Stock Futures Fall Sharply Ahead of Trump Tariff Announcement This Afternoon

Stock futures moved sharply lower Wednesday morning as market participants await the details of President Trump’s plans to impose new tariffs on U.S. trading partners. 

Futures tied to the S&P 500 and tech-heavy Nasdaq were down 1.1% and 1.3%, respectively, about 45 minutes before the opening bell, while those linked to the Dow Jones Industrial Average fell 0.8%. 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—this afternoon after the close of trading. 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 4.13% this morning, down from 4.16% at yesterday’s close. The yield, which affects borrowing costs on all sorts of loans, notably mortgages, is trading at 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 2.5% in premarket trading ahead of the release of the EV maker’s first-quarter deliveries report.

Other mega-cap technology stocks were down across board. AI chipmaker Nvidia (NVDA) fell about 2%, while Apple (AAPL), Microsoft (MSFT),  Alphabet (GOOG), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) also lost ground.

Among other noteworthy tech movers, server maker Super Micro Computer (SMCI), data analytics software provider Palantir (PLTR) and adtech company AppLovin (APP) three stocks that have been particularly volatile during the recent stock market rout, each slipped about 3% ahead of the bell.

Gold futures were up 0.5% at $3,160 an ounce, trading near a record high, while West Texas Intermediate futures, the U.S. crude oil benchmark, fell 0.6% to $70.80 per barrel. Bitcoin was little-changed from its late-Tuesday levels, trading around $84,800.