Tariff Turmoil Blunts Wall Street Pre-Bell; Asia, Europe Off

07:14 AM EDT, 04/04/2025 (MT Newswires) -- Wall Street futures pointed sharply lower pre-bell Friday as traders digested the ongoing global equities rout in the wake of higher Trump Administration tariffs announced on Wednesday.

In the futures, the S&P 500 fell 2.7%, the Nasdaq declined 2.9% and the Dow Jones was off 2.6%.

Yields on benchmark 10-year US Treasures fell under 4% in morning action, the lowest since last October.

Though overshadowed by White House trade policies, the March employment situation report posts at 8:30 am ET in Washington, providing a snapshot of national labor markets.

In other news, Federal Reserve Chair Jerome Powell presents an economic outlook to the Society for Advancing Business Editing and Writing, at 11:25 am ET in Arlington, Virginia, just outside Washington.

Asian exchanges traded heavily lower overnight, with Hong Kong, mainland China and Taiwan on holiday.

European bourses tracked sharply south midday on the continent.

On the economic calendar, in addition to the March jobs report and the Powell presentation, is the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm ET.

Federal Reserve Vice Chair Michael Barr speaks around noon, and Governor Christopher Waller at 12:45 pm.

In premarket action, Bitcoin traded at $82,931, West Texas Intermediate crude oil traded solidly lower at $62.25, and 10-year US Treasuries offered 3.89%. Spot gold traded for $3,099 an ounce.

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