U.S. growth probably slowed sharply at the start of this year, as trade turmoil began to roil the economy.

The report won’t capture any of the impact from President Trump’s sweeping “Liberation Day” tariffs, unveiled on April 2 and partly reversed a week later. But it will reflect the effects of earlier import duties, and general uncertainty about U.S. trade policy.

Since this quarter began, the picture has gotten cloudier. On Tuesday, a consumer-sentiment survey showed the economic mood souring in April, to lows last seen early in the pandemic.

Stock futures were flat to modestly lower early Wednesday.

Investors will also scrutinize a March readout of PCE, the Federal Reserve’s preferred inflation gauge, due this morning. And a flurry of major earnings is due, including results from Meta Platforms and Microsoft after the closing bell.

Dow industrials futures wavered. S&P 500 and Nasdaq-100 contracts fell modestly.

Stocks have enjoyed a recent runup, spurred by hopes tariff turmoil won’t hurt earnings and the economy as badly as feared.

Snap stock tumbled premarket. Late Tuesday, the social-media company withheld financial guidance, and said some advertisers have curbed spending due to U.S. plans to close a loophole waiving tariffs on lower-value goods.

Treasury yields were little changed. Benchmark yields settled Tuesday at 4.17%.

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