02:13 PM EDT, 04/02/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday as President Donald Trump prepared to announce his reciprocal tariffs.

The Nasdaq Composite was up 1.3% at 17,679.9 after midday Wednesday, while the S&P 500 rose 0.9% to 5,686.1. The Dow Jones Industrial Average advanced 0.8% to 42,313.3. Barring consumer staples, all sectors were higher, led by consumer discretionary.

Trump is scheduled to announce reciprocal tariffs on other countries at 4 pm ET at a White House event. Trump said in a social media post that "it's liberation day in America!"

The planned tariffs will be effective immediately as they are announced, CNBC reported Tuesday, citing White House Press Secretary Karoline Leavitt. The recently outlined 25% tariff on auto imports will become effective Thursday, Reuters reported recently.

"A material adjustment to foreign relationships and intentional trade, the latest moves from the White House have resulted in a massive amount of uncertainty and unrest in markets as well as behaviors thus far," Stifel said in a Wednesday note to clients.

US Treasury yields were higher intraday, with the two-year rate rising 6.7 basis points to 3.93% and the 10-year rate increasing 6.2 basis points to 4.22%.

In economic news, employment growth in the US private sector topped Wall Street's projections for March, while pay gains decelerated, according to Automatic Data Processing ( ADP ) data.

"Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors," ADP Chief Economist Nela Richardson said.

Mortgage applications in the US fell last week for the third straight week as refinancing activity cooled, the Mortgage Bankers Association said.

West Texas Intermediate crude oil was up 0.7% at $71.69 a barrel intraday.

In company news, Tesla (TSLA) shares rose 5.4%, among the top gainers on the S&P 500 and the Nasdaq. Trump has told members of his inner circle that Tesla Chief Executive Elon Musk will be stepping down in the coming weeks from his roles within the administration, Politico reported.

Separately, Tesla posted sharp declines in first-quarter deliveries year over year and sequentially, missing the Street's estimates, as the electric vehicle maker faces demand weakness in its key markets.

Altria Group ( MO ) was the worst performer on the S&P 500, down 4.5%, as Deutsche Bank downgraded its rating on the stock to hold from buy.

Gold was up 0.7% at $3,166.3 per troy ounce, while silver gained 0.9% to $34.62 per ounce.