Dow, S&P 500, Nasdaq futures dip as Trump’s tariff plans loom
US stock futures dropped as investors prepared for President Trump's largest round of tariffs yet, set to be enacted this week.
The tariff package, which Trump has dubbed "Liberation Day," is scheduled for April 2, News.Az reports, citing foreign media.
Futures linked to the Dow Jones Industrial Average (YM=F) dropped by 160 points, or 0.4%, while S&P 500 (ES=F) and Nasdaq 100 futures (NQ=F) fell by 0.6% and 1.2%, respectively.
The stock market is set to continue its March woes as it wraps up a rough month — and quarter. Last week was the fifth in six weeks that the S&P 500 and Nasdaq ended the week in the red. The S&P 500 dropped 1.5%, the Dow declined by 1%, and the Nasdaq Composite plunged 2.5%. Friday saw the biggest drop after a hotter-than-expected read on "core" PCE — the Fed's preferred measure of inflation.
Tariffs continue to rock the economic boat, with Trump set to enact a slew of new duties this week. Trump is planning for reciprocal tariffs on more US trading partners, while a 25% levy on foreign-made cars is also set to take effect on Thursday.
Investors are hoping to gain clarity on which countries will be affected by the new duties, but the lead-up to the reciprocal tariffs has been largely shrouded in mystery, weighing on market sentiment. A report from The Washington Post this weekend suggested that Trump is pushing advisers to go even "bigger" in imposing the levies.
Aside from the tariffs, investors will be turning their eyes toward the labor market this week, as major economic releases are highlighted by the March jobs report. Data on private payrolls and job openings will also attract attention, alongside updates on the services and manufacturing sectors.
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