Stock futures slipped Wednesday as Wall Street braced for the expected rollout of President Donald Trump’s tariffs. Futures tied to the S&P 500 lost 1%, while Nasdaq-100 futures fell 1.3%. Futures tied to the Dow Jones Industrial Average were down 346 points, or 0.8%. The moves come ahead of the implementation of a raft of Trump’s “reciprocal tariffs” that will “start with all countries.” The White House revealed Tuesday that the levies “will be effective immediately.” The administration as of Tuesday had yet to decide on the tariff levels and was still considering several options, according to a report from Bloomberg News, citing people familiar. Treasury Secretary Scott Bessent told lawmakers on Tuesday that Wednesday’s duties will serve as a “cap,” where the tariffs that are announced will be the highest amount set, Rep. Kevin Hern, R-Okla. revealed to CNBC’s Emily Wilkins. That will give countries the opportunity to take steps to bring the tariff amount down. According to The Washington Post, which cited three sources familiar with the matter, the Trump administration is also considering imposing tariffs of roughly 20% on most imports coming into the country. However, the report said that advisors cautioned that several options are still on the table. During Tuesday’s session, the S&P 500 finished about 0.4% higher, seesawing between gains and losses throughout the chaotic trading day. The Nasdaq Composite also ended the day roughly 0.9% higher, while the Dow Jones Industrial Average closed marginally lower. Stocks have come under pressure as uncertainty around Trump’s tariffs has spurred recent market volatility, with the broad market index down five out of the past six weeks. However, some investors think the sell-off is overdone. “I think we’re overpriced to the downside here,” Jeff Kilburg, founder and CEO at KKM Financial, said on CNBC’s “Power Lunch” Tuesday. “I think the market has the ability to have a little bit of a 2% to 4% rally to really reprieve everyone’s anxiety.” In addition to the tariffs, traders parsed to the ADP employment report for March, which surpassed consensus expectations. Private companies added 155,000 jobs last month, while economists polled by Dow Jones forecast 120,000 additions, up from the 77,000 jobs added in February. The Bureau of Labor Statistics reported Tuesday that job openings dropped more than expected in February, with available positions falling to 7.57 million for the month. That’s just below the Dow Jones estimate of 7.6 million. U.S. Treasury yields were little changed Wednesday as investors parsed some economic data and braced for the rollout of U.S. President Donald Trump’s tariffs. The 10-year Treasury yield was lower by 2.7 basis points at 4.129%, while the 2-year Treasury yield slipped by less than 1 basis point to 3.854%. Asia-Pacific markets were mixed Wednesday as investors brace for U.S. President Donald Trump to roll out fresh tariffs this week. Japan’s Nikkei 225 traded 0.28% higher to close at 35,725.87 while the Topix declined 0.43% to close at 2,650.29. South Korea’s Kospi slipped 0.62% to close at 2,505.86 and the small-cap Kosdaq lost 0.95% to close at 684.85. Australia’s S&P/ASX 200 traded 0.12% higher to close at 7,934.5. Hong Kong’s Hang Seng Index traded flat to close at 23,205.15 while mainland China’s CSI 300 slipped 0.08% to end the trading day at 3,884.39. Oil prices extended losses on Wednesday, pressured by fears that U.S. reciprocal tariffs due to be announced could exacerbate a global trade war and dampen demand for crude. Brent futures were down 30 cents, or 0.40%, at $74.19 a barrel. U.S. West Texas Intermediate crude futures fell 26 cents, or 0.37%, to $70.94. Gold prices held firm on Wednesday after jumping to an all-time high in the previous session, as investors hunkered down and awaited details of U.S. President Donald Trump’s tariff plans. Spot gold rose 0.6% at $3,128.41 an ounce. U.S. gold futures gained 0.4% at $3,159.10.