Attention will focus on reaction to President Trump's unveiling of sweeping protectionist measures late Wednesday, which would raise US tariffs to levels not seen since the 1930s. The tariff numbers appear somewhat lower than feared on the 10 percent universal baseline tax, but higher than feared on the punitive import taxes for many countries, including China, India, Taiwan, and Japan. Markets may well react with relief that the immediate overhang of awaiting the president's April 2 announcement has at least passed, but the prospect of an escalating global trade war is not for the faint of heart.

In economic data, the US Challenger report on layoffs is expected to attract attention as a gauge of how the job market is holding up in the face of DOGE layoffs, plus the impact of tariffs. Challenger is due at 8:15 am ET. Weekly US jobless claims data at 8:30 am ET are expected to attract attention for the same reasons. Plus, the monthly ISM services report at 10 am ET will be in focus. Earlier this week, an unexpectedly weak ISM manufacturing report renewed concern about tariffs and a slowing economy with rising inflation.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.