While tariffs are a tangible worry for investors, something far more nefarious (and important) can weigh on the stock market.

U.S. stock indexes are edging mostly lower following President Donald Trump’s latest updates to his tariffs, but Wall Street is hanging near its record amid speculation about whether the president may ultimately back down.

Wall Street is pointing lower before the opening bell with new tariffs announced for Europe and Mexico and as the unofficial start of earnings season get under way this week. Futures for the S&P 500, Dow Jones Industrial Average and Nasdaq each retreated by about 0.3% early Monday.