President Donald Trump‘s administration swatted down suggestions that his proposed “Liberation Day,” when sweeping tariffs will be unveiled on Wednesday, would lead to a depressed stock market and increased prices for the public.

Such neck-twisting turns have become routine for the U.S. stock market recently because of uncertainty about what Trump will do with tariffs.

Wall Street followed global markets lower early Monday ahead of the Trump administration's latest tariff rollout later this week. Futures for the S&P 500 sank 1.2%, while futures for the Dow Jones Industrial Average dropped 0.

It was a historically difficult quarter for the EV maker, with tariffs and growing protests over Elon Musk's work with DOGE weighing on sentiment.

Tesla should report first-quarter deliveries on Wednesday and analysts are projecting the lowest quarterly performance in more than two years amid public backlash to Chief Executive Elon Musk's involvement with President Donald Trump and as the EV giant rolled out its refreshed version of its bestselling vehicle.