U.S. stock index futures slipped on Wednesday as investors braced for details of U.S. President Donald Trump's tariff plans, which are expected to upend global trade and commerce.

Details of Trump's "Liberation Day" tariff plans were still being formulated and closely held ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. ET (2000 GMT).

Market Snapshot

At 7:50 a.m. ET, S&P 500 e-minis were down 34.5 points, or 0.61%. Nasdaq 100 e-minis fell 151.25 points, or 0.77%, and Dow e-minis dropped 201 points, or 0.48%.

Pre-Market Movers

Tesla - Tesla declined 2.7% ahead of the release offirst-quarter deliveriesfrom the electric-vehicle company. Analysts expect Tesla to post deliveries of about 380,000 vehicles, down from 387,000 a year earlier. A few months ago, analysts projected Tesla would deliver as many as 470,000 cars. Estimates have been revised lower amid weak sales in the U.S. and Europe and on concerns that CEO Elon Musk’s political activities have been turning off buyers.

Nvidia - Nvidia, meanwhile, fell 1.7% in the premarket session. Shares rose 1.6% on Tuesday to break a five-session losing streak.Nvidia, the leading maker of artificial-intelligence chips, has been declining along with the broader market ahead of Trump’s tariffs announcement. It remains unclear whether the president will announce any sector-specific duties—including on chips.

Newsmax - Newsmax declined 21.5% in the premarket session. The conservative-leaning media companyrose 179% on Tuesdayafter soaring 735% in thestock’s trading debut on Monday.

CoreWeave - Shares of CoreWeave, the artificial-intelligence cloud company, were falling 1.2% in premarket trading. The stock has been volatile since it began trading Friday,ending flat on the day of its debut, falling 7.3% on Monday, andclosing 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.

Meta Platforms - Meta Platforms was down 1.2% after Joelle Pineau, the company’s head of artificial-intelligence research, said she would be leaving the parent company of Facebook and Instagram in May. She led the department for eight years. Pineau’s departure comes just as thecompany draws closer to cashing in on its AI systems.

Trump Media & Technology - Trump Media & Technology filed for primary offering of up to 8.4 mln shares of common stock, Filed for secondary offering of up to 134 mln shares of common stock. The shares sank 9.4% in premarket trading.

nCino - nCino was tumbling 34.7% after the cloud-based software company reported fiscal fourth-quarter adjusted earnings of 12 cents a share, below analysts’ estimates of 19 cents, and issued profit and revenue guidance for the current fiscal year that also missed expectations.

Grifols - US-losted shares of Grifols jumped 5% after news website El Confidencial reported that Canadian fund Brookfield has resumed takeover talks with the Spanish pharmaceuticals company.

Charles Schwab - Charles Schwab rose 1.5% to $78.80 after the wealth management company was upgraded to Buy from Neutral and the price target was boosted to $102 from $82. Citi said it sees “potential for an improving” net new assets story as Schwab “shifts to offense with the [Ameritrade] integrations over and investment spending to accelerate growth ramps.”

BlackBerry - BlackBerry was down 2.1%. 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.

Market News

Trump to Escalate Global Trade Tensions with New Reciprocal Tariffs on US Trading Partners

U.S. President Donald Trump was poised to impose sweeping new reciprocal tariffs on global trading partners on Wednesday, upending decades of rules-based trade, threatening cost increases and likely drawing retaliation from all sides.

Details of Trump's "Liberation Day" tariff plans were still being formulated and closely held ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. Eastern Time (2000 GMT).

The new duties are due to take effect immediately after Trump announces them, White House spokesperson Karoline Leavitt said on Tuesday, while a separate 25% global tariff on auto imports will take effect on April 3.

Tesla's China-Made EV Sales Fall 11.5% Y/Y in March

U.S. automaker Tesla sold 78,828 China-made electric vehicles in March, down 11.5% from a year earlier, data from the China Passenger Car Association (CPCA) showed on Wednesday.

Deliveries of China-made Model 3 and Model Y vehicles increased 156.9% from the previous month.

The U.S. EV specialist handed over 172,754 China-made cars including China shipments and exports to markets including Europe in the first quarter, 21.8% lower on year and the lowest in more than two years, amid rising competition in especially China.