Traders work on the floor of the New York Stock Exchange during morning trading on April 01, 2025 in New York City.
Michael M. Santiago | Getty Images
Stock futures traded near the flatline on Tuesday evening as Wall Street braced for the expected rollout of President Donald Trump’s tariffs on Wednesday.
Futures tied to the S&P 500 were off 0.03%, while Nasdaq-100 futures were marginally lower. Futures tied to the Dow Jones Industrial Average were off 6 points, or 0.01%.
The moves come ahead of the implementation of a raft of Trump’s “reciprocal tariffs” that will “start with all countries.” The White House revealed Tuesday that the tariffs “will be effective immediately.”
Treasury Secretary Scott Bessent told lawmakers on Tuesday that Wednesday’s tariffs will essentially serve as a “cap,” where the tariffs that are announced will be the highest amount set, Rep. Kevin Hern (R-OK) revealed to CNBC’s Emily Wilkins. That will give countries the opportunity to take steps to bring the tariff amount down.
According to The Washington Post, which cited three sources familiar with the matter, the Trump administration is also considering imposing tariffs of roughly 20% on most imports coming into the country. However, the report said that advisors cautioned that several options are still on the table.
During Tuesday’s session, the S&P 500 finished about 0.4% higher, seesawing between gains and losses throughout the chaotic trading day. The Nasdaq Composite also ended the day roughly 0.9% higher, while the Dow Jones Industrial Average closed marginally lower.
Stocks have come under pressure as uncertainty around Trump’s tariffs has spurred recent market volatility, with the broad market index down five out of the past six weeks. However, some investors think the sell-off is overdone.
“I think we’re overpriced to the downside here,” Jeff Kilburg, founder and CEO at KKM Financial, said on CNBC’s “Power Lunch” Tuesday. “I think the market has the ability to have a little bit of a 2% to 4% rally to really reprieve everyone’s anxiety.”
In addition to the tariffs, traders are looking ahead to the ADP employment report for March, which is scheduled for release on Wednesday morning. Economists polled by Dow Jones are expecting that private companies added 120,000 jobs last month, up from the 77,000 jobs added in February.
The Bureau of Labor Statistics reported Tuesday that job openings dropped more than expected in February, with available positions falling to 7.57 million for the month. That’s just below the Dow Jones estimate of 7.6 million.
Watch 5,500 for S&P 500, says JPMorgan’s technical strategy head
The S&P 500 has 5,500 as a critical support level, according to Jason Hunter, head of technical strategy at JPMorgan.
Hunter found this level as a place, based off technical indicators, that can provide a bounce for the broad index. That level marks a decline of about 1.5% from where the average finished last week.
“This is a key inflection here that we think, you know, people need to pay very close attention to and respect,” Hunter said Tuesday on CNBC’s “Closing Bell.”
— Alex Harring
Treasury Secretary Bessent reportedly says Wednesday’s tariffs will be a ‘cap’
Treasury Secretary Scott Bessent told lawmakers Tuesday that Wednesday’s tariffs will act as a “cap,” meaning that the tariff amounts announced will be the highest they’ll reach and that countries could take steps to reduce their respective amounts, Rep. Kevin Hern (R-OK) revealed to CNBC’s Emily Wilkins.
Rep. Hern also said to CNBC that it “will bring certainty to know where the cap is, help the market and help all of us out there who are concerned.”
— Sean Conlon
Stablecoin issuer Circle files for IPO
Circle, the company behind the popular USDC stablecoin, has filed for an initial public offering and plans to list on the New York Stock Exchange.
JPMorgan Chase and Citigroup are serving as lead underwriters, and the company is reportedly aiming for a valuation of up to $5 billion. It will trade under ticker symbol CRCL.
The company’s push into public markets reflects a broader moment for the crypto industry, which is enjoying political favor under a more crypto-friendly U.S. administration. The stablecoin sector specifically has been ramping up as the industry becomes more optimistic that the crypto market will get its first piece of U.S. legislation passed and implemented this year, likely focusing on stablecoins. President Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress’s August recess.
Circle is also poised to hit the public markets during a particularly volatile time for tech stocks, as the Nasdaq just wrapped up its worst quarter since 2022.
For more, read the full story here.
— Tanaya Macheel
Stock futures open little changed
U.S. stock futures were little changed Tuesday night.
Futures tied to the S&P 500, as well as Nasdaq-100 futures, hovered around the flatline. Futures tied to the Dow Jones Industrial Average were also flat.
— Sean Conlon