06:03 AM EDT, 03/31/2025 (MT Newswires) -- US equity investors will focus on the Trump administration's reciprocal tariffs this week while watching the labor market and Federal Reserve Chair Jerome Powell's update for the economy post-punitive trade policies.

* Explaining through the foreign exchange prism, a note from HSBC Global Research said President Donald Trump will reveal on 2 April what he means by Liberation Day.

* "It has been widely debated what this may or may not entail," the note said. "Will the conclusion of the America First Trade Policy Review see US tariffs rise sharply, be spread out over time, and are they more country-specific or global in nature?" It added that the range of outcomes has "wrong-footed" many with previous tariff announcements, and, as a result, "there is likely little priced into exchange rates for this week's announcement."

* The most vulnerable countries are ones with relatively high tariffs on US imports and with whom the US is running trade deficits, Scotiabank said in a note. "This past week's announcements from the US on copper tariffs and auto tariffs offered a prelude to what is to be expected this coming week."

* Apart from the fallout from global trade policies in the coming days, this is a huge week for US data and Fed speak. "With the stark weakness in US surveys, markets are waiting to see if this will impact the hard economic data," the HSBC note said.

* Job Openings and Labor Turnover Survey, ISM manufacturing and services, ADP Employment Change, jobless claims, and nonfarm payrolls are on schedule.

* "Fed Chair Powell's speech about the US economic outlook takes place on Friday when he may signal more willingness to respond to Liberation Day, if necessary," the HSBC note said.

* US equity futures are slumping pre-bell Monday, with the 10-year Treasury yield trading 5.7 basis points lower at 4.2%, close to its lowest level this year, and the CBOE Volatility Index surging 11% in early morning activity.