07:22 AM EST, 03/04/2025 (MT Newswires) -- US equity futures were pointing lower on Tuesday as President Donald Trump's tariff plan against Canada and Mexico takes effect, while traders await fresh labor market data later in the week.

Standard & Poor's 500, the Dow Jones Industrial Average and the Nasdaq edged down 0.1% each in premarket activity. The majority of Asian exchanges were trending downwards while European bourses were tracking in the red midday on the continent.

Trump's 25% tariffs against Canada and Mexico go into effect on Tuesday, while the US government reportedly doubled its levy on Chinese imports to 20% from 10%.

With no economic reports scheduled for Tuesday, investors will be looking ahead to the ADP Employment report for February on Wednesday. The Challenger Job Cut report for February is out on Thursday, while the government's nonfarm payroll data for the same month is scheduled to be released on Friday.

Federal Reserve Bank of New York President John Williams is slated to speak at 2:20 pm ET.

Shares of Okta ( OKTA ) jumped 16% pre-bell as the cloud-based access management platform lifted its fiscal 2026 revenue outlook and recorded better-than-expected fourth-quarter results. Walgreens Boots Alliance ( WBA ) gained 6.7% following media reports that the company is nearing a $10 billion go-private deal with Sycamore Partners.

Sea (SE), AutoZone ( AZO ) , Target ( TGT ) , On Holding ( ONON ) , Best Buy ( BBY ) , Genius Sports ( GENI ) and Paysafe ( PSFE ) report their latest financial results before the bell, among others. CrowdStrike ( CRWD ) , Flutter Entertainment ( FLUT ) and Ross Stores ( ROST ) post earnings after the markets close.

Before the opening bell, bitcoin declined 2% to $83,987, West Texas Intermediate crude oil dropped 1.3% to $67.49 a barrel, yields on 10-year Treasuries retreated 0.8 basis points to 4.17% and gold rose 1% to $2,929 an ounce.