Stocks moved lower Wednesday morning as market participants await the details of President Trump’s plans to impose new tariffs on U.S. trading partners.
The Dow Jones Industrial Average was down 0.2% about 45 minutes after the opening bell, while the S&P 500 and tech-heavy Nasdaq Composite each fell 0.3%. Trading has been volatile this week as investors position themselves ahead of the news on tariffs amid concerns about the impact the trade measures could have on the economy. The S&P 500, which had its worst month since 2022 in March, has managed to close higher the past two sessions, recovering from steep intraday losses on both days.
President Trump is expected to unveil the so-called reciprocal tariffs—levies on countries that impose trade barriers of their own on U.S. exports—after the close of trading today. The president has said the tariffs are meant to protect American industry from competition, bring manufacturing and jobs back to the U.S., and raise revenue. Many economists say the tariffs could reignite inflation and cause economic growth to stall.
The yield on the 10-year Treasury, which has fallen in recent days as the economic concerns have grown, was at 4.14% recently, down from 4.16% at yesterday’s close. The yield, which affects borrowing costs on all sorts of loans, notably mortgages, moved as low as 4.11% this morning, its lowest level in a month.
Tesla (TSLA) shares, which have lost one-third of their value since the start of the year, were down more than 2% this morning after the EV maker reported first-quarter delivery numbers that fell short of analysts’ expectations.
Other mega-cap technology stocks were lower across the board. AI chipmaker Nvidia (NVDA) declined 1.5%, leading Dow decliners, while Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) were all losing ground.
Gold futures were up 0.4% at $3,160 an ounce, trading near a record high, while West Texas Intermediate futures, the U.S. crude oil benchmark, inched higher to $71.25 per barrel. Bitcoin was at $85,600, up from an earlier low of $83,900.
J&J Levels to Watch After Stock Plunged Tuesday
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Johnson & Johnson (JNJ) shares moved higher in early trading Wednesday after tumbling yesterday following news the health care giant failed to reach a settlement in liability cases related to its baby powder and other talc products.
The stock was up about 1% at around $155 in early trading this morning after falling nearly 8% to lead S&P 500 decliners on Tuesday, Despite the steep drop, Johnson & Johnson shares had gained 6% so far this year as of Tuesday’s close, handily outpacing the S&P 500’s 4% decline over the same period.
Since setting their record high in April 2022, Johnson & Johnson shares have traded lower within an orderly descending channel, tagging the pattern’s upper and lower trendlines on several occasions since that time.
More recently, the Dow component ran into selling pressure near the descending channel’s upper trendline, with the price falling below both the 50- and 200-week moving averages in Tuesday’s trading session.
Tuesday’s drop also coincided with the relative strength index (RSI) plunging below the 50 threshold, signaling accelerating selling momentum.
Investors should watch key support levels on Johnson & Johnson’s chart around $147 and $137, while also monitoring major resistance levels near $167 and $180.
Read the full technical analysis piece here.
Tesla Stock Slides After Q1 Deliveries Disappoint
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Tesla (TSLA) shares fell on premarket trading after the electric vehicle maker’s first-quarter deliveries came in below analysts’ expectations.
Tesla said it delivered 336,681 vehicles and produced 362,615 in the quarter, down from 386,810 deliveries and 433,371 vehicles produced a year ago. Production fell year-over-year as some Tesla facilities shifted to producing the refreshed Model Y, which was released earlier this year, the company said.
Analysts had expected 393,000 deliveries and 462,160 vehicles produced, according to Visible Alpha. The deliveries estimate had fallen 14% since Tesla reported fourth-quarter results in January.
Shares of the EV maker, which have lost a third of their value in 2025 through Tuesday’s close, were down nearly 5% shortly before the opening bell on Wednesday.
In the fourth quarter, Tesla’s deliveries and production also fell short of estimates, with the EV maker reporting its first annual deliveries decline. Later in January, Tesla said it expected deliveries to return to growth in 2025.
Andrew Harnik / Getty Images
Tesla stock has slumped this year over concerns that CEO Elon Musk’s involvement in the Trump administration is negatively affecting the company. Some of Tesla’s biggest bulls on Wall Street have called for Musk to divide his time more evenly between his government work and his companies, including Tesla.
Tesla dealerships have been the subject of protests and vandalism in recent weeks, with reports indicating sales and registrations have fallen in China and a number of countries across Europe in the opening months of 2025.
Tesla said it would release its first-quarter results after the bell on April 22.
Fintech Firm nCino Tumbles on Weak Results, Outlook
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Shares of cloud-based financial software maker nCino (NCNO) lost a third of their value in premarket trading Wednesday, a day after the company’s quarterly results disappointed.
For its fiscal 2025 fourth quarter, nCino reported $141.4 million in revenue, up 14% year-over-year and in line with Visible Alpha estimates. However, it reported a loss per share of $0.16, four times what analysts had expected, and adjusted earnings per share (EPS) of $0.12, one-third below the consensus forecast.
For the current quarter, nCino forecasts revenue of $138.75 million to $140.75 million and adjusted EPS of $0.15 to $0.16. For fiscal 2026, the company expects revenue of $574.5 million to $578.5 million and adjusted EPS of $0.66 to $0.69. All came in below consensus estimates.
Shares of the software maker were down 34% in recent premarket trading to around $18.50, which would represent a new all-time low.
Futures Point to Lower Open for Major Stock Indexes
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Futures tied to the Dow Jones Industrial Average were down 0.5%.
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S&P 500 futures were off 0.7%.
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Nasdaq 100 futures dropped 0.9%.
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