US stock futures rose as Wall Street braced for President Trump’s announcement of new tariffs that stand to remake the global trade order.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) rose 0.2%. Futures attached to the tech-heavy Nasdaq Composite (NQ=F) jumped 0.3%.
As of 9:46:21 PM EDT. Market Open.
YM=F ES=F NQ=F
Stocks have cautiously ticked up this week ahead of Trump’s big tariff reveal, which will take place at the Rose Garden at 4 p.m. ET on Wednesday.
Read more: The latest on Trump’s tariffs
Markets, however, remain in the dark as to what the new duties will entail, and how much of a shock they will be to the US economy. Stocks have swung wildly in recent weeks on the president’s comments about trade, rising on hopes of more restrained tariffs and sinking on news of stiff levies.
Some on Wall Street are looking forward to the end of policy uncertainty that has hampered markets for months, while others warn that the duties could extend uncertainty by triggering countries to respond with their own retaliatory tariffs.
As the tariff deadline approaches, reports have circulated that more hawkish options are on the table, with the president considering imposing 20% “blanket” levies on trading partners. Whatever Trump reveals Wednesday, the White House has said the tariffs will take effect immediately.
The dramatic build up to the announcement has left Wall Street on edge for months, and fresh economic data pointing to slowing growth, sticky inflation, and souring consumer sentiment has only given investors more reason to fret about the economy’s path forward.
As the dust settles on Trump’s tariffs later this week, the release of the March jobs report on Friday will offer another key signal on where the US economy may be heading next, and what it can conceivably endure.
Coming soon
Stock market coverage for Wednesday, April 2, 2025.
