Wall Street, already on edge over the next tariff announcements from President Donald Trump, turned lower early Thursday ahead of the latest data on inflation and layoffs. Futures for the S&P 500 lost 0.

Wall Street’s sell-off is slowing following a scary stretch where worries about the economy and tariffs sent it close to 9% below its all-time high

The hope on Wall Street is that Trump is using the threat of tariffs as a tool for negotiations and that he’ll ultimately go through with policies that would mean less damage for the global economy and trade. Tariffs could raise prices on everyday items even more for U.S. households, when high inflation has proven to be stubborn to subdue fully.