U.S. stock futures are lower in choppy trade after China announced additional 84% Tariffs On U.S. Goods From April 10th this morning. The moves come after another day of significant turmoil as U.S. President Donald Trump implemented unprecedented trade tariffs, the highest in a century, intensifying tensions with China. The tariffs, which sparked a four-day stock market rout, heightened investor anxiety, leading to volatile trading sessions with the VIX closing at 5-year highs yesterday.

On Tuesday, the S&P 500 briefly surged over 4% but closed down 1.6% and now sits nearly 19% below its all-time high, underscoring the escalating economic fallout from the tariff hikes. Customs are expected to start collecting new tariffs on imports from 86 nations on Wednesday. A total tariff rate of 104% on Chinese imports went into effect overnight, after China retaliated with 34% tariffs on U.S. imports on Friday, with the two countries now embroiled in a full-blown trade war.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down over 6% near $56 a barrel and fell for a fifth straight day to their lowest level in 4 years after U.S. President Donald Trump’s “reciprocal” tariffs took effect, including a 104% duty on Chinese goods, intensifying a global trade war. API reports that crude inventories fell 1.057M barrels last week. Gasoline inventories rose 207,000 barrels.
• Gold (/GC) – Gold prices are up over 3% near $3080 as the dollar weakened and as investors braced for U.S. President Donald Trump’s tariffs to take effect, with most flocking to safe-haven gold for cover as global trade tensions escalate and fears of a recession mount.
• Bitcoin (/BTC) – The crypto future is down 1% near 76K in the premarket. Bitcoin is near 5-month lows from the overnight session.
• VIX – The CBOE Volatility Index has surged again, nearly to 58.
• U.S. Dollar (/DX) – The dollar is down 0.5% to near 102.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Newmont (NEM): +2.65%

1. Pfizer (PFE): -4.62%
2. APA Corp. (APA): -4.13%
3. Abbvie (ABBV): -4.06%

Economic Data

• 7:00AM ET: MBA Mortgage Applications
• 10:00AM ET: Wholesale Inventories
• 10:30AM ET: Oil Inventories
• 12:30PM ET: Fed’s Barkin Speaks
• 1:00PM ET: 10-Year Note Auction
• 2:00PM ET: FOMC Minutes

Notable Earnings

• Premarket: DAL, SMPL
• Postmarket: STZ, PSMT
• Premarket Tomorrow: KMX, LOVE
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Jefferies upgrades Apple (AAPL) & Starbucks (SBUX) to Hold from Underperform
• Goldman Sachs upgrades Johnson & Johnson (JNJ) to Buy from Neutral
• Piper Sandler upgrades Keurig Dr. Pepper (KDP) to Overweight from Neutral
• Bernstein downgrades Ford (F) to Underperform from Market Perform
• Jefferies downgrades Host Hotels (HST), Park Hotels & Resorts (PK), and Xenia Hotels (XHR) to Hold from Buy

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.