Dow, S&P 500, and Nasdaq futures are falling in premarket trading. An Nvidia-led rally fades as the stock market react to President Donald Trump threating a 50% tariff on goods from Brazil.

Nvidia stock briefly topped a $4 trillion market cap with Nvidia chipmaker Taiwan Semi on tap. AI plays Astera Labs and Rubrik flashed buy signals.

Stock futures were relatively unchanged on Wednesday evening after the S&P 500 recouped some of its losses from this week's tariff-fueled slide. S&P 500 futures traded just above the flatline, along with Nasdaq 100 futures. Futures tied to the Dow Jones Industrial Average were also flat.

S&P 500 futures are up just 0.01%. Dow Jones Industrial Average futures are adding 0.1%. Nasdaq 100 futures are gaining just 0.02%. On Tuesday, the Dow Jones Industrial Average fell 166 points, or 0.37%,

Dow futures fall as President Donald Trumps tariff deadline approaches, raising fresh concerns on Wall Street. With the 90-day pause on reciprocal tariffs ending July 9, Trump officials warn duties could return to their harsh “Liberation Day” levels by August 1 unless new trade deals are signed.

Wall Street is coming off a holiday-shortened week during which the S&P 500 and Nasdaq Composite posted fresh all-time highs.

Trump’s tariffs and the fast-moving trade war continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

Front-month ULSD futures were down just over 3cts at $2.4095/gal and about 2.25cts above the lows of $2.387 from earlier in the day. Some of the downside in diesel can be profit-taking off a rally that has prices up about 10cts since the beginning of the month or some crack spread selling as Tuesday led to the highest paper crack of 2025.

Over in the fixed-income market, U.S. Treasury yields were higher. The 10-year yield ( US10Y) was up 2 basis points to 4.42%, while the shorter-end, more rate-sensitive 2-year yield ( US2Y) was up 1 basis point to 3.92%.

Uncertainty surrounding U.S. trade tariff policies are keeping investors cautious, whilst Tesla (NASDAQ: TSLA)

Wednesday closed up +0.61%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.49%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +0.72%. September E-mini S&P futures (ESU25 ) are up +0.