It’s tough to get comfortable ahead of April 2 even as the Trump administration dials down tariff threats. There are many ways this can go wrong and after the leaks in the Atlantic, you get the sense this administration is making it up as they go.

The latest leg lower came after a Bloomberg report saying Trump was preparing auto tariffs, likely on Europe.

The Nasdaq is down 1.6% and the S&P 500 is down 0.8% and threatening to fall into the gap to open the week.