<h1>Tariff threat increases trade-policy uncertainty, prompting risk-off positioning and weighing on equities amid weak earnings signals.</h1> Benchmark indices declined amid heavy selling in IT, auto and energy stocks as subdued early-quarter corporate results, order deferments and currency-driven revenue headwinds weakened near-term earnings expectations. Concurrently, a tariff threat heightened trade-policy uncertainty, prompting risk-off positioning that constrained new inflows despite selective stock-specific gains and modest foreign institutional purchases.