Pre-Market Report – Thursday 3 April: Liberation Day - Tariffs Trump everything | US Futures tumble

Numbers largely irrelevant now. More important: Nvidia down 5% after-hours. Microsoft down 2%. Apple down 6%. Amazon down 5%.

Wall Street recorded a positive, choppy final session ahead of Trump’s tariff announcement – US futures dropped hard following Trump’s speech, average tariffs slightly higher than anticipated. S&P 500 up 0.67%, Dow up 235 points and ended near its high after recovering from an initial drop. NASDAQ up +0.87%. Volatile session as Trump’s tariffs loomed over market, announcement occurred after market closed. All sectors up. Cyclicals and Financials main winners. Tesla (+5.3%) despite Q1 deliveries of 337K well below 378K consensus as stock bounced after Politico reported Musk would step back from Washington duties. Amazon (+2.0%) submitted a bid to buy TikTok's US operations ahead of an April 5th deadline but the White House, overseeing the sale, reportedly isn’t taking the offer seriously. Mining and Energy stocks are down. Mixed session for Copper and Gold stocks.

SPI Futures up 42 points (+0.53%) before Trump's speech. ASX to fall following US futures tumbling following Trump's speech.

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