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Stock futures were flat on Monday ahead of a big week of earnings reports and macroeconomic data that will continue to paint an early picture of the US economy’s response to President Trump’s tariffs.
Futures tied to the S&P 500 (ES=F) slipped, hovering below the flatline, while futures for the Dow Jones Industrial Average (YM=F) also fell, trading below the flatline. Futures attached to the Nasdaq (NQ=F) were slightly in the red.
CME – Delayed Quote USD
As of 7:13:00 AM EDT. Market Open.
ES=F YM=F NQ=F
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, as well as hinted at light at the end of the tunnel for 145% tariffs on China. Wall Street looks positive, yet skittish, with plenty of room for growth before closing out the last trading week of what has been an eventful April.
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 publics “core” expenses.
The April jobs report is also in sight, as the labor market has remained resistant to signs of economic slowdown. Economics expect the US economy added 133,000 nonfarm payroll jobs last month, with the unemployment rate remaining at 4.2%.
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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 trade war concerns buffered the commodity. Political issues in Iran and Ukraine also dampen supply forecasts.
Bloomberg reports:
