Wall Street had hoped for a rally. Stock futures are in a free fall as investors digest President Donald Trump’s sweeping tariffs.

During Tuesday’s session, the S&P 500 finished about 0.4% higher, seesawing between gains and losses throughout the chaotic trading day.

U.S. stock-market futures on Wednesday evening were pointing to a potentially ugly open on Thursday for the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite, as traders weighed large tariffs announced by President Donald Trump.

Stock index futures are declining as investors brace for President Donald Trump’s anticipated announcement of new tariffs, referred to as

U.S. stock futures slipped on Monday night as the market awaited clarity from President Donald Trump regarding his tariff policy rollout. Futures tied to the Dow Jones Industrial Average fell by 86 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures dipped 0.3% and 0.4%, respectively.

U.S. stocks turned sharply lower in after-hours trading after President Donald Trump announced sweeping new tariffs of at least 10% on imports from all trading partners. The broad S&P was down 1.8%, the Dow Jones Industrial Average was 0.