U.S. stock futures pointed sharply lower Wednesday morning, signaling another rough session for Wall Street. The downbeat sentiment follows a steep selloff Tuesday, when the S&P 500 fell 1.6%, the Dow Jones Industrial Average dropped nearly 1%, and the Nasdaq Composite slid 2.1%.

Early futures showed the tech-heavy Nasdaq leading the losses on Wednesday morning, down as much 2.15% pre-market. Shortly after 8 a.m., futures tied to the Dow Jones Industrial Average were down 747 points, or almost 2%. S&P 500 futures were down 1.8% and Nasdaq futures were down 1.7%

Gold jumped 3%, a typical sign of investors moving to lower risk assets.

Tariffs hit tech where it hurts

Driving the decline is the Trump administration’s confirmation that 104% tariffs on select Chinese goods — including electric vehicles and high-tech imports — took effect at midnight on Wednesday. The move has reignited fears of a new trade war, with investors bracing for potential retaliation from Beijing and knock-on effects across global supply chains.

The White House’s reaffirmation on Tuesday evening of the sweeping levies rattled already skittish markets.

Stocks are down — but bonds are getting crushed, too

Even traditional havens like U.S. Treasuries weren’t spared. A dramatic selloff in government bonds pushed the 30-year yield above 4.75%, its highest level since February, as fears mounted that tariffs could fuel inflation rather than cool the economy.

“If Trump’s secret agenda is to crash the stock market to bring down long-term interest rates, the plan already failed,” economist Peter Schiff posted on X. “The plan to crash the stock market is now crashing the bond market too.”

Eyes on economic data and Delta Air Lines earnings

Adding to market anxieties is a 10 a.m. E.T. report from the U.S. Census Bureau on February’s wholesale trade sales and inventories, which could provide clues about inventory buildups and downstream economic softness. Any signs of weakening wholesale activity could reinforce concerns about the economy’s resilience in the face of rising geopolitical tensions and delayed Fed rate cuts.

Delta Air Lines (DAL) also reports earnings Wednesday morning, offering a window into both consumer and corporate travel demand. The airline is seen as an early bellwether for first-quarter results, and investors will be watching closely for commentary on international bookings and business travel recovery. While Delta stock looked set to open in the green, up 2% in early premarket trading, the stock remains down almost 40% year-to-date.

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