The Day Ahead: Markets Cautious Today as Earnings and Economic Data Loom

Market Overview

U.S. stock futures edged lower Monday as traders entered a pivotal earnings week. Dow futures slipped 120 points (–0.42%), S&P 500 futures fell 0.54%, and Nasdaq 100 futures lost 0.63%.

With over 180 S&P 500 companies reporting, including four of the Magnificent Seven, earnings will dominate trading decisions. Uncertainty around President Trump’s tariff policies continues to weigh on sentiment.

Heading into the final days of April, the S&P 500 is down 1.5%, the Dow is lower by 4.5%, and the Nasdaq Composite has gained 0.5%.

Key Economic Releases

Although no major reports are due Monday, the rest of the week is active:

• Tuesday, April 29: Goods Trade Balance, Prelim Wholesale Inventories, S&P/Case-Shiller Home Price Index, JOLTS Job Openings, CB Consumer Confidence
• Wednesday, April 30: ADP Non-Farm Employment Change, Advance Q1 GDP, Employment Cost Index, Advance GDP Price Index, Chicago PMI, Core PCE Price Index, Pending Home Sales, Personal Income/Spending
• Thursday, May 1: Challenger Job Cuts, Weekly Unemployment Claims, Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending, Wards Total Vehicle Sales
• Friday, May 2: Nonfarm Payrolls (expected +129K), Unemployment Rate (expected 4.2%), Average Hourly Earnings, Factory Orders

Markets are likely to react most sharply to the GDP release, Core PCE inflation, and Friday’s employment data.

Notable Earnings

Before the open Monday:

• BankUnited (BKU) – $0.75 EPS
• Domino’s Pizza (DPZ) – $4.04
• InMode (INMD) – $0.35
• Revvity (RVTY) – $0.95
• Roper Technologies (ROP) – $4.74

After the close Monday:

• Alexandria Real Estate (ARE) – $2.29 EPS
• Cadence Design Systems (CDNS) – $1.49
• F5 Networks (FFIV) – $3.10
• Waste Management (WM) – $1.59
• Universal Health Services (UHS) – $4.35
• SBA Communications (SBAC) – $3.16

Apple, Amazon, Microsoft, and Meta Platforms will headline later this week.

Central Bank Activity

There are no formal Federal Reserve events scheduled. Traders should monitor for any unscheduled Fed remarks, particularly following key data releases.

Technical Outlook

S&P 500 E-mini futures are trading at 5,531, showing signs of consolidation just below the 50-day moving average at 5,672. The current trend remains bearish overall, with prices staying below both the 50-day and 200-day moving averages (5,878).

The 5,672 level represents a significant near-term resistance. Immediate support is found around 5,362, the recent breakout zone from mid-April. Failure to reclaim the 50-day average could trigger another test of lower support levels, while a successful break above it would signal a potential trend shift toward recovery.

The Day Ahead Outlook

The combination of heavy earnings reports, critical economic data, and persistent tariff uncertainty points to elevated volatility this week. Tech sector results, GDP growth, and the jobs report will be key drivers.

With S&P 500 futures struggling below key resistance, the short-term market outlook remains cautious, favoring a defensive trading stance until a clearer breakout is confirmed.

More Information in our Economic Calendar.