New US tariffs are set to start today, according to the Trump administration. Analysts are hoping that the details will provide more clarity on the policy shift. This much is clear: the stakes are high. “The main channel from trade policy uncertainty to GDP is via business investment. Under higher trade policy uncertainty, future revenue streams of an investment become more uncertain, raising the option value of delaying investment decisions until the situation is clearer,” Oxford Economics analysts said in a research note.

US ISM Manufacturing Index slips back into contraction in March. The latest reading was worse than the forecast of 49.5.

Job openings remained near a four-year low in February. The Bureau of Labor Statistics reports 7.57 million jobs were open at the end of February, a decrease from the 7.76 million in January.

Nonresidential construction spending rises to record levels in February, according to the latest Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. Spending was up on a monthly basis in 9 of the 16 nonresidential subcategories.

Expectations are building for a Fed interest-rate cut, according to analysis by TMC Research, a unit of The Milwaukee Company, a wealth management firm.

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