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US stock futures retreated on Wednesday as Wall Street braced for President Trump to reveal details of sweeping new tariffs that promise to profoundly shake up US trading relations worldwide.
S&P 500 futures (ES=F) dropped roughly 0.5%, while Dow Jones Industrial Average futures (YM=F) slid 0.4% on the heels of a mixed close for the major US stock gauges. Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell 0.6% as Tesla (TSLA) shares lost ground.
The day has finally arrived for Trump’s big tariff reveal, with Wall Street looking forward to the end of the trade policy uncertainty that has buffeted stocks for weeks.
CME – Delayed Quote USD
As of 7:13:15 AM EDT. Market Open.
ES=F NQ=F YM=F
Even now, markets remain in the dark as to what the new reciprocal duties will entail, and so how big the potential shock to the US economy will be. Fears are that the duties could spur a full-on trade war as countries respond with their own retaliatory tariffs.
Read more: The latest on Trump’s tariffs
More hawkish options are on the table, media reports suggest, with the president considering imposing 20% “blanket” levies on trading partners. Whatever Trump announces in the Rose Garden at 4 p.m. ET on Wednesday, the White House has said the tariffs will take effect immediately.
Once the dust has settled on the tariff launch, eyes will turn to release of the March jobs report on Friday for insight on how the US economy is holding up amid Trump’s fast-moving policy shifts.
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Newsmax stock hits pause on blistering post-IPO surge
Newsmax (NMAX) shares took a breather from their massive post-IPO rally on Wednesday, falling around 25% in premarket trading.
The pullback follows a 180% gain for the stock on Tuesday, which built on an eye-popping 735% surge on Monday on the heels of the conservative news outlet’s public market debut.
Newsmax raised $75 million in its IPO Friday, with shares priced at $10, Yahoo Finance’s Laura Bratton reports. The outlet’s rapid ascent in its first two days of trading pushed its market cap to $20.8 billion Tuesday afternoon, with shares ending the trading session at $234.
