• Stock futures were lower after China imposed retaliatory tariffs on select U.S. imports.
• President Donald Trump signed an executive order aimed at creating a government-run sovereign wealth fund.
• In a first, Fox will stream Sunday's Super Bowl 59 on its free, ad-supported service, Tubi.

Here are five key things investors need to know to start the trading day:

1. Tariff turbulence

U.S. stocks dropped on Monday, but the three major indexes managed to end the trading session well off their lows after President Donald Trump announced a one-month pause to the 25% tariff on goods imported from Mexico. The Dow Jones Industrial Average staged a comeback to close down 122.75 points, or 0.28%, while the the S&P 500 dropped 0.76% and the Nasdaq Composite slipped 1.2%. Stock futures rose Monday evening after Trump announced that the 25% tariff on imports from Canada would also be paused for 30 days, but futures turned negative after China slapped retaliatory tariffs on select U.S. imports. Follow live market updates.

2. Ripple effect

The fallout of Trump's 25% tariffs on goods from Canada and Mexico and 10% tariff on Chinese imports was felt across sectors Monday, with shares of auto, industrial, retail and beverage companies hit especially hard. The duty on imports from China rippled throughout the tech industry, in particular. Shares of Temu parent PDD Holdings dropped 5.9%, and Apple shares fell more than 3%. Trade groups also warned that the tariffs could worsen drug shortages in the U.S., raise health-care costs and increase home prices.

3. Sovereign wealth fund

President Trump on Monday signed an executive order aimed at creating a government-run sovereign wealth fund — an investment vehicle generally used by smaller countries with vast natural resources and fiscal surpluses. Among the possible uses for the fund? Buying TikTok, Trump said. The popular social media app is still not available in U.S. app stores after a law requiring its Chinese owner ByteDance to divest its ownership of TikTok went into effect in January.

4. Guiding lower

Shares of Merck dropped more than 7% in early morning trading Tuesday after the pharmaceutical giant issued full-year 2025 revenue guidance that fell short of Wall Street's expectations. The company said its decision to halt shipments of Gardasil — its key vaccine that prevents cancer from HPV — to China was behind the lower forecast. But Merck topped fourth-quarter estimates, reporting adjusted earnings of $1.72 per share and revenue of $15.62 billion. Pfizer also reported its fourth-quarter results before the bell.

5. No cable? No problem

Good news cord-cutting sports fans: Fox will stream Sunday's Super Bowl 59 on its free, ad-supported service, Tubi. It's the first time football's biggest game will be available on a platform like Tubi, and Fox is hoping the move will boost the fledgling streamer's credibility. Tubi's viewership and revenue have slowly gained ground since Fox bought the platform in 2020 for $440 million, but Fox executives believe there's still room for its streamer to grow. "It's still a bit of an unknown to many consumers," Fox CFO Steve Tomsic said in December.

— CNBC's Sean Conlon, Pia Singh, Yun Li, Annie Palmer, Kif Leswing, Annika Kim Constantino, Diana Olick, Jeff Cox and Lillian Rizzo contributed to this report.