US President Donald Trump's tariffs are reshaping US trade policy and overhauling decades of free-trade agreements with friend and foe alike. The trade posturing could have ramifications for inflation, with the potential to push prices higher. That, in turn, could influence where the Federal Reserve takes interest rates in the coming months — and years.

The initial market shock of Trump slapping new tariffs on Mexico and Canada led to the full erasure of the post-election Trump bump on Tuesday. But amid retaliatory tariffs and warnings from businesses about the squeeze of forceful levies, it seems clear that Wall Street is delivering its own resounding judgment on Trump’s economic actions.

“Tariffs” may be the most beautiful word in the dictionary for U.S. President Donald Trump, but it is one that stokes fear in investors. Risk-on assets such as stocks and cryptocurrency sank Monday after Trump refused to pardon Canada and Mexico from a hefty 25% duty on all goods imported from both countries.

The first week of March will bring investors a crucial jobs report and a range of key retail earnings that could have the potential to either stoke or allay fears about the US economy and the consumer showing some signs of stress.

The stakes are high for the monthly U.S. jobs report in the coming week, as investors gauge whether a string of worrisome data is signaling significant concern about the economy. The benchmark S&P 500 stock index has pulled back 4% from its all-time high reached earlier this month, while falling Treasury yields and a slide in bitcoin are also indicating increasing investor wariness.

The company reported its fourth quarter earnings after the bell on Wednesday, beating analysts' expectations on the top and bottom lines and issuing solid Q1 guidance. Nvidia's stock swung between small gains and losses early on Thursday as investors digested the report. Shares were up less than 1% in premarket trading.