Stock Market Today: Stocks slide as investors brace for tariff unveiling

U.S. equity futures turned lower in early Tuesday trading, while Treasury yields and the dollar edged lower, as investors entered the first trading day of the second quarter with caution and focus on tomorrow's tariff announcement from President Donald Trump.

Updated at 7:14 AM EDT

Post haste 

Stock futures turned lower following a report from the Washington Post that suggested the Trump administration is planning a blanket 20% levy on most U.S. imports as part of so-called 'reciprocal' tariff strategy. 

The paper also reported that the plan, which is still being debated by White House officials, could also include some form of tax refunds tied to the revenues it generates, as opposed to directing those revenues to deficit reduction or debt repayments.

Futures tied to the S&P 500 now suggest an opening bell decline of around 20 points, with the Nasdaq called 65 points lower and the Dow priced for a 200 point pullback. 

White House aides have drafted a proposal to impose tariffs of around 20% on at least most imports to the United States, three people familiar with the matter said, per Washington Post

Trump’s team is still debating whether to apply a flat rate or go country by country, with… pic.twitter.com/4z76ditNsS— Wall St Engine (@wallstengine) April 1, 2025

Stock Market Today 

Stocks ended higher last night, with the S&P 500 rising 0.55% across a volatile session that still left the benchmark down 4.6% for the quarter, its worst performance in nearly two years. The tech-focused Nasdaq, however, slipped 0.14% into the close of trading to extend its first quarter slump to around 10.5%.

Wall Street's focus will now shift squarely towards Wednesday's tariff unveiling from President Donald Trump, set for 3:00 pm Eastern time at the White House Rose Garden, that is expected to offer at least some detail on levies planned against U.S. trading partners.

With new levies on the auto, steel and aluminum sectors set to begin on Thursday, the delayed tariffs placed on Canada and Mexico and the increased duties on goods from China, Goldman Sachs estimates the average U.S. tariff will rise to around 15%, the highest in more than a century. 

"The real question is whether there will be blanket tariffs or a more detailed list at the country-product level," said Scott Helfstein, Global X's head of investment strategy. 

"Blanket tariffs would likely send the market lower, and that seems to be priced in," he added. "A more targeted approach would likely be bullish for risk assets and could trigger a relief rally. We believe that announcement will be more blanket, but investors should not go running for the hills."

Bracing for the impact the tariffs are likely to have on global trade, as well as the likelihood of reprisals from major trading partners, investors continued to gravitate towards safe-haven assets in overnight trading, lifting gold prices to their 16th record high of the year and pushing U.S. Treasury bond yields lower.

Benchmark 10-year notes were last marked 2 basis points lower from Monday levels at 4.178% while 2-year notes eased to 3.877%. 

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.15% lower at 104.060 while spot gold rose 0.3%  to $3,131.56 per ounce, after hitting an all-time high of $3,148.88 earlier in the session.

Related: Goldman Sachs analysts overhaul S&P 500, GDP targets as Trump tariffs bite

Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500 suggest a modest 8 point opening bell gain while those linked to the Nasdaq are priced for a 51 point advance. 

The Dow Jones Industrial Average, which slipped 1.3% over the first quarter, is called 24 points lower. 

Tesla  (TSLA)  shares, which fell 36% over the first quarter, were marked 3.8% higher in premarket ahead of the EV marker's first quarter delivery figures, which are expected prior to the opening bell.

More Economic Analysis:

• Gold's price hit a speed bump; where does it go from here?
• 7 takeaways from Fed Chairman Jerome Powell's remarks
• Retail sales add new complication to Fed rate cut forecasts

In overseas markets, Europe's Stoxx 600 rebounded from a two-month low, rising 1.2% in mid-day Frankfurt trading following a surprise easing in Eurozone inflation pressures in March that added to bets on a near-term rate cut from the European Central Bank.

 Britain's FTSE 100, meanwhile, was marked 0.94% higher in London.

Overnight in Asia, Japan's Nikkei 225 edged just a few points higher by the close of trading, following a 10.7% first quarter slump that leaves the benchmark at the lowest levels in nearly 8 months. 

The region-wide MSCI ex-Japan index was last marked 0.87% higher into the close of trading, with modest gains in Hong Kong and a solid 1.62% advance for South Korea's Kospi.