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The S&P 500 futures are down 51 points and are trading 0.9% below fair value, the Nasdaq 100 futures are down 223 points and are trading 1.1% below fair value, and the Dow Jones Industrial Average futures are down 302 points and are trading 0.7% below fair value.

The market is still in a holding pattern ahead of today's tariff announcements. Contracts tied to the Nasdaq 100, S&P 500, and Dow industrials indicate a lower open for the major equity indices.

The S&P 500 has recovered from early selling pressure so far this week, largely due to gains in the mega caps. Participants will be looking for signs of buy-the-dip interest again today.

Treasury yields are little changed from yesterday. The 10-yr yield is down two basis points to 4.16% and the 2-yr yield is unchanged at 3.86%.

In corporate news:

• nCino (NCNO 18.35, -9.77, -34.7%): misses by $0.07, reports revs in-line; guides Q1 EPS and revs below consensus; guides FY26 EPS and revs below consensus; authorizes a $100 mln share repurchase program
• Johnson & Johnson (JNJ 153.35, +0.10, +0.1%): updates financial impact from imminent closing of its Intra-Cellular Therapies acquisition
• Walmart (WMT 88.47, -0.36, -0.4%): pushing China suppliers to lower prices amid new tariffs, according to Bloomberg
• Petco Health and Wellness (WOOF 3.14, +0.18, +6.1%): CEO disclosed the purchase of 1,586,088 shares of Class A Common Stock $2.91 - $3.03 worth more than $4.7 mln