The U.S. Court of Appeals temporarily stays a ruling against President Donald Trump's tariffs, questioning the extent of presidential power under the IEEPA until June.

Earlier this month, Trump threatened Mattel with a 100% tariff on all its toy imports after Mattel CEO Ynon Kreiz said the company would have to consider raising some toy prices due to tariffs and that it wouldn’t shift toy production to the United States, as that would be more expensive than paying the tariffs.

Homebuilder stocks rallied on Thursday, in a sign that residential construction will benefit from the ruling striking down Trump's tariffs.

U.S. Commerce Secretary Howard Lutnick downplayed the impact of legal uncertainty around U.S. tariffs on negotiations with the European Union during an interview with Fox News Sunday, saying talks were ongoing.

Asian stocks are poised for a cautious open after US President Donald Trump dialed up trade tensions saying he would double tariffs on steel and aluminum imports. Oil climbed as geopolitical tensions outweighed a supply boost by OPEC+.