Wall Street is trending lower before the opening bell Tuesday following new tariffs announced by the White House. There are also more corporate earnings arriving ahead of the appearance of Federal Reserve Chair Jerome Powell,

"If it escalates into bilateral tariffs, we estimate an 8% hit to EPS assuming unitary elasticity," Bank of America analysts said.

The Standard & Poor’s 500 climbed 0.7%, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy. The Dow Jones industrial average added 167 points, or 0.4%, and the Nasdaq composite rallied 1% as Nvidia and other Big Tech stocks led the way.