07:39 AM EDT, 04/02/2025 (MT Newswires) -- The benchmark US stock measures were tracking in the red before Wednesday's opening bell as investors brace for President Donald Trump's announcement about new tariffs against the country's trading partners.

Standard & Poor's 500 declined 0.6%, the Dow Jones Industrial Average slipped 0.5% and the Nasdaq was off 0.7% in premarket activity. The S&P 500 and Nasdaq finished the previous trading session higher, while the Dow Jones Industrial Average was virtually flat.

The Trump administration's planned reciprocal tariffs on trading partners will come into immediate effect when they are announced later on Wednesday, White House Press Secretary Karoline Leavitt said Tuesday, according to media publications. White House aides have reportedly drafted a proposal to impose duties of roughly 20% on most imports.

Recent negative market performance combined with early indications of at least some slowdown in consumer spending trends and business investment have increased fears of a potential downturn in domestic growth, Stifel Economics said in a client note Tuesday.

The US manufacturing sector fell into contraction territory in March amid weak demand, the Institute for Supply Management said Tuesday. US job openings dropped more than projected in February, while layoffs rose, government data showed.

The two-year US Treasury yield was unchanged at 3.86% while the 10-year rate fell 0.6 basis points to 4.15%.

Shares of Hims & Hers Health ( HIMS ) dropped 5.5% pre-bell as Eli Lilly ( LLY ) said it doesn't have any affiliation with the telehealth company and that its weight-loss drug Zepbound can be prescribed by any licensed healthcare professional. Hims & Hers earlier said it was expanding its weight-loss offerings on its telehealth platform to include generic liraglutide and branded tirzepatide.

Wednesday's economic calendar has the mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for March at 8:15 am. The factory orders report for February posts at 10 am.

Federal Reserve Governor Adriana Kugler is scheduled to speak at 4:30 pm.

On the earnings front, Unifirst ( UNF ) and BlackBerry (BB) are among the companies reporting their latest results before the bell. Home-furnishings retailer (RH) releases its financial statement after the markets close.

West Texas Intermediate crude oil decreased 0.6% to $70.79 a barrel as markets prepare for the latest tariffs that could impact demand. The weekly EIA domestic petroleum inventories report is due today at 10:30 am.

Gold gained 0.1% to $3,148 per troy ounce. Bitcoin nudged 0.2% lower to $84,859.