US stock futures slipped as traders navigated confusion over tariffs that are mired in legal battles, slow-moving negotiations, and policy shifts. Focus this morning turns to price data for signals about the state of the economy and the outlook for interest-rate cuts.

Risk mood sours amid renewed concern over tariffs. Stocks in Asia slide with US and European equity futures as a federal appeals court offered a temporary reprieve from a ruling threatening to throw out the bulk of his tariff agenda. The greenback edges higher against most of its G10 peers.

Hong Kong stocks underperform regional peers. Treasury Secretary Scott Bessent said trade talks with China are "a bit stalled," and may require a call between the US and China to reach a deal.

Bond traders are increasingly concerned about mounting US government debt, which is seen as a bigger risk than tariffs, according to Goldman Sachs Group's president. In the meantime, a proposed tax measure in a US tax-and-spending bill is alarming Wall Street.

The proposed US tax bill contains an obscure measure that calls for increasing tax rates for people and companies from countries whose tax policies the US deems “discriminatory,” which analysts say could drive away foreign investors, particularly from Treasuries.