(Updates with analyst comment)

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Futures down: Dow 0.43%, S&P 500 0.33%, Nasdaq 0.24%

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PVH rises after upbeat annual forecast

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J&J falls after judge rejects $10 bln baby powder

settlement

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JOLTS, ISM manufacturing data due at 10:00 a.m ET

By Sruthi Shankar, Pranav Kashyap

April 1 (Reuters) - U.S. stock index futures dipped on

Tuesday, signaling a cautious start to the new quarter, as

investors braced for the impending storm of sweeping tariff

announcements the Trump administration is set to make on

Wednesday.

The specter of economic disruption from U.S. tariffs coupled

with aggressive AI investments by tech firms left Wall Street

reeling in the first quarter. The benchmark S&P 500

closed the quarter 4.6% lower, marking its most dismal

three-month stretch since July 2022.

President Donald Trump is poised to unveil "reciprocal tariffs",

aligning U.S. duties with those of other nations on April 2. He

said on Sunday the levies will include all countries but

specific details were scant.

White House aides have drafted a proposal to impose tariffs of

around 20% on most imports to the United States, the Washington

Post reported.

The formal announcement is slated for 3 pm ET on Wednesday, U.S.

Treasury Secretary Scott Bessent told Fox News on Monday.

Manufacturing activity surveys for March and the JOLTS job

openings report later today could provide critical insights into

the ripple effects from the tariffs on the U.S. economy and the

Federal Reserve's trajectory on monetary policy.

"The suspense and uncertainty surrounding tomorrow is high.

The focus will shift to the JOLTS job openings and ISM

manufacturing but the data will need to underwhelm vs consensus

to tempt investors to react," said Kenneth Broux, strategist at

Societe Generale.

"An upside surprise is most likely to be ignored as

investors try to take and hold on to defensive positions before

tomorrow's announcement."

By 6:45 a.m. ET, U.S. S&P 500 E-minis

were down 18.5 points, or 0.33%, Nasdaq 100 E-minis

were down 47 points, or 0.24%, and Dow E-minis were

down 181 points, or 0.43%.

Investors have sought refuge in U.S. government bonds and

gold while dumping domestic equities, especially the high-flying

tech stocks, amid fears tariffs could stifle economic expansion

and ignite inflationary pressures.

Trump has already implemented levies on imported aluminum and

steel, along with increased tariffs on goods from China. Higher

duties on cars will take effect on Thursday.

New York Fed President John Williams acknowledged on Monday

there are risks inflation could once again heat up, while

Richmond Fed President Thomas Barkin said he is nervous the

Trump administration's tariffs will push up prices and hurt the

job market.

Goldman Sachs on Monday raised the probability of a U.S.

recession to 35% from 20% and said it expects more U.S. interest

rate cuts this year.

Among single stocks, Johnson & Johnson ( JNJ ) fell 3.4% in

premarket trading after a U.S. bankruptcy judge rejected the

company's $10 billion proposal to end tens of thousands of

lawsuits alleging its baby powder and other talc products cause

ovarian cancer.

PVH Corp ( PVH ) jumped about 17.3% after the apparel

maker's annual earnings forecast beat analysts' estimates.

Tesla's shares rose 2.6% ahead of its first-quarter

vehicle deliveries report on Wednesday. Its shares were down

about 36% in the three months to March 31.

The electric carmaker posted its lowest first-quarterly sales

figures in France and Sweden since 2021, data showed.