Earnings season has kicked off under President Trump's new tariff rules, with muted stock reactions despite upbeat results. LPL Financial chief market strategist Michael Reinking joins Morning Brief to explain how investor expectations and options positioning are shaping market moves.

Trump is unlikely to further delay tariffs; significantly higher tariffs will be imposed on August 1st. Read why investors should brace for a major shock this fall.

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.

The Trump administration and many market observers are offering diametrically opposed explanations for why dramatic tariff threats have been met by a ho-hum market reaction. Both can't be right.

“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.

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