Traders work on the floor of the New York Stock Exchange during morning trading on April 01, 2025 in New York City.Â
Michael M. Santiago | Getty Images
Stock futures moved higher on Tuesday evening as Wall Street braces for the expected rollout of President Donald Trump’s tariffs on Wednesday.
Futures tied to the S&P 500, along with Nasdaq-100 futures, advanced 0.2%. Futures tied to the Dow Jones Industrial Average also gained 68 points, or about 0.2%
The moves come ahead of the implementation of a raft of Trump’s “reciprocal tariffs” that will “start with all countries.” The White House revealed Tuesday that the tariffs “will be effective immediately.”
Treasury Secretary Scott Bessent told lawmakers on Tuesday that Wednesday’s tariffs will essentially serve as a “cap,” where the tariffs that are announced will be the highest amount set, Rep. Kevin Hern (R-OK) told CNBC’s Emily Wilkins. That will give countries the opportunity to take steps to bring the tariff amount down.
According to The Washington Post, which cited three sources familiar with the matter, the Trump administration is also considering imposing tariffs of roughly 20% on most imports coming into the country. However, the report said that advisors cautioned that several options are still on the table.
During Tuesday’s session, the S&P 500 finished about 0.4% higher, seesawing between gains and losses throughout the chaotic trading day. The Nasdaq Composite also finished roughly 0.9% higher, while the Dow Jones Industrial Average closed marginally lower.
Stocks have come under pressure as uncertainty around Trump’s tariffs has spurred recent market volatility, with the broad market index down five out of the past six weeks. However, some investors think the sell-off is overdone.
“I think we’re overpriced to the downside here,” Jeff Kilburg, founder and CEO at KKM Financial, said on CNBC’s “Power Lunch” Tuesday. “I think the market has the ability to have a little bit of a 2% to 4% rally to really reprieve everyone’s anxiety.”
In addition to the tariffs, traders are looking ahead to the ADP employment report for March, which is scheduled for release on Wednesday morning. Economists polled by Dow Jones are expecting that private companies added 120,000 jobs last month, up from the 77,000 jobs added in February.
The Bureau of Labor Statistics reported Tuesday that job openings dropped more than expected in February, with available positions falling to 7.57 million for the month. That’s just below the Dow Jones estimate of 7.6 million.
