President Trump will announce widespread tariffs on April 2, an event he’s referring to as “Liberation Day.” Related: Jim Cramer offers blunt one-word reaction to 20% tariffs The fact that Liberation Day may determine what happens to stocks next has caught the attention of veteran analyst Tom Lee of FundStrat.

Wall Street was on edge Wednesday as market participants awaited President Trump’s announcement of reciprocal tariffs after months of speculation.

The Dow fell, while the S&P 500 and Nasdaq gained Tuesday as the stock market braced for so-called Liberation Day and Trump tariffs.

Tom Lee, the co-founder and head of research at Fundstrat, says the move on Monday could mark the start of what he calls a “face ripper rally” with bullish momentum gaining traction.

Sectoral indices saw broad-based gains, with Nifty FMCG, Bank, IT, and Auto emerging as the top performers, each rising by up to 1 per cent

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Nifty and Sensex surged on April 2, recovering from a two-day decline, influenced by banking and IT stocks. The Sensex rose 593 points to 76,617.44, while Nifty gained 166.65 points to 23,332.35, amid concerns over US tariffs impacting the economy.

Newsmax (NMAX) stock dropped roughly 68% Wednesday afternoon, partially reversing a massive post-IPO surge that saw shares soar from $10 to $233. The stock's spiral sent Newsmax's market cap down to $6.

Celsius Holdings shares popped after Truist upgraded the stock, citing its strong placement with women consumers. The stock hit levels on Monday not seen since early September.Celsius Holdings shares jumped to multimonth highs on Monday after Truist highlighted the energy drink maker's strong position with women shoppers.