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Stocks turned lower on Monday to begin a big week of heavyweight earnings reports and macroeconomic data that will continue to paint an early picture of the US economy’s response to President Trump’s tariffs.
The S&P 500 (GSPC) fell 0.9%, while the Dow Jones Industrial Average (^DJI) dropped 0.4%. The tech-heavy Nasdaq Composite (IXIC) fell over 1.4%, led by Big Tech declines, as shares of AI chipmaker Nvidia (NVDA) fell over concerns of Chinese competition. Tesla (TSLA) stock also declined more than 3%.
DJI – Free Realtime Quote USD
As of 1:23:58 PM EDT. Market Open.
^DJI ^GSPC ^IXIC
Wall Street is coming off a rebounding run last week, with the S&P 500 notching its longest daily positive streak since January. The gains came as Trump eased pressure on Federal Reserve Chair Jerome Powell, and hinted at light at the end of the tunnel for sky-high 145% tariffs on China. On Monday, Treasury Secretary Scott Bessent said it was “up to China” to deescalate the trade battle, though he suggested its recent moves to exempt certain US goods from duties represented a positive step.
Earnings are the highlight of the week ahead, with 180 S&P 500 companies expected to report quarterly financial results. Big Tech leads the way, as Apple (AAPL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) are all due in the coming days, alongside Coca-Cola (KO), Eli Lilly (LLY), and Chevron (CVX).
Broader economic news will flavor the coming days, as investors eye Wednesday’s release of the Fed’s preferred inflation gauge, the Personal Consumer Expenditures (PCE) index, to see the impact of tariffs on the general public’s “core” expenses. An initial reading on first-quarter US GDP is also due Wednesday.
The April jobs report is also in sight, as the labor market has so far remained resistant to signs of economic slowdown.
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Gold inches higher as stocks fall
Gold (GC=F) prices inched higher on Monday, reversing a recent pullback. Futures gained more than 1% to hover near $3,350 per ounce.
The precious metal touched an all-time high just north of $3,500 last week before tumbling amid easing trade tensions and a rallying stock market.
Despite the pullback in price, most analysts are still bullish on the commoi
Despite it’s slight decline, “it remains likely that it will continue its upward trajectory in the long term if global economic factors continue to exert pressure on the markets,” said Rania Gule, Senior Market Analyst at XS.com.
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Healthcare stocks: No longer a safe space for investors?
Yahoo Finance’s Anjalee Khemlani reports:
Read more here.
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Stocks hit session lows as Nvidia, Tesla sink
Stocks hit session lows on Monday as Nvidia (NVDA) and Tesla (TSLA) fell.
AI chip giant Nvidia dropped as much as 4% following a report that Chinese tech giant Huawei is readying a new advanced AI chip in the wake of President Trump’s export ban on Nvidia chips to China.
Tesla (TSLA) shares turned negative during morning trading, to decline more than 3%. The EV maker gained 18% last week.
The S&P 500 (^GSPC) fell to a session low, down 0.6% while the Nasdaq (^IXIC) dropped more than 1%.
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Retail traders should consider more conservative investments: Wall Street veteran
Yahoo Finance’s Brian Sozzi reports:
Read more here.
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Texas manufacturing activity falls to lowest since May 2020 as tariffs hammer the outlook
Trump’s tariffs continue to crush sentiment across the business and consumer worlds.
New data out Monday morning from the Dallas Fed showed overall activity in its manufacturing survey fell to its lowest level since May 2020, as orders, utilization, shipments, and the outlook for business all plummeted.
The Dallas Fed’s survey also comes along with robust commentary from business leaders gathered by the bank’s staff, which shows how the uncertainty related to tariff policy is manifesting across industries.
“There is really no way to predict anything accurately six months out or even six weeks out now for our industry due to the tariff and trade uncertainty,” said an executive in the computer and electric manufacturing industry.
“Carve-outs for large electronics businesses (cellphones and laptops) leaves small business burdened to deal with tariffs on our own, which are likely to cause delays, cancellations and early product obsolescence on existing products and orders. We have already had to turn around and refuse shipments because customers cannot afford the tariffs, delaying our ability to build, which will eventually lead to job losses.”
In the food manufacturing industry, one executive said, “Tariffs and tariff uncertainty are wreaking havoc on our supply lines and capital spending plans.”
But it’s not only tariffs weighing on business outlooks. Another leader in food manufacturing added that, “DOGE without a follow-up plan does nothing for the domestic tranquility needed (stable arena for business to function within).”
And a comment from a leader in the machinery manufacturing industry said it best, encapsulating most of the concerns weighing on businesses and consumers right now.
“Nothing is easy,” this exec said.
“Forecasting is extremely challenging in this time of uncertainty. Committing to growth initiatives is anxiety-riddled. Helping our employees keep beans on their table and a roof over their heads is harder. We believe the direction the current administration is leading our country is on target, but the pain to get there may be longer and more intense than originally anticipated.”
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Nvidia stock falls as China’s Huawei reportedly readies AI chip after Trump’s export ban
Yahoo Finance’s Laura Bratton reports:
NasdaqGS – Nasdaq Real Time Price USD
As of 1:23:57 PM EDT. Market Open.
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Stocks edge higher as investors focus on trade negotiations, Big Tech earnings
Stocks mostly edged higher on Monday ahead of more Big Tech earnings this week, with a focus on tariff negotiations between the US and its trading partners.
The S&P 500 (^GSPC) rose more than 0.1%, while the Dow Jones Industrial Average (^DJI) also gained 0.2%. The Nasdaq (^IXIC) was little changed.
Wall Street is coming off a positive weekly run, as the S&P 500 gained over 4% last week. President Trump eased pressure on Federal Reserve Chair Jerome Powell. Trump administration officials have also hinted at easing trade tensions. Investors are hoping for the US to eventually strike a deal with China, though progress on that front is still unclear.
Investors await Big Tech earnings this week with Apple (AAPL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) all set to report in the coming days.
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‘A big boost to confidence’: Markets rally on Trump pivot as trade negotiations drag on
Stock futures were drifting slightly lower Monday morning after they rallied for most of last week on President Trump’s softened tone on tariffs and easing threats on Fed independence.
Yahoo Finance’s Allie Canal reports:
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Why the tariff relief stock rally isn’t shaking Wall Street’s biggest bear Inbox
Yahoo Finance’s Brian Sozzi reports:
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Domino’s stock falls on surprise sales decline
Shares of Domino’s Pizza (DPZ) sank over 3% in premarket trading Monday after the pizza chain reported first quarter earnings and a surprise decline in same-store sales.
Reuters reports:
Like Chipotle, which reported earnings last week, Domino’s is facing a consumer spending pullback as macroeconomic uncertainty and inflation lead to slowing traffic.
Domino’s hopes its partnership with DoorDash (DASH), which is set to be launched in May, will provide a boost to sales, especially in rural and suburban areas.
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Good morning. Here’s what’s happening today.
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Gold extends drop as easing trade war anxiety cools haven demand
Bloomberg News reports:
Gold (GC=F) fell further from last week’s record high as easing trade tensions instill new risk appetite into global markets.
Bullion slid as much as 1.6% to touch $3,268, and has lost more than 5% since peaking above $3,500 on Wednesday.
Investors acted on signs of a thaw in US trade talks, after President Donald Trump on Friday suggested another delay to his higher “reciprocal” tariffs was unlikely. In this context, Asian nations may strike interim deals to stave off levies before the 90-day grace period ends in July. The Trump administration has drafted a framework to handle negotiations with about 18 countries.
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Toyota Industries stock set to pop after parent company announces potential buyout
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Oil pushes higher as light shines for trade war with China
Oil edged higher late Sunday following a turbulent week as easing trade war concerns buffered the commodity. Political issues in Iran and Ukraine also dampened supply forecasts.
Bloomberg reports:
