Traders work on the floor of the New York Stock Exchange on June 27, 2025.

NYSE

Goldman Sachs sounded alarms about tariffs' impact on corporate margins with the second-quarter earning season around the corner.

"If companies are forced to swallow the cost of tariffs, it would represent downside risk to margins. Our economists assume consumers will absorb 70% of the direct cost of tariffs," David Kostin, Goldman's head of U.S. equity strategy, said in a note to clients.

The Wall Street firm said the effective U.S. tariff rate based on announced policies has risen by roughly 10 percentage points to 13%. Goldman's economists believe the effective tariff rate will eventually be increased by an additional 4 percentage points to 17%

"Analyst revisions to margin estimates have been more negative for companies most exposed to tariffs compared with the typical stock. Early earnings results offer conflicting messages on the margin outlook," Kostin said.

— Yun Li

Shares of BitMine Immersion Technologies skyrocketed more than 500% after the bitcoin miner announced a $250 million private placement to implement a buying strategy around ether. The company also said it appointed Fundstrat's Tom Lee as chairman of the board of directors.

Lee's appointment comes amid a groundswell of interest around stablecoins following the successful IPO of stablecoin issuer Circle at the beginning of the month and positive momentum pushing potential stablecoin legislation through Congress.

Ahead of this transaction, BitMine had a tiny market value of just $26 million with lightly traded shares that were down 45% on the year.

Read the full story here.

— Tanaya Macheel

Hassett said on "Squawk on the Street" that the plan is for the administration to put the finishing touches on some preliminary trade deals once the tax-and-spending bill has passed.

"I think that we've got a whole number of deals, double digit deals, that we've got frameworks just like we had for the U.K. that are just about agreed to. As soon as the tax bill is passed, I think that there's going to be a marathon session in the Oval where we'll go through them one by one with the president and we'll make the final calls," Hassett said.

The White House official also indicated that the recent negotiations with Canada over the country's digital services tax could also be key in other talks.

"My expectation is that the digital services taxes around the world will be taken off, and that will be a key part of the ongoing trade negotiations that we have," Hassett said.

— Jesse Pound

Major bank stocks were poised to open higher on Monday after all of them passed the Federal Reserve's annual stress test.

Shares of Goldman Sachs were up 3.4% in premarket trading. Wells Fargo added 1.8%, while Citigroup and JPMorgan Chase each rose less than 1%. Bank of America's stock added 1.2%.

On the whole, banks saw a smaller decline in the common equity tier 1 capital ratio in this year's test than last year's, though this latest test scenario was less severe, the Fed said.

Bank of America analyst Ebrahim Poonawala described Goldman's year over year improvement in the test as "significant" and also said that Citigroup's results could lead to more share buybacks.

"We see results to serve as a shot in the arm for the group, among GSIBs highlight Citigroup, Goldman Sachs, Wells Fargo as offering the best risk/reward," Poonawala said.

— Jesse Pound

Bessent told Bloomberg News on Monday that reverting back to the tariffs announced on "liberation day" is still an option for some countries as the Trump administration continues trade negotiations.

"We have countries that are negotiating in good faith, but they should be aware that if we can't get across the line because they are being recalcitrant, then we could spring back to the April 2 level. I hope that won't have to happen," Bessent said.

When those tariff levels were originally announced, the stock market fell sharply before Trump paused the levies a week later. The pause is set to expire next week.

— Jesse Pound

Stocks traded up on Monday morning.

The S&P 500 rose 0.4% just after the opening bell, while the Nasdaq Composite gained 0.5%. The Dow Jones Industrial Average also advanced 207 points, or 0.5%.

— Sean Conlon

Check out the companies making headlines before the bell:

• Moderna — Shares rose 2% after the biotech company's experimental flu vaccine showed a positive response in a late-stage trial, opening the way for the standalone shot and a combination Covid shot.
• Hewlett Packard Enterprise, Juniper Networks — Shares rallied 14% and 8%, respectively, after the U.S. Department of Justice, according to court filings, settled its lawsuit challenging server maker Hewlett Packard Enterprise' $14 billion acquisition of Juniper Networks.
• Meta Platforms — Shares gained 2% after Bloomberg and The Information over the weekend reported, citing unnamed sources, that Meta has hired four artificial intelligence researchers from OpenAI to join its new Superintelligence group led by Alexandr Wang. Those hires are Jiahui Yu, Shuchao Bi, Shengjia Zhao and Hongyu Ren, the report said.

Read the full list here.

— Sarah Min

Spending growth by Chase customers is slowing down, according to JPMorgan analyst Richard Shane.

"Total spending growth decreased to ~2.0% as of June 20, below the May figure of ~2.3%. The June MTD growth rate has decelerated throughout the month as more data has become available," Shane said in a note to clients.

Spending growth rises to 2.7% when excluding gas stations, driven by lower oil prices, Shane said, but is still below the 3.1% growth rate in the same metric from May.

Among Gen X and baby boomer Chase customers, spending is down year over year in June.

— Jesse Pound

MRNA, 1-day

The stock has sizably lagged the broader market year to date, falling nearly 35% compared to the S&P 500's rise of about 5% in the same period.

— Sean Conlon, Annika Kim Constantino

Canada announced it will not implement a digital services tax as it tries to restart trade negotiations with the U.S. following Trump's comments that trade discussions with the country were terminated.

"Today's announcement will support a resumption of negotiations toward the July 21, 2025, timeline set out at this month's G7 Leaders' Summit in Kananaskis," Canadian Prime Minister Mark Carney said in the statement.

— Fred Imbert

The U.S. Federal Reserve is unlikely to have enough clarity on the trajectory of the U.S. economy to justify an interest rate cut in July, Atlanta Fed President Raphael Bostic told CNBC's "Squawk Box Europe" on Monday.

"We're only going to have one more measure of inflation. We're going to have a lot that's unknown about how other policies are impacting the labor market. And without that kind of clarity, I don't think it's going to be my view that it'll be appropriate to move in any direction at this point," Bostic said.

Tackling the issue of when the data might be sufficient to support a move, Bostic said the Fed would be closely monitoring how businesses and consumers respond to tariffs and other economic factors.

"I'm hearing more [businesses] say that they may not expect this whole thing to play out, to where they're at their final strategy, till even 2026, so this could be a much more extended period than I think many expect," he told CNBC.

— Jenni Reid

Asia-Pacific markets traded mixed Monday as investors parsed details on trade negotiations and a slew of data points, including South Korea and Japan's industrial output figures for May and China's purchasing managers' index readings for June.

China's manufacturing activity contracted for the third consecutive month in June, fueling hopes for more stimulus to cushion the impact of ongoing trade disruptions between the superpower and the U.S.

Mainland China's CSI 300 index added 0.37% to end the day at 3,936.08, while Hong Kong's Hang Seng Index fell 0.87% to 24,072.28.

Japan's Nikkei 225 climbed 0.84% to end the day at 40,487.39 after hitting an over 11-month high earlier in the session, while the broader Topix index advanced 0.43% to 2,852.84.

In South Korea, the Kospi index closed 0.52% higher at 3,071.70, while the small-cap Kosdaq was flat at 781.50.

Over in Australia, the S&P/ASX 200 increased by 0.33% to end the day at 8,542.30.

Meanwhile, India's benchmark Nifty 50 lost 0.53% while the BSE Sensex dropped 0.54% as at 1.45 p.m. Indian Standard Time.

— Amala Balakrishner

More companies in the S&P 500 are issuing positive earnings guidance for the second quarter than average, according to FactSet.

Over 110 companies in the broad-market index have given quarterly EPS guidance for the second quarter. Out of this lot, 51 companies have issued positive EPS guidance for the quarterly period, which is above the 5-year average of 42 and above the 10-year average of 39, according to FactSet's senior earnings analyst John Butters. 59 companies have issued negative guidance, meanwhile.

Earnings growth could be slowing down, however. Butters' analysis shows that the estimated year-over-year earnings growth rate for the S&P 500 in the second quarter or 5% could mark the lowest earnings growth for the index since the fourth quarter of 2023.

— Pia Singh