Wall Street's major averages were in the red on Wednesday, as investors braced for President Trump's reciprocal tariff plans, while U.S. private sector job growth surged in March. Early on and the S&P 500 (SP500) was -1.

The S&P 500 and the Nasdaq Composite both closed higher on Tuesday, after a topsy-turvy day on Wall Street dominated by investor angst ahead of the impending tariff announcements from the Trump administration.

The much-anticipated tariffs announcement fuels a global trade war and comes amid warnings from around the world that retaliation would follow.

The reaction to Trump's sweeping tariffs announcement didn't take long to hit the U.S. stock market, with Dow Futures plummeting over 1,000 points by Wednesday evening.

U.S. stocks are falling in the final hours before President Donald Trump unveils the tariffs he promised as part of his “Liberation Day” that could drastically remake the global economy and trade.