Dow Jones futures fell solidly early Wednesday, along with S&P 500 futures and Nasdaq futures. A new wave of Trump tariffs is on tap, along with deliveries from Tesla.
The stock market closed mixed but generally higher Tuesday ahead of the new Trump tariffs. The Nasdaq rose solidly. Tesla stock rebounded as all of the Magnificent Seven stocks advanced. Meta Platforms is the only one above its 200-day moving average.
Tuesday marked day two of a stock market rally attempt. Investors can look for a follow-through day on the S&P 500 or Nasdaq as soon as Thursday.
The video embedded in the article reviews Tuesday's market action and analyzes ADMA Biologics, GE Aerospace and Ollie's Bargain Outlet.
Dow Jones Futures Today
Dow Jones futures lost 0.7% vs. fair value. S&P 500 futures declined 0.95% and Nasdaq 100 futures tumbled 1.2%.
Crude oil futures edged lower.
The 10-year Treasury yield nudged lower to 4.14%.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Trump Tariffs: 'Liberation Day'
President Donald Trump is expected to unveil "reciprocal" tariffs at 4 p.m. ET. So the U.S. market reaction to the "Liberation Day" tariffs won't occur until Thursday.
Trump plans to target other countries' duties and trade barriers on U.S. goods. It's still unclear how complex these tariffs will be, or if they will roll out right away.
Trump's team is considering a lower tariff on at least some tariffs, The Wall Street Journal reported Tuesday night.
Meanwhile, 25% auto tariffs, announced by Trump on March 26, come into effect April 3. Further, Trump's one-month suspension of 25% tariffs on many Canadian and Mexican goods is slated to end in early April.
Tariffs on copper, lumber, pharmaceuticals and more are still expected in the next few weeks.
Trading partners have threatened further retaliation vs. Trump tariffs, with Europe reportedly mulling significant restrictions on America's high-margin services exports, including targeting U.S. tech and banking giants such as Apple, Meta Platforms and JPMorgan Chase.
Tesla Deliveries
Tesla deliveries for the first quarter should be released before the open on Wednesday, around 9 a.m. ET. The EV giant also will post Q1 production figures as well as energy storage deployed.
Tesla is expected to deliver 377,592 EVs in Q1, according to the company-compiled consensus of analysts, down slightly vs. 386,810 a year earlier and the lowest since Q3 2022. Some analysts are around 355,000.
Tesla sales have been weak in the U.S. and especially Europe, with Elon Musk brand destruction taking a toll.
Tesla has held up better in China. On Tuesday, Tesla's weekly China EV registrations came in strong, suggesting Q1 local deliveries rose 2% vs. a year earlier.
Tesla EV rivals XPeng and Xiaomi reported booming Q1 deliveries on Tuesday. BYD also was strong, and is set to hold the global crown for fully battery electric vehicles (BEVs) over Tesla.
Tesla stock rose 3.6% on Tuesday, back toward the 200-day moving average after hitting resistance there last week. TSLA stock is still one of the bigger S&P 500 losers in 2025.
Shares fell modestly early Wednesday.
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Stock Market
The stock market was up and down Tuesday with the Nasdaq standing out in a mixed session. After selling off for weeks on Trump tariffs, stocks are trying to find their footing heading into the big April 2 announcement.
The Dow Jones Industrial Average just edged lower in Tuesday's stock market trading. The S&P 500 index rose 0.4%. The Nasdaq composite climbed 0.9%. The small-cap Russell 2000 closed fractionally higher.
The Invesco S&P 500 Equal Weight ETF edged up 0.1%.
The First Trust Nasdaq 100 Equal Weighted Index ETF climbed 0.7%.
Tuesday was day two of a stock market rally attempt. On Monday, the S&P 500 reversed slightly higher after hitting six-month lows. The Nasdaq finished slightly lower Monday, but near the top of its daily range, so it qualified as a "pink" rally day.
An S&P 500 or Nasdaq follow-through day could occur as soon as Thursday, following the Trump tariff announcement.
The Dow Jones didn't undercut its March lows on Monday, so its rally attempt didn't reset. Technically, a Dow FTD could occur already.
Confirmed rallies often fail, especially after a violent sell-off and in a headline-driven market. The 200-day moving average could be resistance for the S&P 500 and other key indexes.
On the downside, it wouldn't take much for the market to hit new lows.
U.S. crude oil prices fell 0.4% to $71.20 a barrel.
The 10-year Treasury yield tumbled nine basis points to 4.16%, the lowest close since early December.
The March ISM manufacturing index dropped just below the break-even 50 level, signaling contraction. But the details were worse, with new orders falling faster and price pressures rising sharply. That may be an early impact of Trump tariffs, including reactions to tariffs that haven't been implemented yet.
The March jobs report will be out Friday.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF fell 0.4%. The iShares Expanded Tech-Software Sector ETF jumped 1.5%. The VanEck Vectors Semiconductor ETF climbed 0.5%.
ARK Innovation ETF rose 0.5% and ARK Genomics ETF sank 2.7%. Tesla stock is the No. 1 holding across Ark Invest's ETFs.
SPDR S&P Metals & Mining ETF dipped 0.1%. The Energy Select SPDR ETF advanced 0.6% and the Health Care Select Sector SPDR Fund gave up 1.8%.
The Industrial Select Sector SPDR Fund was up 0.6%. GE stock is a major XLI holding.
The Financial Select SPDR ETF edged down 0.1%.
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What To Do Now
The stock market is trying to rally but faces technical resistance and the latest wave of Trump tariffs.
There's no reason to jump the gun. It's still a rally attempt within a market correction. The major indexes are below their 200-day moving averages and there aren't many good stocks in position, especially after last week's pop-and-drop market action.
Many resilient names over the past several weeks still have been hard to hold, including GE Aerospace. Cash and preserving capital remains the key.
Investors have to be open to the possibility of a FTD in the near future. So work on watchlists. Look for setups, though there aren't that many. Definitely focus on stocks with strong relative strength.
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