The S&P 500 climbed on Tuesday in another volatile session as the market awaited clarity from President Donald Trump regarding his tariff policy rollout. Wall Street also faced pressure from weaker-than-expected economic data.

The broad market index added 0.38% to close at 5,633.07, while the Nasdaq Composite gained 0.87% and ended at 17,449.89. The Dow Jones Industrial Average slipped 11.80 points, or 0.03%, to settle at 41,989.96. The S&P 500's whipsaw moves follow a similar pattern of trading from Monday. At its high on Tuesday, the broad market index climbed 0.7%, but the benchmark was down by nearly 1% at its session low.

The consumer discretionary sector was the top performer of the day. Shares of Tesla gained 3.6%, while Nike added 2%.

Investors got another sour reading on the economy Tuesday due to the threat of tariffs, with the Institute for Supply Management manufacturing survey coming in lighter than expected and in contraction territory. February's job openings were also slightly below estimates, the Bureau of Labor Statistics said on Tuesday.

Looking ahead, the White House on Wednesday is expected to unveil reciprocal tariffs on goods from virtually all countries. Investors had been hoping for a narrow approach toward administering the levies. The White House on Tuesday asserted that Trump's tariffs would go into effect "immediately" once they are announced.

"The lack of certainty and the shroud of secrecy has been driving the market insane," said Jay Woods, chief global strategist at Freedom Capital Markets. "We have our correction, [though], so perspective is key."

On Tuesday, The Washington Post reported that the Trump administration is considering implementing tariffs of about 20% to most imports into the U.S. To be sure, the report — which cited three sources familiar with the matter — noted that no final decision had been made.

The uncertainty has put stocks on a rollercoaster ride. The S&P 500 on Monday touched a six-month low before recovering. For the first quarter, the index lost 4.6%, while the Nasdaq Composite dropped 10%. That marked the worst quarterly performance for both benchmarks since 2022. The Dow dropped 1.3% during the first three months of the year.

"While the higher event risk baked in creates room for a potential relief rally in case of less aggressive tariffs, the risk arguably is still to the downside, with markets likely underpricing the trade risks," Barclays assistant vice president Anshul Gupta wrote in a Tuesday note.

S&P 500 closes higher on eve of tariff announcement

The S&P 500 closed higher on Tuesday in yet another volatile session that saw the broad market index seesaw between gains and losses, as investors anxiously await the rollout of President Donald Trump's tariffs.

The S&P 500 added 0.38% to finish the session at 5,633.07, while the Nasdaq Composite climbed 0.87% to 17,449.89. The Dow Jones Industrial Average slipped 11.80 points, or 0.03%, to close at 41,989.96.

— Brian Evans

S&P 500 has fallen 59% of the time in the 29 trading days since the all-time high

The rallies keep failing.

The S&P 500 reached an intraday all-time high and a closing record on Feb. 19, 2025, and in the 29 trading days since, the benchmark large-cap index has fallen 59% of the time (17 days) and risen 41% (12 days).

So why might the market feel worse than that? Because while the S&P 500 is down 5% so far in 2025, it's lower by more than 9% from that all-time high six weeks ago. Moreover, the S&P 500 has closed lower by 1% or more a total of 10 times since the February high. Only five of the rebound attempts have scored a closing gain of 1% or more. And three of the 12 up days for the S&P 500 since the high have seen miniscule recoveries of 0.20% or less.

On Feb. 26, for example, the day after a brutal, four-day decline, the S&P 500 rose less than a point, or 0.01%. The next day, it sank another 1.59%.

— Scott Schnipper

How to options trade with Trump's forthcoming tariffs announcement, per JPMorgan

With President Donald Trump's tariff announcement looming, JPMorgan provided some options ideas to clients. Here are a few the firm presented in a note published Tuesday:

• Short-dated straddles on SPDR Gold Shares (GLD)
• Put spreads for the Energy Select Sector SPDR Fund (XLE)
• Carvana put ratios

— Alex Harring

Tariff 'roller coaster' to last for months, says Raymond James

With investors looking ahead to Wednesday's tariff announcements from President Donald Trump, Raymond James' Washington policy analyst Ed Mills says the uncertainty won't go away quickly.

"I think that we're going to have some immediate tariffs, at least on that, so called 'dirty 15' tomorrow, it might be expanded out a little bit. I do think that we'll also get investigations into the rest of the world," Mills told CNBC's "Power Lunch" on Tuesday.

However, he added that the investigations mean that "we are on that roller coaster, at least for the next couple of months, probably through the end of the year."

— Hakyung Kim

Market rebound is 'likely' in the second quarter, RBC Wealth Management says

Stocks could bounce back over the next few months after a tumultuous first quarter, according to RBC Wealth Management.

"The silver lining is that after a 10% correction by the S&P 500, weekly indicators, tracking 2-4 month swings, are increasingly oversold for the S&P 500 and most growth and cyclical stocks as they test next technical support," technical strategist Robert Sluymer wrote in a Tuesday note. "With weekly indicators moving into oversold territory heading into earnings season, our expectation is that a tactical Q2 rebound is likely given sentiment surveys are suitably bearish."

The strategist added that a "stronger" second quarter after a "weak" first quarter would be consistent with the S&P 500's trajectory during the first two quarters under a new administration.

— Sean Conlon

Hims & Hers shares soar 12% after striking a deal to sell Eli Lilly's weight loss drug

Hims & Hers said it will sell Eli Lilly's Zepbound and Mounjaro on its platform. The weight loss and diabetes drugs had been a very valuable piece of the telehealth provider's business until recently.

The news sent Hims & Hers stock up as much as 12% on Tuesday. It was last up about 4.6%. Lilly's shares fell more than 3%. Shares of Novo Nordisk, which makes rival GLP-1 drug Wegovy, were down about 2%.

Hims had been selling less expensive versions of weight loss drugs on its website for a while. It was able to do so because of a loophole that allows compounding pharmacies to make versions of drugs in short supply. However, once the shortage ended, the Food and Drug Administration told compounders to halt the practice.

-Christina Cheddar Berk

Airline stocks struggle

Airline stocks led the market lower on Thursday afternoon.

Southwest was one of the worst performers in the S&P 500, dropping more than 6%. Delta and United each shed more than 3%, placing them in the bottom 3% of S&P 500 members for the session.

The U.S. Global Jets ETF (JETS) slid more than 2%. By comparison, the S&P 500 ticked just 0.4% lower.

Tuesday's decline comes as concerns swirl around the state of demand for travel. Jefferies downgraded its rating on American and Delta to hold from buy, while dragging Southwest down to underperform from hold.

— Alex Harring

Consumer discretionary stocks outperform on Tuesday

The consumer discretionary sector has been beaten down by tariff worries and economic slowdown concerns in recent months, but it is rallying ahead of Wednesday's long anticipated trade announcement from the White House.

The sector was up about 1% in afternoon trading, outperforming the broader market. Consumer discretionary is still the worst performing S&P 500 sector this year, according to FactSet.

Volatile automaker Tesla was the top performer in the sector, rising more than 5%. Other rising stocks include Ralph Lauren and Tapestry, climbing more than 3% each, and Nike, adding 2%.

— Jesse Pound

M&A activity slumps in the first quarter

Merger and acquisition activity in the U.S. declined in the first quarter as investors await more clarity on regulation from the Trump administration.

U.S. M&A dollar volume fell by 13% in the first three months of 2025, while the number of deals fell by 24%, according to data from Dealogic. U.S. deals are still 39% below the levels seen in the first quarter of 2021.

Globally, the volume of deals was higher year-over-year in the first quarter, thanks to some sizable transactions in China and Japan.

— Yun Li

Stocks making the biggest midday moves: Tesla, Roblox and more

These are the stocks moving the most in midday trading:

Tesla — The beleaguered electric vehicle maker popped 5%. Tesla is set to announce its first-quarter deliveries on Wednesday.

Roblox — Shares popped 4% after the gaming platform announced a partnership with Google to scale immersive advertising through the launch of rewarded video ads, which rewards viewers with in-game benefits.

On Holding — The athletic footwear manufacturer slipped nearly 4% after announcing it would transition to a single-CEO structure.

Read the full list of stocks moving here.

— Lisa Kailai Han

Tariffs will be effective immediately once they are introduced on Wednesday, White House says

President Donald Trump's tariffs will going into effect immediately after they are introduced, the White House said on Tuesday.

"My understanding is that the tariff announcement will come tomorrow. They will be effective immediately," White House press secretary Karoline Leavitt told reporters Tuesday.

— Brian Evans

CoreWeave shares rocket 20% higher

CoreWeave shares rallied more than 20% on Tuesday to trade around $45, rebounding from a 10% sell-off in the previous session.

Shares of the artificial intelligence cloud company, which rents out access to Nvidia's graphics processing units to other technology companies, dropped more than 10% on Monday and fell below the initial public offering price of $40.

CoreWeave opened on the public markets Friday in the biggest venture-backed tech IPO for a U.S. company since 2021.

— Yun Li, Samantha Subin

The risks around April 2 are 'not small,' Wells Fargo Securities says

Christopher Harvey, head of equity strategy at Wells Fargo Securities, said he remains constructive on the long-term outlook for stocks, but warned investors not to underestimate the potential risks around the April 2nd tariff announcement.

"We remain constructive on equities longer term given: (1) potential monetary stimulus (i.e., 75+ bps of 2025 Fed rate cuts) starting by mid-year; (2) anticipated tax bill movement (and possible enactment) this summer; and (3) several uber-caps already look oversold (TSLA, AVGO, NVDA)," Harvey wrote Tuesday.

"However, the risks are not small and recession is possible. We are worried most about the potential unintended consequences of aggressive tariff moves," Harvey said.

— Sarah Min

History shows strong April after notable March slide

After a tough March, the market could be in for a rebound this month, according to BTIG.

The firm found the S&P 500 has tumbled more than 3% in March in only seven past years going back to World War II. In all of those years, the broad index rose in April, notching an average jump of nearly 6%.

From April through the end of December, all but one of those years brought gains. The sole down year was 2001, when the index lost slightly over 1% in that period.

"We continue to have concerns about the medium-term trend of the market and it's clearly not going to be an easy month with SPX undercutting its March lows this morning," Jonathan Krinsky, BTIG's chief market technician, wrote to clients in a Tuesday note. But, "the set-up for April seems to favor the bulls."

— Alex Harring

Job openings declined more than expected in February

Job openings edged lower in February as the labor market showed continuing signs of normalization from the massive supply-demand pandemic shock.

The Bureau of Labor Statistics reported Tuesday that available positions fell to 7.57 million, down 194,000 from January and narrowly below the Dow Jones estimate for 7.6 million. The openings rate as a share of the labor force fell to 4.5%, down 0.2 percentage point, while the ratio of openings to available workers fell to 1.07 to 1.

Other measures for quits, hires and layoffs and separations were little changed, according to the Job Openings and Labor Turnover Survey.

Manufacturing index little changed as price outlook jumps

Factory activity in March moved slightly lower while price pressures accelerated, according to a survey Tuesday from the Institute for Supply Management.

The ISM manufacturing index edged down to 49, representing the percentage of respondents that reported activity was increasing. That was down from the prior 50.3 and slightly below the Dow Jones consensus estimate for 49.5. A reading above 50 represents expansion.

Within the survey, the prices index jumped to 69.4, up 7 points for the highest reading since mid-2022. Eight of the 11 sub-indexes in the survey showed declines, including employment, which moved down 2.9 points to 44.7.

—Jeff Cox

Stocks open lower

U.S. stocks opened lower for a second-straight day on Tuesday, as investors brace for President Donald Trump's reciprocal tariff announcement.

The S&P 500 fell 0.3%, while the Nasdaq Composite pulled back 0.4%. The Dow Jones Industrial Average slipped 164 points, or 0.5%.

— Brian Evans

See the stocks moving before the bell

These are some of the stocks moving before the bell on Tuesday:

• PVH Corp — The fashion stock soared 15.6% on the heels of stronger-than-expected earnings for the fourth quarter. The Calvin Klein and Tommy Hilfiger parent posted $3.27 per share, excluding items, in earnings per share on $2.37 billion in revenue. Analysts polled by LSEG forecasted just $3.21 earned per share and revenue of $2.33 billion.
• Johnson & Johnson — Shares pulled back 4% after a U.S. bankruptcy judge denied the health-care product maker's $10 billion settlement proposal. The plan was tied to thousands of lawsuits alleging its baby powder and other talc products caused ovarian cancer.
• Shake Shack — Shares of the burger chain rose 3% following Loop Capital Markets' upgrade to buy from hold. 

Click here for the full list.

— Alex Harring

Stocks enter the second quarter after a bumpy first of 2025

Stocks head into the second-quarter of trading on Tuesday after an exceedingly bumpy first-quarter, which was largely underpinned by tariff worry that translated to market volatility.

For the first quarter, the S&P 500 pulled back 4.6%, while the technology-heavy Nasdaq Composite lost 10%. That's the worst quarterly performance for both indexes since 2022. The Dow Jones Industrial Average declined 1.3% during the first three months of the year.

— Brian Evans

Jefferies steps to the sidelines on major airlines

"The air [has] come out of airlines," according to Jefferies.

The firm downgraded Delta Air Lines and American Airlines to hold, citing macro uncertainty and weak consumer and corporate sentiment.

Analyst Sheila Kahyaoglu expects the two airlines to slash their 2025 earnings per share forecasts amid the broader industry weakness.

"The main focus will be on Q2 outlooks and whether weakness in US government, low-end consumers & corporate called out in Q1 either rebounds, remains, or further deteriorates into the summer and whether we see changes in capacity plans to offset any lingering broader economic issues closer-in than is typical," the analyst wrote in a client note on Tuesday.

— Hakyung Kim

White House considering 20% tariff on most U.S. imports, report says

The Washington Post reported that the Trump administration is considering implementing tariffs of about 20% to most imports into the U.S. To be sure, the report — which cited three sources familiar with the matter — noted that no final decision had been made.

The report sent stock futures lower, with those tied to the Dow Jones Industrial Average last down about 200 points.

— Fred Imbert

Asia-Pacific markets recover from prior session's sell-off as investors await clarity on Trump tariffs

Asia-Pacific markets mostly climbed Tuesday, recovering from a sharp sell-off in the previous session as investors awaited clarity on U.S. President Donald Trump's tariff rollout.

Australia's S&P/ASX 200 rose 1.04% to end the day at 7,925.20, after the Reserve Bank of Australia held interest rates at 4.1%, in line with expectations, as the country heads to the polls on May 3.

Japan's benchmark Nikkei 225 pared earlier gains to end the day flat at 35,624.48, while the broader Topix index was closed up 0.11% at 2,661.73.

Over in South Korea, the Kospi index advanced 1.62% to end the day at 2,521.39 while the small-cap Kosdaq surged 2.76% to 691.45.

Mainland China's CSI 300 pared earlier gains to end the day flat at 3,887.68, while Hong Kong's Hang Seng Index increased 0.38% to close at 23,206.84.

China's Caixin PMI for March came in at 51.2, compared to the 51.1 reading penciled by economists in Reuters' poll, and slightly higher than the 50.8 reading in the previous month.

India's benchmark Nifty 50 fell 1.54% while the broader BSE Sensex dropped 1.84% as at 1.45 p.m. local time.

— Amala Balakrishner

Wall Street's VIX index tracking fear and greed rose for 4th day on Monday

The CBOE Volatility Index (VIX) rose for a fourth day Monday, the fist four-day advance since the end of February. At one point on Monday, during the worst of the morning sell-off, the VIX got as high as 24.80, eclipsing Friday's intraday high of 22.18, before finally closing at 22.28.

The VIX Index measures traders' expectations for how much the S&P 500 might move in either direction, up or down, over the next 30 days, using options prices. When the VIX is high, traders are thought to be rattled, expecting large swings in prices, and when the VIX is low, investors are thought to be more confident and willing to take risks.

The VIX in March soared as high as 29.57 during a market sell-off on March 11, after ending February at 19.63. The VIX low for the month of March came last week, on Wednesday March 26, after stocks put together a three-day rebound that drove the index as low as 16.97.

— Scott Schnipper

Stocks making the biggest moves after the bell: PVH and Progress Software

These are the stocks moving the most in extended-hours trading:

• PVH — The luxury brand, which owns brands such as Calvin Klein and Tommy Hilfiger, surged 15% after reporting a fourth-quarter earnings and revenue beat. PVH posted earnings of $3.27 per share on revenue of $2.37 billion. Analysts polled by LSEG had expected earnings of $3.21 per share on $2.33 billion in revenue.
• Progress Software — Shares popped 8% after the software stock reported fiscal first-quarter adjusted earnings of $1.31 per share, topping the $1.06 per share analysts had forecasted, per LSEG. Progress Software's revenue of $238 million also beat the expected $236 million. The company also guided for full-year earnings, ex-items, that exceeded the consensus estimate.

— Lisa Kailai Han

Stock futures slip on Monday night

Stock futures ticked lower on Monday night.

Dow futures slipped around 0.1% shortly after 6 p.m. ET. S&P 500 futures and Nasdaq 100 futures both shed 0.2%.

— Lisa Kailai Han