Nvidia stock rallied to a critical level Monday, with Fed Chairman Jerome Powell set to testify in front of Congress.

Stock futures tumbled early Monday as investors weighed new U.S. tariffs on goods from key trade partners and their potential impact on the economy and profits.

The stock market is waiting anxiously for the next move on tariffs as China’s retaliation to levies from the U.S. has put markets on edge amid fears of an escalating tit-for-tat trade war between the two powers.