S&P500 Futures Dip: Citigroup, Bank of America Gain as Boeing Pressures Dow Jones

S&P 500 Futures Slip as Traders Digest Earnings, Tariff Concerns, and Elevated Volatility

U.S. stock futures edged lower Tuesday, with S&P 500 contracts down 0.2% following back-to-back gains. Dow futures dipped 143 points, while Nasdaq-100 futures also fell 0.2%. Investors weighed a flurry of corporate earnings, soft economic data, and ongoing uncertainty around tariff exemptions.

Monday’s advance was driven by tech stocks, helped by a Customs and Border Protection decision to exempt certain electronics—like smartphones and semiconductors—from new reciprocal tariffs. However, statements from President Trump and Commerce Secretary Howard Lutnick hinted these breaks may be short-lived, keeping traders cautious.

Bank of America and Citigroup Post Solid Gains on Earnings Beats

Bank of America rose nearly 2% after reporting $7.4 billion in first-quarter profit, or 90 cents per share, beating expectations on both earnings and revenue. Gains in net interest income and trading helped drive the beat. Citigroup also impressed, delivering earnings of $1.96 per share on $21.5 billion in revenue, ahead of forecasts thanks to strength in fixed income and equities trading units.

Johnson & Johnson’s results exceeded expectations, but shares slipped 1% as the company maintained its earnings outlook and flagged $400 million in expected tariff-related costs this year tied to medical devices.

Boeing, Dow Slump on China Moves and Analyst Downgrades

Boeing dropped more than 3% after Bloomberg reported Beijing directed Chinese airlines to stop new Boeing aircraft purchases and delay deliveries. The move deepens concerns over the company’s already fragile international sales pipeline.

Dow Inc. fell over 4% following a downgrade from Bank of America, which cited weakening economic indicators and higher trade barriers as key risks. The firm said Dow faces a “perfect storm” of negative catalysts in the near term.

Apple and Nvidia Show Technical Promise

Fundstrat’s head of technical strategy Mark Newton highlighted Apple and Nvidia as bright spots. Apple has held above key levels and may push toward $216 in the near term to fill a previous price gap. Nvidia, supported by recent strength in semiconductors, is approaching resistance at $120–$122, with Newton suggesting it’s one to overweight given its sector leadership and improving setup.

Market Calm Returns, But VIX Signals Lingering Anxiety

While the mood has stabilized somewhat, the Cboe Volatility Index (VIX) remains elevated near 31—well above its historical average of 19.5. May VIX futures hover around 25.85, signaling that traders remain cautious heading into next month. Zero-day-to-expiry options suggest a daily move of 1.2% in the S&P 500, down from last week’s expectations of more extreme swings.

Economic Data and Outlook: Watching Tariffs, Earnings, and Inflation Signals

The Empire State Manufacturing Survey improved to -8.1 in April, better than the forecasted -12.4, but still signaling contraction. Expectations for future business activity dropped sharply, suggesting persistent weakness in the sector.

Looking ahead, earnings from United Airlines and Netflix could sway market sentiment. Traders are also watching import and export price indexes for inflation clues. With volatility still priced in, tariff policy clarity and corporate guidance will be critical in setting the next move for equities.

More Information in our Economic Calendar.