Trucks coming from Mexico enter the United States to an inspection station after crossing the border in Otay Mesa, California, on April 1, 2025.
Sandy Huffaker | AFP | Getty Images
My top 10 things to watch Wednesday, April 2
1. President Donald Trump’s “liberation day” is here. The White House is expected to announce so-called reciprocal trade tariffs on all countries at 4 p.m. ET this afternoon. The perception of every firm I listen to is that the market is now overvalued, and Trump is ushering in a bear market.
2. The Dow, the S&P 500 and the Nasdaq are all headed for lower opens ahead of the president’s expected announcement on tariffs. U.S. companies added more jobs than expected in March, according to ADP’s payroll report, despite worries about trade policy and federal job cuts. The government’s March employment report is out Friday.
3. As shareholders in Home Depot, the Club has been watching mortgage rates for signs of declines to spark housing turnover. Mortgage rates, however, were little changed the last month, which kept home loan demand muted. History shows housing activity picks up when 30-year fixed-rate mortgages go below 6.5%. They are slightly above that level.
