U.S. stock indexes finished higher after a choppy trading session on Wednesday, falling early and then rebounding as investors made last-minute bets to position themselves ahead of U.S. President Donald Trump's sweeping tariff announcements.

Trump began speaking after Wall Street closed, and both S&P 500 futures and Nasdaq futures reversed gains as investors blanched at his sweeping tariff plans.

Market Snapshot

The Dow Jones Industrial Average rose 235.36 points, or 0.56%, to 42,225.32, the S&P 500 rose 37.9 points, or 0.67%, to 5,670.97 and the Nasdaq Composite rose 151.16 points, or 0.87%, to 17,601.05.

S&P 500 futures were 3.5% lower; Nasdaq futures down 4.4%; Dow futures down 2.4%.

Market Movers

Big techs dropped in after-hours trading. Apple, Tesla stock tumbled over 7%; Amazon down over 6%; Nvidia dropped over 5%; Meta down over 4%; Alphabet, Microcoft fell over 3%.

Trump said Wednesday he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US.

China’s cumulative tariff rate includes both an existing 20% duty tied to fentanyl trafficking and a 34% levy calculated as part of Trump’s reciprocal plan, according to people familiar with the matter. The European Union will have a 20% levy and Vietnam is seeing a 46% tariff, White House documents showed. Other nations slapped with larger tariffs include Japan at 24%, South Korea at 25%, India at 26%, and Cambodia at 49%. In an act of showmanship, Trump brandished large boards during his 48-minute address that displayed each nation’s tariff.

Tesla stock rose 5.3% in regular trading on Wednesday, following a Politico report that said Elon Musk, the electric-vehicle maker's CEO, plans to step away from his government role in the coming weeks. The stock declined earlier in the session after first-quarter deliveries from Tesla widely missed estimates. The company delivered 336,681 vehicles in the first quarter, down 13% from a year earlier. Wall Street was looking for about 378,000 vehicles.

Rivian Automotive declined 6% after the EV maker announced first-quarter deliveries of 8,640 vehicles, down 36% year over year but in line with company and Wall Street estimates.

Shares of Trump Media & Technology Group tumbled 7.4% after the company filed with the Securities and Exchange Commission to allow a trust headed by President Donald Trump to sell around $2.3 billion in stock. There are no current plans to do so, however, the company noted.

Amazon.com rose 2% in regular trading on Wednesday on a report that the e-commerce giant has put in a bid to buy all of TikTok. A person familiar with the matter confirmed to Barron's the company shared its intentions in an offer letter addressed to Vice President JD Vance and Commerce Secretary Howard Lutnick. The bid came ahead of a deadline of April 5 for a potential ban of the video-sharing platform.

Shares of CoreWeave, the artificial-intelligence cloud company, were up 17%. The stock has been volatile since it began trading Friday, ending flat on the day of its debut, falling 7.3% on Monday, and closing Tuesday with a gain of 42%. CoreWeave has close ties to Nvidia, its main supplier, second-largest customer, and an investor. Some investors see Nvidia as a source of support for the stock.

Newsmax declined 77% on Wednesday. The conservative-leaning media company rose 179% on Tuesday after soaring 735% in its trading debut on Monday.

BlackBerry was down 9.1%. The Canadian software company reported fourth-quarter adjusted earnings of 3 cents a share, better than analysts' estimates for break-even profit, on revenue of $141.7 million but issued a weaker-than-expected outlook.

Market News

Trump Tariffs Spare No Country, Many in Asia, Europe Hit Harder

President Donald Trump is imposing tariffs on US trading partners worldwide, his biggest assault yet on a global economic system he has long bemoaned as unfair.

Trump said Wednesday he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US. That includes substantially higher rates on some of the country’s biggest trading partners, such as China — which now faces a 54% total tariff — the European Union and Vietnam.

“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper,” Trump said during an event in the White House Rose Garden.

Trump Administration Confirms 25% Car Tariffs Start Thursday, Auto Parts on May 3

U.S. President Donald Trump's administration on Wednesday confirmed that his 25% global car and truck tariffs will take effect as scheduled on Thursday and that duties on automotive parts imports will be launched on May 3.

In a Federal Register notice adding details to Trump's autos tariff proclamation issued last week, the White House directed the Commerce Department to establish a process within 90 days for adding more parts to the list, including at the request of domestic producers.

The 25% automobile tariffs are due to take effect at 12:01 a.m. EDT on Thursday, with the 25% tariffs on auto parts due to take effect at 12:01 a.m. EDT on May 3, according to the Federal Register.

Spot Gold Hits Record High as Trump's Tariff Announcement Boosts Haven Demand

Spot gold hit record high at $3,167/Oz as Trump's tariff announcement boosts haven demand. Investors regard the precious metal as a safe haven when concerns rise about the global economy. Such worries helped gold climb 19% this year after a ferocious run in 2024 that was largely driven by massive central bank purchases and robust demand in Asia.

Steel and aluminum already subject to Section 232 tariffs won’t incur the duties announced Wednesday, according to a White House fact sheet. Gold and copper were also cited in the exemption clause.

VIX Index Futures Soar 18%. Tariffs Put Fed in Tough Spot, Raise Growth and Price Fears

VIX index futures soared 18.56% on Thursday. An aggressive suite of tariffs announced Wednesday by President Donald Trump will significantly complicate the Federal Reserve’s job as it struggles to quash inflation and avoid an economic downturn, likely keeping officials in wait-and-see mode.

“They’re basically our worst-case scenario,” said Diane Swonk, chief economist at KPMG, who said the tariffs raised the likelihood of an economic slowdown in the US.