U.S. stocks are falling Wednesday in the final hours before President Donald Trump unveils the tariffs he promised as part of his “ Liberation Day ” that could drastically remake the global economy and trade.

The S&P 500 has delivered a compound annual return of 10.5% since it was established in 1957. However, the index is coming off back-to-back annual gains of more than 25% in 2023 and 2024, which is something it has only achieved one other time in its history (during the dot-com tech boom in 1997 and 1998).