Stock futures fell Monday following the U.S. government’s announcement that tariffs are set to go into effect Aug. 1. The Dow Jones Industrial Average futures slid by 53 points, or 0.1%, while the S&P 500 and Nasdaq 100 futures dipped 0.

With the tariffs set to kick in now on Aug. 1, the latest move by the White House amounts to essentially a four-week extension of its previous 90-day pause, wrote Tobin Marcus, an analyst at Wolfe Research.

Wall Street is mixed in quiet trading as markets appeared to shrug off a new U.S. tariff deadline for trading partners.

Markets had dismissed tariff risks under the assumption that Trump would follow an earlier pattern and back off, in what became known as the so-called TACO trade. That allowed stocks to reach new record-high territory recently, marking a stunning rebound from the collapse triggered by his “Liberation Day” reciprocal tariffs in April.

“Record highs and a low VIX signals markets have already priced in perfection — a soft landing and a clean unwind of tariff risks — which feels wildly out of sync with the real-world picture,” said Hebe Chen, an analyst at Vantage Markets in Sydney. “A pullback is very much on the table, with the S&P 500 glued to overbought territory,” she said.

President Donald Trump doesn't like his new nickname 'TACO'. Here's why people are calling Trump TACO and the meaning behind the TACO trade acronym

US inflation heated back up in June, rising to its highest level in four months, as price increases — including those from tariffs — packed a bigger punch.

The S&P 500 reverses earlier losses to close just shy of a record.