Market Overview
U.S. equity futures were mixed early Tuesday following a volatile session to start the week. The S&P 500 ended Monday flat (+0.1%), while the Dow gained 0.3% and the Nasdaq slipped 0.1%. All three indexes traded sharply lower intraday—both the S&P and Nasdaq were down more than 1% at session lows—before reversing higher into the close.
Traders appear to be treating dips as buying opportunities, bolstered by ajamesjamesjapositive start to earnings season and speculation over potential tariff relief for automakers under a possible Trump administration. Auto stocks caught a bid Monday after reports suggested Trump may ease tariffs on foreign car parts. Roughly one-third of S&P 500 companies report this week, with Big Tech set to take center stage midweek.
Key Economic Releases
• Tuesday (Apr 29)
– S&P/Case-Shiller Home Price Index (13:00 GMT)
– Conference Board Consumer Confidence (14:00 GMT)
– JOLTS Job Openings (14:00 GMT)
These reports could move markets, especially consumer confidence and JOLTS, as traders assess demand strength and labor market tightness heading into key earnings.
Notable Earnings
Earnings are front-loaded this week. Tuesday’s schedule features a wide swath of sectors, with attention on:
• General Motors (GM) – Beat Q1 EPS ($2.78 vs. $2.74 est) and revenue ($44.02B vs. $43.05B) but pulled guidance due to tariff-related uncertainty. Shares fell 2%.
• Coca-Cola (KO) – Reports before the bell, est. EPS $0.72
• Pfizer (PFE) – Reports before the bell, est. EPS $0.67
• PayPal (PYPL) – Est. EPS $1.16
• Meta Platforms (META) – Reports Wednesday
• Microsoft (MSFT) – Reports Wednesday
• Apple (AAPL) and Amazon (AMZN) – Due Thursday
Names like Booking Holdings, Starbucks, Visa, and Spotify also report throughout the week, with traders watching consumer spending trends and cloud/digital demand.
Central Bank Activity
No major Fed policy decisions are expected, but Fed commentary may influence expectations:
• No Fed speeches or Beige Book scheduled in the notes provided this week.
The Day Ahead Outlook
With about 36% of S&P 500 companies already reported and 73% beating EPS estimates, corporate earnings remain the primary catalyst. That said, tariff-related headlines and consumer-focused economic data could stir sector-specific moves, especially in autos and retail. Traders will be watching Big Tech closely midweek for guidance on AI spending, cloud growth, and margins.
Despite lingering macro headwinds, earnings strength and dip-buying have kept bulls in control. Key risk events include GM’s tariff commentary, consumer confidence data, and results from Microsoft, Meta, Apple, and Amazon.
