02:17 PM EDT, 04/01/2025 (MT Newswires) -- US benchmark equity indexes were mixed intraday as markets tracked tariff updates and parsed the latest economic data.

The Nasdaq Composite was up 0.6% at 17,394.3 after midday Tuesday, while the S&P 500 rose 0.1% to 5,616.6. The Dow Jones Industrial Average fell 0.3% to 41,891.6. Among sectors, consumer discretionary paced the gainers, while health care saw the steepest decline.

President Donald Trump's planned reciprocal tariffs will be effective immediately as they are announced Wednesday, CNBC reported, citing White House Press Secretary Karoline Leavitt.

Separately, The Washington Post reported, citing unnamed sources, that White House aides have drafted a proposal that would impose tariffs of about 20% on most imports.

US Treasury yields were down intraday, with the 10-year rate falling 8.8 basis points to 4.16% and the two-year rate dropping 5.6 basis points to 3.86%.

In economic news, the US manufacturing sector fell into contraction territory in March amid weak demand, according to the Institute for Supply Management, while S&P Global ( SPGI ) data showed activity stalling.

"Demand and production retreated and destaffing continued, as panelists' companies responded to demand confusion," said Timothy Fiore, chair of the ISM's manufacturing business survey committee. "Prices growth accelerated due to tariffs, causing new order placement backlogs, supplier delivery slowdowns and manufacturing inventory growth."

US job openings fell more than the projected in February, while layoffs rose, government data showed Tuesday.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 139,000 nonfarm jobs last month, which would mark a drop from a 151,000 gain posted for February, according to a Bloomberg-compiled survey.

West Texas Intermediate crude oil was down 0.2% at $71.31 a barrel intraday.

In company news, Tesla (TSLA) shares were up 6.2%, the top gainer on the S&P 500.

PVH (PVH) shares jumped nearly 19%. The clothing company late Monday offered a full-year earnings outlook above market expectations on the back of better-than-expected fiscal fourth-quarter results.

Johnson & Johnson ( JNJ ) shares declined 6% intraday Tuesday, the biggest drop on the Dow and the S&P 500. The company said late Monday that the US Bankruptcy Court for the Southern District of Texas denied its Red River Talc unit's request to confirm its proposed prepackaged bankruptcy plan.

Gold fell 0.1% to $3,146 per troy ounce, while silver lost 0.8% to $34.34 per ounce.