5 things to know before the stock market opens Monday

• President Donald Trump announced 30% tariffs on the European Union and Mexico starting Aug. 1.
• Big banks will kick off the second quarter earnings season.
• Bitcoin surged to new highs, topping $120,000 for the first time.

1. Two more tariffs

Stock futures were lower Monday morning after President Donald Trumpannounced that the U.S. will impose 30% tariffs on the European Union and Mexico, starting Aug. 1. The president revealed the high rates in letters posted to Truth Social on Saturday, warning European Commission President Ursula von der Leyen and Mexico's President Claudia Sheinbaum not to retaliate with duties of their own. Together, the EU and Mexico account for roughly one-third of U.S. imports. Futures tied to the Dow Jones Industrial Average were off their worst levels before the bell, down just 140 points, or 0.3%. S&P 500 futures and Nasdaq 100 futures also dropped 0.3%. Follow live market updates.

2. Big banks on deck

Trade news will not be the only thing on investors' minds this week. Big banks, including JPMorgan Chase and Goldman Sachs, will kick off the second-quarter earnings season, joined by quarterly reports from non-financial names like United Airlines and Netflix. Here are the key results to watch:

• Tuesday: JPMorgan Chase, Wells Fargo, Citigroup (before the bell)
• Wednesday: Goldman Sachs, Bank of America, Morgan Stanley, Johnson & Johnson, ASML (before the bell); United Airlines (after the bell)
• Thursday: PepsiCo (before the bell); Netflix (after the bell)
• Friday: American Express (before the bell)

3. 'Crypto Week'

Bitcoin surged to new highs overnight, topping $120,000 for the first time early Monday morning as investors continued to pile into bitcoin ETFs. The cryptocurrency was trading at $121,921 at 6:20 a.m. ET, according to Coin Metrics, after rising past $122,000 earlier in the day. Record inflows into bitcoin ETFs have helped the cryptocurrency rise to new highs. ETFs tied to the flagship cryptocurrency saw $1.18 billion in inflows on Thursday — their best day so far this year. The House of Representatives is also set to consider new legislation this week that aims to establish a clearer regulatory framework for the digital asset industry. One of the bills set to be deliberated during what's been dubbed “Crypto Week” is the Genius Act, which would create federal guardrails for stablecoins pegged to the U.S. dollar.

4. Talent wars

Google announced on Friday that it will hire several senior employees from artificial intelligence startup Windsurf, including its CEO Varun Mohan. It's the latest development in the AI talent war, as tech giants like Google, Meta and OpenAI race to advance their AI offerings. A person familiar with the deal said Google will pay $2.4 billion in the deal, which includes a nonexclusive license to some of Windsurf's technology. The announcement comes nearly three months after CNBC reported that OpenAI was in talks to buy Windsurf for $3 billion.

5. It's a bird, it's a plane...

No, it's “Superman.” The Warner Bros Discovery film generated $122 million in domestic ticket sales in its opening weekend — the best haul for a solo-billed Superman movie ever. It also marks the first film from James Gunn and Peter Safran since the pair took over Warner Bros.' DC Comics film and TV unit in 2022. “The road to success for DC has been a circuitous one over the years and now under the auspices of James Gunn and Peter Safran, the impressive opening weekend performance of 'Superman' allows DC Studios to hit the reset and chart a new course with this film providing the spark to ignite future success for the storied brand,” said Paul Dergarabedian, senior media analyst at Comscore. “Superman” brought in $95 million in international ticket sales, bringing its total opening to an estimated $217 million.