Wall Street ends up, but Trump tariff speech sends futures lower

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. S&P 500 futures were 1.6% lower as he spoke, with Nasdaq futures down 2.4%.

This suggested investors expect deep losses when Wall Street opens on Thursday.

Trump's sweeping orders included imposing a 10% baseline tariff on all imports to the U.S. and higher duties on some of the country's biggest trading partners.

Volatility has gripped U.S. markets in recent weeks as investors speculated about the scope of tariffs and their impact on the global economy, inflation and corporate earnings.

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The CBOE Volatility Index, known as Wall Street's fear gauge, has remained for the last three sessions around a level last seen in mid-March. Trading in that index closes at 4:15.

Some tariffs, including on steel, aluminum and autos, had already been announced, although Trump unveiled the specifics of his tariff policy during a White House Rose Garden ceremony at 4 p.m. ET (2000 GMT).

«Words from presidents matter,» said Christopher Wolfe, president and chief investment officer of Pennington Partners & Co. «They can, and do, change policy and the way corporate America responds to things. That's the weight we are all feeling now.»

Ahead of the speech, Wolfe said much of the markets' response would depend on whether investors viewed it as a measured economic policy shift or a string of seemingly arbitrary tariffs that risk unintended consequences.

Before