U.S. stock index futures edged lower on Wednesday as investors remained cautious ahead of President Donald Trump’s anticipated trade tariff rollout.

At 04:30 ET (09:30 GMT):

• Dow Jones Futures fell 120 points (-0.3%)
• S&P 500 Futures dropped 20 points (-0.4%)
• Nasdaq 100 Futures declined 90 points (-0.5%)

On Tuesday, the S&P 500 rose 0.4%, the NASDAQ Composite gained 0.9%, while the Dow Jones Industrial Average closed flat as traders hesitated before Wednesday’s key announcement.

Trump’s Tariffs Set to Take Effect

White House Press Secretary Karoline Leavitt confirmed Tuesday that President Trump will impose reciprocal tariffs on multiple trading partners starting April 2, with immediate implementation.

Trump is set to reveal the full scope of these tariffs at 4:00 PM ET, reinforcing his stance that these measures are essential to address trade imbalances, increase government revenues, and revive domestic manufacturing jobs. However, uncertainty over the details and potential retaliation from affected nations has left investors wary.

According to UBS analysts, initial tariff proposals are likely to target 15 to 20 key trade partners, representing 75% of U.S. imports. Their base projection suggests the U.S. will impose:

• 15% average tariffs on its 15 largest trade partners
• 25% tariffs on China and select industries like automobiles, steel, and aluminum

This could amount to $600–650 billion in new tariffs—five times the increase seen during the 2018–2019 trade war.

Economic Data in Focus: ADP Jobs Report

With concerns over tariffs clouding the economic outlook, investors are closely watching labor market data.

The JOLTS (Job Openings and Labor Turnover Survey) report for February, released Tuesday, showed a decline in job openings to 7.57 million from January’s revised 7.76 million, signaling a gradual cooling in the labor market amid rising uncertainty.

Additionally, the ISM Manufacturing PMI for March fell to 49.0 from 50.3, marking the sector’s first contraction this year.

Tesla’s Delivery Numbers Expected to Drop

Tesla (TSLA) is set to release Q1 car delivery figures later Wednesday, with analysts forecasting a sharp sales decline due to:

• CEO Elon Musk’s political controversies
• A slowing electric vehicle (EV) market
• Intensifying competition from rivals

Tesla shares traded lower in premarket hours and have slumped over 30% in Q1, erasing approximately $460 billion in market value.

Oil Prices Dip Before OPEC+ Meeting

Crude oil prices edged lower Wednesday as markets awaited Trump’s tariff announcement and a key OPEC+ meeting later this week. The oil cartel is reportedly considering increasing production, adding further uncertainty to market sentiment.

Oil prices had seen gains earlier this week after Trump threatened sanctions on Russia’s oil sector and hinted at potential military action against Iran over its nuclear program.military action against Iran over its nuclear program.