The Week Ahead: Markets Eye Apple, Meta, Amazon Results Plus PCE and NFP Data

Market Overview

U.S. equities staged a broad relief rally last week. The S&P 500 rose 2.7%, the Nasdaq Composite advanced 3.0%, and the Dow Jones Industrial Average added 2.2%.

The gains were driven by easing trade tensions after the U.S. administration softened its rhetoric on tariffs and by a cooling of worries over the Federal Reserve’s independence. President Trump confirmed he has no plans to fire Fed Chair Powell, helping Treasury yields stabilize within the expected 4.0%–4.5% range.

The central theme driving markets this week will be the ongoing earnings season, key economic data releases—including the Fed’s preferred inflation metric—and developments in global trade talks. With the rebound off April lows, investors will look for confirmation through tangible trade agreements and steady corporate guidance to maintain upward momentum.

Key Economic Releases

Tuesday (4/29)

• Trade Balance (March) – 12:30 GMT
• S&P Case-Shiller Home Price Index (February) – 12:30 GMT
• Wholesale Inventories (March) – 13:00 GMT
• JOLTS Job Openings (March) – 14:00 GMT
• Consumer Confidence Index (April) – 14:00 GMT

Wednesday (4/30)

• ADP National Employment Report (April) – 12:15 GMT
• Advance GDP (Q1) – 12:30 GMT
• Employment Cost Index (Q1) – 12:30 GMT
• PCE Price Index (March) – 12:30 GMT
• Core PCE (March) – 12:30 GMT
• Pending Home Sales (March) – 14:00 GMT

Thursday (5/1)

• Weekly Jobless Claims (week ending April 26) – 12:30 GMT
• S&P Global Final Manufacturing PMI (April) – 13:45 GMT
• ISM Manufacturing PMI (April) – 14:00 GMT
• Construction Spending (March) – 14:00 GMT

Friday (5/2)

• Nonfarm Payrolls Report (April) – 12:30 GMT
• Factory Orders (March) – 14:00 GMT

The April jobs report and the PCE inflation update on Wednesday are likely to be the most market-moving events.

Notable Earnings

Wednesday (4/30)

• Meta Platforms (META): EPS $5.20, Revenue $41.4B expected. Focus on user engagement trends and possible tariff pressures on ad revenues.

Thursday (5/1)

• Amazon.com (AMZN): EPS $1.36, Revenue $155.1B expected. Watch for commentary on supply chain costs under new global tariffs.
• Apple (AAPL): EPS $1.61, Revenue $94.1B expected. Look for Q2 strength from expedited iPhone shipments and favorable FX moves.

Over 60% of the S&P 500 will have reported earnings by May 2, making this a pivotal stretch for corporate sentiment.

Central Bank Activity

No major Fed decisions are scheduled this week. Policymakers remain in data-dependent mode, with potential rate cuts still expected later this summer if growth cools further. Focus is on Fed reactions to softer GDP and labor readings.

Technical Outlook

The S&P 500 has climbed 10% from its April low but remains roughly 10% below its February peak. Current levels sit between key April support and resistance zones. Without final trade agreements, continued back-and-forth volatility is expected.

Weekly Outlook

This week, markets face critical catalysts, including earnings from Meta, Amazon, and Apple, the PCE inflation report, and April’s jobs data. Trade tensions have eased but remain unsettled, keeping headline risk elevated. With equities rebounding off the April lows but still below February highs, traders should expect rangebound conditions to persist. Major earnings results and economic releases will be key to either extending the rally or triggering renewed volatility.

More Information in our Economic Calendar.