U.S. stock index futures slipped on Tuesday, marking a gloomy start to the new quarter, as investors grappled with uncertainty around the Trump administration's sweeping new tariffs set to be announced on Wednesday.

Market Snapshot

At 7:50 a.m. ET, S&P 500 E-minis fell 26 points, or 0.46%. Nasdaq 100 E-minis dropped 88 points, or 0.45%, and Dow E-minis were down 233 points, or 0.55%.

Pre-Market Movers

Tesla - Shares of electric-vehicle company Tesla rose 1.4% in the premarket session. The stock closed with a loss of 1.7% on Monday and ended the first quarter down 36%, its worst first quarter on record, according to Dow Jones Market Data. Tesla is expected to releasefirst-quarter delivery figureson Wednesday with Wall Street estimating about 380,000 vehicles. Analysts have been reducing their estimates, in part because CEO Elon Musk has received backlash from his close alignment with President Trump and his position in the administration’s Department of Government Efficiency.

XPeng, NIO Inc., Li Auto - Shares of XPeng rose 3.4% after the Chinese EV maker delivered 33,205 vehicles in March, up from 9,026 delivered in the same month a year earlier. It was XPeng’s fifth consecutive month in which deliveries topped 30,000 vehicles. The company never had delivered 30,000 cars in a month before the streak started. Fellow Chinese EV makers NIO and Li Auto rose 2.4%, and 0.8% after deliveries at both companies in March rose from a year earlier.

Nvidia - Nvidia, the leading maker of artificial-intelligence chips, was up slightly ahead of the start of trading Tuesday. Nvidia shares fell 19.3% in the first quarter, the stock’s worst quarter since September 2022, when it tumbled nearly 20%. The stock has been hit from investors’ souring sentiment over big U.S. technology stocks and on macro concerns that Trump’s tariffs will hurt growth and fan inflation.

Johnson & Johnson - Johnson & Johnson fell 3.6% after abankruptcy judge dismissed the healthcare company’s third attempt to resolve its mass talc liabilities through chapter 11.

CVS Health - CVS Health, the pharmacy chain and owner of health insurer Aetna, finished the first quarter as the top-performing stock in the S&P 500, rising 51% during the period. It has benefited from being a more diversified play on the healthcare sector, unlike its peers, and CVS has an annual dividend payout of nearly 4%—above the average for healthcare dividend stocks in the Russell 1000 index. CVS was down slightly in premarket trading.

PVH Corp - PVH Corp., the parent company of Calvin Klein and Tommy Hilfiger, reported better-than-expected fourth-quarter earnings and said it anticipates flat to higher revenue in the current fiscal year after revenue fell 6% last year to $8.65 billion. The stock jumped 15.9%.

Progress - Progress Software was up 5.6% after raising its earnings outlook for the fiscal year. The company said it expects fiscal-year adjusted earnings of $5.25 to $5.37 a share, up from a prior projection of $5 to $5.12. Progress Software said first-quarter revenue jumped 29%, driven by its “product portfolio across the board, with our data platform and infrastructure management products having a particularly solid quarter.”

Newsmax - Newsmax, the conservative-leaning media company, rose 30% in premarket trading after making its debut Monday on Wall Street. Newsmax sold 7.5 million shares at an initial public offering price price of $10 and shares surged 735% on Monday to close at $83.51.

Southwest Airlines - Southwest Airlines declined 2.9% to $32.60. Analysts at Jefferies downgraded shares of the carrier to Underperform from Hold and cut their price target to $28 from $30.

Genuine Parts - Genuine Parts was down 3.4% after being downgraded to Sell from Neutral at Goldman Sachs. The analysts also reduced their price target on shares of the distributor of automotive and industrial replacement parts to $114 from $133.

Deckers Outdoor - Deckers Outdoor, the maker of Hoka sneakers and Ugg boots, was the worst stock in the S&P 500 index from January to March, falling 45%. Most recently it has pulled back because of uncertainty about the overall economy, with fears of a recession putting retail stocks like Deckers in the crosshairs of lower spending. In premarket trading, Deckers was up 0.1%.

nCino - NCino, the cloud-based software company, is scheduled to report fiscal fourth-quarter earnings after the closing bell Tuesday.

Market News

Trump Aides Float 20% Tariff on Most Imports, Washington Post Says

White House aides are proposing tariffs of around 20% on most U.S. imports, the Washington Post reported on Tuesday, as markets and consumers await details of U.S. President Donald Trump's reciprocal tariff plan.

Trump, who has promised to unveil his sweeping plan on Wednesday, on Sunday said the reciprocal tariffs will target all nations. The White House said on Monday any country that had treated Americans unfairly should expect to receive a tariff.

White House advisers say no final decision has been made and that several options are on the table, according to the Post. Trump's administration is also weighing using the trillions of dollars it expects in new import revenue for a tax dividend or refund, the report said, citing three unnamed people familiar with the matter.

Trump to Unveil Country-Based Tariffs April 2 in Rose Garden

President Donald Trump will announce his reciprocal tariff push on Wednesday during an event in the White House Rose Garden, his top spokeswoman said.

White House Press Secretary Karoline Leavitt said Monday the announcement would feature “country-based” tariffs. She said the president is also “committed to implementing” sectoral duties, but that they were not the focus of the April 2 event and deferred to Trump about the timing of those. Members of Trump’s Cabinet would attend the announcement, Leavitt said.

Treasury Secretary Scott Bessent said in a Fox News interview Monday that the tariff announcement would be at 3 p.m. Washington time.

Trump Says He Expects Musk to Eventually Return to Running Companies

President Trump on Monday said he expects Elon Musk will eventually return to running his companies after his work overhauling the federal government.

A reporter noted that Musk, the CEO of Tesla and SpaceX, is a special government employee, which means he can only work for 130 days in his role. When asked if he wants Musk to stay longer, Trump said he will want to return to his companies.

“I think he’s amazing but I also think he’s got a big company to run. At some point he’s going to be going back. He wants to,” Trump said. “I’d keep him as long as I can keep him. He’s a very talented guy.”