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US stock futures retreated on Tuesday as investors cautiously counted down to President Trump’s highly anticipated “Liberation Day” rollout of sweeping new reciprocal tariffs.
S&P 500 futures (ES=F) fell 0.5%, while Dow Jones Industrial Average futures (YM=F) pulled back 0.6%, or over 250 points. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped roughly 0.5%.
While the S&P 500 (^GSPC) rebounded on Monday, it still ended a brutal March near its lows of the year. The broad benchmark wrapped up its worst first quarter in three years thanks to trade-war fears — though Wall Street sees more ingrained risks to stock performance.
Markets are still in the dark as to what Trump will announce when he unveils his plans for like-for-like tariffs on Wednesday afternoon. The president’s multiple U-turns in tariff hints have kept investors turning in circles, with stocks jumping or sinking as prospects for more limited duties ebbed and rose.
CME – Delayed Quote USD
As of 8:14:33 AM EDT. Market Open.
ES=F NQ=F YM=F
The big question is whether the US will impose a blanket reciprocal tariff on all trading partners, or will tailor the rate levied to specific countries. What is pretty certain is the effective US tariff rate is likely to reach its highest level since at least the 1940s, analysts say — putting pressure on a US economy already grappling with slowing growth and stubborn inflation.
Read more: The latest on Trump’s tariffs
Elsewehere, a JOLTS update on February’s jobs openings due later will serve as a lead-in to Friday’s crucial monthly jobs reading. Investors are watching for signs of cracks in the labor market, which has so far shown enough resilience to ease Wall Street’s worries about recession.
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Premarket trending tickers: Newsmax, J&J, Lucid, PVH
Newsmax (NMAX) shares rose 26% in premarket trading, continuing a searing rally for the stock as it heads into its second day of trading. The conservative media outlet’s initial public offering (IPO) on Monday drew a wave of retail investors and the stock was repeatedly halted for volatility as it soared 735%.
Johnson & Johnson (JNJ) stock fell 3.6% after a US judge rejected the company’s $10 billion proposal to resolve lawsuits linking baby powder and other talc products to ovarian cancer. It marked the third time Johnson & Johnson tried to avoid future claims through a bankruptcy strategy.
Lucid (LCID) shares were slightly higher in premarket trading after the company’s second product, the Gravity SUV, went on sale. Interim CEO Marc Winterhoff told Yahoo Finance’s Pras Subramanian that the EV maker is providing customers with an alternative to Tesla (TSLA), whose quarter was clouded by dampened demand, tariff concerns, and protests over CEO Elon Musk’s role in government. Still, Tesla stock rose more than 1% despite falling sales in Europe.
PVH (PVH) stock jumped 15% after the Calvin Klein and Tommy Hilfiger owner reported a sales outlook of “modest growth” that beat Wall Street’s expectations. Solid holiday sales helped stabilize the business, though executives noted it’s still contending with a tougher consumer backdrop.
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Good morning. Here’s what’s happening today.
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The key risks that drove the S&P 500’s worst first quarter in 3 years aren’t going away
Yahoo Finance’s Josh Schafer reports:
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Gold hits ATH in fourth consecutive day of record highs
Gold (GC=F) has continued a record run after setting a new high for the fourth day in a row on Tuesday. Concerns over the economic impact of President Donald Trump’s tariffs due on April 2 have pushed demand for safe-haven assets.
Reuters reports:
