U.S. stock futures fell Tuesday, as the market awaited clarity from President Donald Trump regarding his tariff policy rollout. Tuesday also marks the beginning of the second-quarter after a bumpy first quarter. Futures tied to the Dow Jones Industrial Average slid 253 points, or 0.6%. S&P 500 futures were down 0.4%, alongside Nasdaq-100 futures. 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. 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. On Tuesday, traders will watch out for the ISM manufacturing index for March alongside February’s job openings and construction spending reports. 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 ...read more read less