Stocks Slip Before the Open With Focus on U.S. Economic Data and Fed Speak, Walmart Earnings on Tap

March S&P 500 E-Mini futures (ESH25) are down -0.15%, and March Nasdaq 100 E-Mini futures (NQH25) are down -0.17% this morning as investors assess tariff and geopolitical risks, while also awaiting a raft of U.S. economic data, remarks from Federal Reserve officials, and an earnings report from retail giant Walmart.

Market jitters have been fueled in recent days by U.S. President Donald Trump’s apparent shift away from supporting Ukraine and its European allies, along with his threats to expand tariff plans across multiple sectors. Trump told reporters on Wednesday that he is considering a 25% tariff on lumber, with the import levy potentially coming around April 2nd. Trump also said he would announce tariffs on cars, semiconductors, and pharmaceuticals “over the next month or sooner.”