The stock market rout unleashed by President Donald Trump’s tariff gambit is diverting Wall Street’s attention from a key data point that would otherwise command it: the monthly jobs report due Friday.

Money managers have rolled back exposures to American equities to levels not seen since November 2023, according to a poll by the National Association of Active Investment Managers. Hedge funds dumped global stocks at the fastest rate in 12 years in March, according to Goldman Sachs Group Inc. data.