US benchmark equity indexes are on track to close higher on Wednesday, ahead of the White House announcement of reciprocal tariffs.

The Dow Jones Industrial Average gained 0.5% to 42,205.3, while the Nasdaq Composite increased 0.8% to 17,589.7. The S&P 500 was up 0.6% to 5,666.7. The consumer discretionary sector posted the highest gains, while consumer staples had the steepest decline.

Tesla (TSLA) shares jumped 5%, among the top gainers on the S&P 500 and the Nasdaq. Chief Executive Elon Musk will be stepping down in the coming weeks from his roles within the administration, Politico reported, citing President Donald Trump.

CarMax (KMX) rose 4.3%. The company is well-positioned for the upcoming tariffs of the Trump administration, with potentially a path to 2026 earnings of as much as $6 per share in a bull case scenario, Wedbush said in a Tuesday note.

Altria Group (MO) was the worst performer on the S&P 500, down 3.5%, as Deutsche Bank downgraded its rating on the stock to hold from buy.

The 10-year US Treasury yield gained 1.9 basis points to 4.2%, while the two-year rate was up 2.7 basis points to 3.9%.

May West Texas Intermediate crude oil was up 0.8% to $71.79 a barrel.