All NewsApril 1, 2025

Stock Market Today: Stocks end mixed as investors brace for tariff unveiling

Updated at 4:37 PM EDT by Rob Lenihan

Stocks ended mixed Tuesday as investors entered the first trading day of the second quarter with caution and focused on upcoming tariff announcement from President Donald Trump.

The Dow Jones Industrial Average lost 11.80 points, or 0.03%, to finish the session at 41,989.96, while the S&P 500 gained 0.38% to close at 5,633.07 and the tech-heavy Nasdaq rose 0.87% to end the day at 17,449.89.

Wall Street is focused on Trump’s April 2 set for 3 p.m. U.S. Eastern Time in the White House Rose Garden. 

Updated at 12:25 PM EDT

Bad news is good news? 

Stocks are finding a bid heading into the afternoon session, with the S&P 500 now up 37 points, or 0.65% and the Nasdaq rising 195 points, or 1.12%, thanks in part to a pullback in Treasury yields tied to the weaker ISM and Jolts readings that could pave the way for near-term Federal Reserve rate cuts.

The latest reading for the Atlanta Fed’s GDPNow tracker, meanwhile, shows the economy on pace for a first quarter contraction of 3.7%, a stunning 5 percentage point swing from the fourth quarter expansion. 

 Updated at 10:44 AM EDT

Steady, just …

Stocks are mixed into the second hour of trading following a weaker-than-expected reading of the ISM’s manufacturing activity survey, while fell by 1.3 points to 49 points in March, just south of the 50-point mark that separates growth from contraction, as well as a modestly softer February Jolts report. 

“The data isn’t necessarily inspiring, but does create hope that we are stabilizing near current levels,” said Brent Kenwell, U.S. investment analyst at eToro. “Investors aren’t looking for red-hot data at this point, but rather, stabilization that suggests the economy will find its footing.”

“The current correction will be easier to stomach if the economy is able to avoid a meaningful deterioration and that starts with the labor market,” he added. “From here, investors should keep a close eye on the trend in weekly jobless claims and take a close examination of Friday’s jobs report.”

The S&P 500 was last marked 15 points, or 0.26% lower on the session, with the Nasdaq up 8 points and the Dow off 250 points.

Updated at 9:33 AM EDT

Soft open

The S&P 500 was marked 26 points, or 0.347% lower, in the opening minutes of trading, with the Nasdaq down 55 points, or 0.31%, 

The Dow fell 230 points while the mid-cap Russell 2000 slipped 10 points, or 0.51%.

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 White House officials are still debating, could also include some form of tax refunds tied to the revenue it generates, as opposed to directing that revenue to reducing the deficit or repaying debt.

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. 

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 toward Wednesday’s tariff unveiling from President Donald Trump, set for 3 p.m. U.S. Eastern Time in the White House Rose Garden. That presentation 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.”

President Donald Trump will unveil his latest tariff plans at an event in the Rose Garden slated for 3 p.m. Eastern Time on Wednesday.

Andrew Harnik/Getty Images

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. Gold prices set their 16th record high of the year and U.S. Treasury bond yields moved lower.

Benchmark 10-year notes were last marked 2 basis points lower from Monday 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 104.06 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% in Q1, were marked 3.8% higher in the premarket ahead of the EV maker’s first-quarter-delivery figures, which are expected prior to the opening bell.

More Economic Analysis:

In overseas markets, Europe’s Stoxx 600 rebounded from a two-month low, rising 1.2% in midday Frankfurt trading following a surprise easing in eurozone inflation in March, which 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, after a 10.7% first-quarter slump left the benchmark at the lowest levels in nearly eight months. 

The regionwide 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.