Key Points
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The stock market has been muted so far this morning.
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Wall Street is waiting for a slew of macro data to come in this week.
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Four of the Magnificent Seven companies are also reporting their earnings this week.
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The stock market has not made any big moves in either direction, even though many had expected that indexes would slump after President Donald Trump promised massive tax cuts and deregulations in the new bill. This means that the president would likely look for alternative ways for the federal government to raise revenue. As he said many times earlier, the alternative to income taxes are tariffs.
Still, the market reaction hasn’t been as bearish. Most investors are now waiting for key economic data and earnings reports from tech companies coming in this week. Investors see a mixed bag that will “frustrate both the bulls and the bears.”
Here’s a market update as of 10:30 A.M (ET) today.
- The S&P 500 is up 3.52 points, or 0.06%.
- The Nasdaq Composite is down 34.03 points, or 0.19%.
- The Dow Jones Industrial Average is up 184.2 points, or 0.46%.
Key Economic Data to Watch This Week
The Q1 2025 GDP Growth (Advance Estimate) is by far the most important report you should be watching. GDPNow forecast showed that GDP growth would turn negative in Q1, whereas the annualized growth forecast is at just 0.4%. This is the weakest since Q2 2022. If GDP figures come in higher, this will be a relief for the markets. Conversely, dismal GDP figures are sure to send the market tumbling.
The April Jobs Report is also coming in this week. This includes nonfarm payrolls. The unemployment rate is expected to hold at 4.2%, and wage growth is expected to be at 0.3% month-over-month.
The Personal Consumption Expenditures (PCE) Inflation Report is quite important as well, as it would let investors judge how inflation has been trending. The JOLTS Job Openings report will also come in this week, along with a slew of other data.
Four of the Magnificent Seven Stocks are also reporting their earnings this week.
Macros
The Dallas Fed Manufacturing April 2025 Report came out. It tracks factory activity in Texas. The report said that growth has continued, but the outlook has worsened.
- The Dallas Fed general business activity index came in at -35.8 vs. the -17 forecast.
- The employment index came in at -3.9.
- Finished goods prices index rose to 14.9.
- Future production index declined 13 points to 14.8.
- Future general business activity index fell to -15.2.
Trade and Tariffs
There hasn’t been any significant news regarding tariffs or trade, but there have been some comments from the government about what they see going forward.
As per The White House’s Press Secretary Karoline Leavitt, “The entire team is working 24/7 to get trade deals done.” She also said, “You’ll be hearing more about trade deals this week.”
Treasury Secretary Scott Bessent is expected to brief the press tomorrow, but he has already made some comments:
- “The first trade deal might come as early as this week or next week.”
- “I am not worried about empty shelves.”
- “[When asked if he planned to call his counterpart] We will see what happens with China,” he said. “Maybe they’ll call me one day.”
- “We are moving very quickly with 15-18 trading partners.”
- “Trump to be intimately involved in every one.”
- “I’m sure China wants to de-escalate.”
Other Assets
- Gold is up 0.6% to $3,318.4/oz.
- Crude Oil Futures are down 1%.
- Natural Gas Futures are up sharply by 6.5%.
- Bitcoin is up 0.97% to $94,693.
The image featured at the top of this post is ©Nikada / E+ via Getty Images.