US equities advanced on Wednesday as investors awaited President Donald Trump's tariff announcement. The S&P 500 rose 0.7%, the Nasdaq 100 gained 0.8%, and the Dow Jones climbed 235 points.
Tesla shares surged 5.3%, reversing earlier losses tied to weak quarterly deliveries, following reports that Elon Musk might step down from his advisory role in the administration. Uncertainty over the tariffs kept investors on edge, with speculation that Trump was considering broad 20% levies on imports, raising fears of a potential trade war.
The White House confirmed the tariffs would take effect immediately following the official 4 p.m. ET announcement. Meanwhile, the 10-year Treasury yield ticked up to 4.16% as markets weighed the economic implications.
With volatility lingering, investors turned their attention to the upcoming March jobs report for further signals on the health of the U.S. economy.
Source: Trading Economics
