Investing.com-- U.S. stock index futures held steady on Tuesday evening after Wall Street saw gains in the regular session, as investors stayed cautious ahead of President Donald Trump’s April 2 tariff announcement.
S&P 500 Futures were muted at 5,672.0 points, while Nasdaq 100 Futures were unchanged at 19,599.50 by 20:10 ET (00:10 GMT). Dow Jones Futures were also steady at 42,236.0 points.
Wall Street ends higher as tech gains ahead of Trump tariffs
President Trump will implement reciprocal tariffs on a wide range of trading partners starting April 2, with the measures taking effect immediately, White House press secretary Karoline Leavitt said on Tuesday.
Trump is expected to announce the details of the administration’s reciprocal tariffs at 3:00 p.m. ET.
This initiative, referred to as "Liberation Day," will be followed by a 25% tariff on auto imports starting April 3.
Uncertainty over the specific scope and retaliatory measures from affected nations has kept investors on edge.
Despite this, major stock indices closed higher overnight with gains in technology stocks, as Wall Street appeared to be taking a wait-and-see approach.
In regular trading on Wednesday, the S&P 500 gained 0.4%, while the NASDAQ Composite rose 0.9%. The Dow Jones Industrial Average closed largely unchanged.
Tesla Inc (NASDAQ: TSLA ) shares closed 3.6% higher on Tuesday. The company is set to report its first-quarter vehicle deliveries on Wednesday.
NVIDIA (NASDAQ: NVDA ) shares rose 1.6%, while Microsoft (NASDAQ: MSFT ) stock climbed 1.8%.
Alphabet (NASDAQ: GOOGL ) shares closed 1.5% up, while those of Micron Technology Inc (NASDAQ: MU ) jumped 2.1%.
Investors assess job openings report, factory activity data
The Job Openings and Labor Turnover Survey (JOLTS) report for February, revealed a slight decline in job openings to 7.57 million from January’s revised 7.76 million.
This decrease suggests a gradual cooling in the labor market amid rising economic uncertainties.
Concurrently, the Institute for Supply Management (ISM) reported that its Manufacturing Purchasing Managers’ Index (PMI) fell to 49.0 in March from 50.3 in February, marking the first contraction in the manufacturing sector this year.
A PMI reading below 50 indicates a decline in manufacturing activity. The downturn is attributed to decreased factory orders and employment, as companies grapple with uncertainties surrounding trade policies and impending tariffs.
“Tariffs are meant to reinvigorate US manufacturing, but there is more concern about what they mean for supply chains and the prospect of foreign retaliation right now, amidst signs of a cooling domestic economy,” ING analysts said in a note.