US stock futures edged lower on Monday as investors prepared for Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium later this week. Major indexes like the Dow and Nasdaq are coming off a second consecutive week of gains. Meanwhile, earnings reports from major retailers, including Walmart and Home Depot, are expected to provide insights into consumer spending. Novo Nordisk shares rose sharply after FDA approval of its weight-loss drug Wegovy for liver disease treatment. Treasury yields steadied, and Bitcoin prices fell, dragging down crypto-related stocks.

President Donald Trump announced plans to impose tariffs on semiconductor imports, with rates potentially reaching as high as 300%. The move is part of a broader strategy to incentivize domestic manufacturing and expand the U.S. tariff regime. Trump also suggested a phased approach, starting with lower tariffs to allow companies to adjust. Additionally, exemptions may apply to firms relocating production to the U.S., such as Apple.

U.S. retail sales grew by 0.5% in July, driven by strong consumer spending on motor vehicles, furniture, and online shopping. This marks the second consecutive monthly gain, following a revised 0.9% increase in June. Despite tariffs and inflation concerns, American consumers remain resilient, with the retail sales control group—a key measure of core spending—also rising by 0.5%. However, spending on categories like electronics and restaurants saw declines, reflecting selective consumer habits amidst economic uncertainties.

Intel's stock rose 7% following reports that the Trump administration is considering taking a government stake in the struggling chipmaker. Discussions reportedly focus on supporting Intel’s domestic manufacturing expansion, particularly in semiconductors and AI. While White House officials have labeled these talks as speculative, Intel’s CEO, Lip-Bu Tan, has been in discussions with President Trump about investment opportunities. This move aligns with the administration’s push to bolster domestic technology manufacturing.