Tesla, Alphabet, and Intel Step Into the Spotlight as Market Eyes Tariff Fallout and Fed Commentary

Market Setup: Earnings, Tariffs, and Fed Credibility in Focus

U.S. stocks are coming off a losing week, with all three major indexes finishing in the red. The S&P 500, Nasdaq, and Dow closed lower after a holiday-shortened stretch dominated by tariff policy headlines and concerns about the Federal Reserve’s independence. Traders now face a packed schedule that includes earnings from multiple mega-cap names, a wave of Fed speakers, and new data on consumer sentiment and housing.

Markets are watching closely to see how corporate guidance aligns with growing pressure on input costs and consumer behavior, both influenced by the ongoing trade policy agenda from President Trump. Investor sensitivity to inflation risk and central bank credibility remains elevated as the new week begins.

Data Ahead: Sentiment, Housing, and Factory Orders Take the Stage

Monday’s only scheduled release is the Conference Board’s Leading Indicators Index for March at 14:00 GMT. Wednesday brings the flash S&P Global and ISM Manufacturing PMIs at 13:45 GMT, followed by March new home sales at 14:00 GMT and the Fed’s Beige Book at 18:00 GMT.

Thursday’s key data include weekly jobless claims and durable goods orders at 12:30 GMT, and existing home sales at 14:00 GMT. The most important macro print comes Friday with the final University of Michigan Consumer Sentiment Index for April at 14:00 GMT. Preliminary data showed a drop from 57.0 to 50.8 and inflation expectations spiking to 6.7%—the highest since 1981. Friday’s final number will be a critical read on consumer stress.

Earnings in the Spotlight: Mega-Caps, Consumer Bellwethers, and Semis

Tesla will report Tuesday after the close. Analysts expect EPS of $0.42 on $21.5B in revenue, as the EV maker deals with a 12% year-over-year decline in deliveries and ongoing tariff-related cost issues. Alphabet follows Thursday, with analysts looking for $2.01 EPS and $89.2B in revenue. Ad spend from impacted sectors is a key focus.

Other major names reporting include Boeing (Wednesday), Intel (Thursday), GE Aerospace (Tuesday), and ServiceNow (Wednesday). Procter & Gamble, PepsiCo, and Merck also report, providing a look at consumer and healthcare strength. Financial names like Capital One, Synchrony, and Northern Trust round out the week.

Fed Watch: Policy Rhetoric and Beige Book Signals

Speeches from Fed officials will be constant this week. Monday features Goolsbee. Tuesday includes Jefferson, Harker, Kashkari, and Kugler. Wednesday brings comments from Goolsbee, Waller, and Hammack, with Kashkari again speaking Thursday. The Beige Book release on Wednesday afternoon will provide Fed districts’ insight ahead of the May FOMC meeting.

Chart Check: S&P 500 Below Trend, Testing Key Support Zones

The S&P 500 is in recovery mode after a sharp two-week breakdown that bottomed at 4,835.04. That level marks key support going forward. The index closed last week at 5,282.69 and remains below the 52-week moving average, currently at 5,662.73—a level that will act as resistance on any sustained rebound.

The broader trend is under pressure, with price still well off the 6,147.43 high. A move back above 5,450 would start to shift momentum short term, but until the index can clear the 52-week SMA, sellers are in control. The risk remains for another test of 5,000 or lower if earnings or macro headlines disappoint.

Outlook: High-Impact Week with Risk Catalysts on Every Front

Markets face a key test this week as traders digest earnings from Tesla, Alphabet, Boeing, and Intel alongside fresh macro data and a crowded Fed speaker calendar. Friday’s final consumer sentiment reading may set the tone into month-end if inflation fears continue to build. Until then, positioning will remain sensitive to corporate guidance and rate commentary.

More Information in our Economic Calendar.