.8B payable at closingAmazonannouncedin Louisiana for data centers2. WALL STREET CALLS:Alphabetto Overweight at Wells FargoAletheiaNvidiato Buy into Q4 earnings reportDeereto Underperform at JefferiesVF Corp.to Underweight at JPMorganYork Space Systemswith mostly Buy and equivalent ratings as Wall Street rolls out coverage3. AROUND THE WEB:AppleCEO Tim Cook's increased mentions of Visual Intelligence, AI technology that can see the surrounding environment and use that context to take action, hint it will be a major part of Apple's new wearables, Bloomberg saysMerckis planning to split its human-health business into two divisions, one that will house its cancer drugs and the other will sell noncancer products, WSJ reportsJPMorganCEO is looking to persuade investors that spending $2B a week is necessary to drive the bank's future growth after previously telling shareholders to "trust him" that the investment would pay off, FT saysParamount Skydanceis preparing to submit an improved offer above $30/share for Warner Bros. Discoveryby Monday's 11:59p.m. ET deadline, aiming to outbid Netflix, Variety reportsInvestor Ed Garden has built a stake in Fortune Brands Innovationsand is seeking to replace incoming CEO Amit Banati, citing concerns about leadership, WSJ says4. MOVERS:Enhabitincreases after entering anby Kinderhook Industries in an all-cash transaction for a total of $1.1BVanda Pharmaceuticalsgains after the FDAPayPalhigher after Bloomberg reported the company isSatellogicfalls after announcing theDocuSignlower after Jefferiesthe stock to Hold5. EARNINGS/GUIDANCE:Domino's Pizzareportedand raised its quarterly dividend 15%Dominionand provided guidance for FY26Emera, with CEO Scott Balfour commenting, "Without question, 2025 was a strong year for Emera"Freshpet, with EPS beating consensusFreightosand provided guidance for Q1 and FY26INDEXES:The Dow fell 821.91, or 1.66%, to 48,804.06, the Nasdaq lost 258.80, or 1.13%, to 22,627.27, and the S&P 500 declined 71.76, or 1.04%, to 6,837.75.

The major averages were sharply lower, with the Big Three indices all slipping 1% or more following the latest updates on the tariff front. After the Supreme Court struck down broad tariff authority previously used by the administration, the ruling also introduced uncertainty around trade policy when the administration promptly announced a new 15 % global tariff plan under a different statute.The tariff developments have spilled over into currency and commodity markets, with the U.S. dollar softening and safe haven assets such as gold and silver seeing support as traders brace for policy-driven volatility and reposition for uncertainty.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:President Trump raised the so-called "Worldwide tariff" onMeanwhile, Trump demanded that Netflixfire board member Susan Rice orNovo Nordisksaid its REDEFINE 4 trial did not achieveGileadArcelexin a deal with an implied equity value of $7.8B payable at closingDomino's Pizzareportedand raised its quarterly dividend 15%2. WALL STREET CALLS:Alphabetto Overweight at Wells FargoAletheiaNvidiato Buy into Q4 earnings reportDeereto Underperform at JefferiesVF Corp.to Underweight at JPMorganYork Space Systemswith mostly Buy and equivalent ratings as Wall Street rolls out coverage3. AROUND THE WEB:AppleCEO Tim Cook's increased mentions of Visual Intelligence, AI technology that can see the surrounding environment and use that context to take action, hint it will be a major part of Apple's new wearables, Bloomberg saysMerckis planning to split its human-health business into two divisions, one that will house its cancer drugs and the other will sell noncancer products, WSJ reportsJPMorganCEO is looking to persuade investors that spending $2B a week is necessary to drive the bank's future growth after previously telling shareholders to "trust him" that the investment would pay off, FT saysParamount Skydanceis preparing to submit an improved offer above $30/share for Warner Bros. Discoveryby Monday's 11:59p.m. ET deadline, aiming to outbid Netflix, Variety reportsInvestor Ed Garden has built a stake in Fortune Brands Innovationsand is seeking to replace incoming CEO Amit Banati, citing concerns about leadership, WSJ says4. MOVERS:Enhabitincreases after entering an agreement to bein an all-cash transaction for a total of $1.1BVanda Pharmaceuticalsgains after thePayPal (PYPL) higher after Bloomberg reported the company isSatellogicfalls after announcing theDocuSignlower after Jefferiesthe stock to Hold5. EARNINGS/GUIDANCE:Dominionand provided guidance for FY26Emera, with CEO Scott Balfour commenting, "Without question, 2025 was a strong year for Emera"Freshpet, with EPS beating consensusFreightosand provided guidance for Q1 and FY26Axsome Therapeutics, with EPS and revenue beating consensusINDEXES:Near midday, the Dow was down 1.45%, or 717.60, to 48,908.37, the Nasdaq was down 1.11%, or 253.14, to 22,632.92, and the S&P 500 was down 1.00%, or 69.12, to 6,840.39.

Futures are in negative territory, reflecting investor caution amid trade policy confusion and global growth fears. Markets are set to open the week with heightened volatility and mixed signals as investors digest a pivotal judicial and policy shift. After the U.S. Supreme Court struck down broad tariff authority previously used by the administration, the ruling also introduced uncertainty around trade policy when the administration promptly announced a new 15 % global tariff plan under a different statute. This back-and-forth has left markets unsettled, evident in lower stock index futures and risk aversion early Monday.The tariff developments have spilled over into currency and commodity markets, with the U.S. dollar softening and safe haven assets such as gold and silver seeing support as traders brace for policy-driven volatility and reposition for uncertainty.Looking at corporate drivers, the market's attention is sharpening on earnings catalysts later this week, particularly in the technology sector. Nvidia's imminent quarterly report has outsized importance as a barometer of demand for AI-related semiconductors and broader tech spending trends.In pre-market trading, S&P 500 futures fell 0.34%, Nasdaq futures fell 0.51% and Dow futures fell 0.40%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Arcellxup 78% after Gileadentered into a definitive agreement to acquire the company for $115 per share in cash at closing and one contingent value right of $5 per shareVeris Residentialup 12% after a definitive merger agreement to be acquired by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners in an all-cash transaction for $19 per shareFortune Brandsup 5% after The Wall Street Journalinvestor Ed Garden has built a stake in the company and is seeking to replace incoming CEO Amit BanatiUP AFTER EARNINGS -Domino's Pizzaup 5%GeneDxup 2%Dream Finders Homesup 1%DOWN AFTER EARNINGS -Stepandown 3%Freshpetdown 1%LOWER -Novo Nordiskdown 14% after reporting its REDEFINE 4 trial did not achieve its primary endpointVF Corp.down 5% after JPMorgan downgraded the stock to Underweight from Neutral with a price target of $18, down from $19

Investor Ed Garden has built a stake in Fortune Brands Innovations and is seeking to replace incoming CEO Amit Banati, citing concerns about leadership, The Wall Street Journal's Lauren Thomas reports. Garden Investments, now among Fortune Brands' top shareholders, has nominated a slate of director candidates for the annual meeting, Thomas writes.