Valdis Dombrovskis, trade commissioner for the European Union, speaks with a specialist trader on the floor at the New York Stock Exchange on April 28, 2025.
Brendan Mcdermid | Reuters
The S&P 500 was relatively unchanged on Tuesday as Wall Street awaits any progress on trade deal negotiations.
The broad market index hovered around the flatline, while the Nasdaq Composite fell 0.2%. The Dow Jones Industrial Average climbed 122 points, or 0.3%.
Stocks came under some pressure earlier in the session as Treasury Secretary Scott Bessent failed to detail further progress on trade deals in remarks from the White House. Bessent noted substantial talks with Japan and reiterated again a deal framework could be close with India. But Bessent had no further details on China and wouldn’t confirm if negotiations were even taking place with the country.
Shares of Amazon dropped Tuesday after White House press secretary Karoline Leavitt, standing beside Bessent, said that if a report was true that the e-commerce giant is planning to list tariff costs of goods on its site, it would be considered a “hostile and political act.” The company later said that while a plan to display tariff surcharges on its site for discount store Amazon Haul was being considered, it’s “not going to happen.”
General Motors also declined after the automaker reported better-than-expected profit but said it was reassessing future guidance and suspending share buybacks as it awaits clarity on the impact from the levies. Shares had risen earlier on reports that Trump was willing to make concessions on foreign-made auto parts used in domestic production.
GM’s decision follows a number of other companies that have announced they’re reconsidering their full-year forecasts in the wake of rising global trade tensions. Last week, American Airlines and Skechers withdrew their 2025 outlooks, with both companies citing economic uncertainty.
During Monday’s session, the S&P 500 eked out a gain of less than 0.1%, allowing the index to keep its winning streak alive with five straight days of gains. The Dow added about 0.3%, while the Nasdaq Composite ticked 0.1% lower.
“I think they’re probably trapped in a in a pretty tight range here,” said Ross Mayfield, investment strategist at Baird, adding that the S&P 500 could trade between 5,100 and 5,700. “I think we can bounce around there for quite a while in kind of some volatile, choppy trading. Until we get some resolution on the trade front, I don’t think much else matters.”
That includes earnings season, he said. This week marks a busy week on that front, with about one-third of S&P 500-listed firms slated to post results between Monday and Friday. Big Tech is of particular focus, with Meta Platforms and Microsoft expected on Wednesday, and Apple and Amazon scheduled for Thursday.
“I don’t know that there’s much that could come out from this earnings quarter that would materially impact markets to the upside or downside,” he also said. “We’re in a policy-induced sell-off and potential recession, and it’s going to take a policy change to get us out of there.”
Wolfe Research indicates stagflation fears
Near-term economic indicators could signal stagflation — or high inflation, high unemployment and low growth — according to Wolfe Research. This could further depress equities, the firm added.
“Although initial jobless claims have yet to signal that hiring is rolling over and the economy is weakening in real time, with CEO confidence falling and business investment on hold due to the overhang of tariff policy, our sense is we could see a weaker payrolls report on the horizon,” chief investment strategist Chris Senyek wrote in a note on Tuesday.
A flurry of economic reports, including GDP numbers for the first quarter, the PCE price index, and consumer spending numbers for March are expected Wednesday morning.
— Hakyung Kim
S&P 500 could fall to 4,600, Deutsche Bank strategist says
The S&P 500 is trading in a wide range on tariff uncertainty, and could fall as low as 4,600 before rising again, according to Deutsche Bank.
“We think of the S&P 500 basically inhabiting a very wide range, all the way down to 4,600, which we actually haven’t been to in the pullback so far. And that would correspond to, you know, typical recession sell down, 25% down, from the peak,” Deutsche’s Binky Chadha told CNBC’s “Money Movers.” “I would put the upper end basically where our measures say equity positioning would be neutral.”
“So, you’re caught between, you know, these rallies on the trade relents and positive news and potential for trade deals, and on the other side, the economy is weakening, so I would argue it’s still wide,” Chadha added.
Chadha expects the S&P 500 will end the year at 6,150. The broad market index was last around 5,540.
— Sarah Min
Market pullbacks will be short-lived, RBC Capital Markets says
Although weakness in U.S. equities is likely to occur in the next couple of weeks, pullbacks will be short-lived, according to RBC Capital Markets.
“The bottom line is we continue to expect 2025 to remain volatile, requiring investors to be more active to participate in the intermediate-term, 1-2 quarter swings, that we expect will dominate markets through year-end,” technical strategist Robert Sluymer said in a Tuesday note to clients.
Growth and cyclical stocks will continue to recover from oversold levels, he said. Still, names such as Microsoft, Oracle and Tesla are among those that have bottomed in the intermediate term and are likely to see “shallow pullbacks” in the next one to two weeks, he said.
— Pia Singh
‘Significant risks’ April payroll number will miss Street estimates, Apollo’s Slok says
“There are significant risks” Friday’s nonfarm payroll report for April will miss Wall Street consensus estimates calling for an increase of 130,000 jobs, and might even be negative, Apollo Global Management chief economist Torsten Slok told clients Tuesday.
Slok said the establishment survey and the household survey were both conducted the week that high tariffs were announced earlier this month, when there were “extreme levels of uncertainty for businesses.”
“Some leading indicators suggest we could see a dramatic weakening in the labor market over the coming months,” Slok wrote.
— Scott Schnipper
Spending on big-ticket items surged in April ahead of tariff impact, Barclays says
Two men push flat carts stacked high with groceries at a Costco warehouse in Hawthorne, California, on April 4, 2025.
Jay L Clendenin | Getty Images
Consumer spending data for April may show a strong increase as U.S. consumers try to stock up ahead of potential price hikes from tariffs.
Barclays analyst Haviland Sheldahl-Thomason said in a note to clients that consumers seem to be aware of the potential effects of tariffs in the weeks ahead and have been spending accordingly.
“Spend on electronics, wholesale, and big ticket goods has surged in April compared to last year as consumers may be stocking up before tariff implementation,” Sheldahl-Thomason said.
This jump in spending could boost some large retailers.
“Best Buy is again the store with the highest growth in transactions, followed closely by Costco. It should be noted that transactions at Costco have been up for most of 2025, but there is still a notable uptick in their transactions post-Liberation Day,” the note said.
Sheldahl-Thomason did say that some seasonal factors, such as the timing of Easter, could also be contributing to spending changes.
— Jesse Pound
Port of Los Angeles expects incoming shipments from China to fall sharply next week
Container ships are shown at the Port of Los Angeles from San Pedro, California, on June 23, 2023.
Mike Blake | Reuters
Gene Seroka, the executive director of the Port of Los Angeles, said Tuesday on CNBC’s “Squawk Box” that he expects a dramatic year-over-year decline in incoming shipments next week as the tariffs on China start to affect the U.S. economy.
“According to our own port optimizer, which measures the loadings in Asia, we’ll be down just a little bit over 35% next week compared to last year. And it’s a precipitous drop in volume with a number of major American retailers stopping all shipments from China based on the tariffs,” Seroka said.
— Jesse Pound
Stocks open lower on Tuesday
Stocks traded lower Tuesday morning.
The S&P 500 dropped 0.3% shortly after the opening bell, while the Nasdaq Composite traded down 0.4%. The Dow Jones Industrial Average traded around the flatline.
— Sean Conlon
Honeywell shares gain following strong quarterly results
A Denso and Honeywell electric motor for an electric aircraft during a media tour at the Unmanned Aerial Systems and Urban Air Mobility lab at the Honeywell avionics facility in Phoenix, Arizona, on April 8, 2022.
Caitlin O’Hara | Bloomberg | Getty Images
Honeywell shares jumped more than 4% in the premarket after the company posted better-than-expected first-quarter results.
For the period, Honeywell posted adjusted earnings of $2.51 per share on $9.82 billion in revenue, above the consensus estimate of $2.21 per share on $9.59 billion in revenue, according to LSEG.
The company also updated its 2025 forecast, expecting adjusted earnings for the full year to come in between $10.20 and $10.50 per share. That is up from its prior guidance of $10.10 to $10.50 per share.
“Guidance incorporates the net expected impact of current tariffs, mitigation actions, and global demand uncertainty,” the company said in a statement.
HON, 1-day
— Sean Conlon
Stocks making the biggest moves premarket
Check out some of the companies making headlines in premarket trading:
- Spotify — The music streaming stock tumbled 5% after reporting first-quarter operating income of 509 million euros, while analysts polled by FactSet had penciled in 519.9 million euros. Spotify’s 4.2 billion euros in revenue was in line with estimates, while its monthly active users of 678 million was in line with prior guidance.
- General Motors — Stock in the U.S. automaker slipped about 2% before the opening bell. General Motors surpassed Wall Street’s first-quarter estimates on the top and bottom lines, but said it would reassess its full-year outlook due to President Trump’s tariffs and broader macroeconomic uncertainty. The company also said it would suspend additional stock buybacks.
- Hims & Hers Health — Stock in the telehealth company surged more than 39% following news that Novo Nordisk plans to offer its weight loss drug Wegovy through Hims’ platform, as well as Ro and LifeMD.
Read the full list here.
— Brian Evans
Royal Caribbean pops on earnings beat, guidance raise
The Royal Caribbean Oasis of the Seas cruise ship sails as it prepares to dock at PortMiami in Miami Beach, Florida, on May 28, 2021.
Joe Raedle | Getty Images
Shares of Royal Caribbean jumped 4.5% in premarket trading after the cruise operator reported an earnings beat for its first quarter and raised its full-year guidance.
The company’s adjusted quarterly earnings came in at $2.71 per share, versus the $2.54 a share expected from analysts polled by LSEG. Revenue was $4 billion, just shy of the $4.02 billion consensus estimate.
The cruise line saw record bookings during its wave season.
“Bookings for 2025 have remained on track, cancellation levels are normal, and we continue to see excellent close-in demand,” CEO Jason Liberty said in the earnings release.
For the full year, Royal Caribbean now expects adjusted earnings of $14.55 to $15.55 per share, compared to its prior guidance of $14.35 to $14.65 per share. Analysts polled by FactSet were expecting full-year guidance of $14.94 per share. The company said it expanded its guidance range due to the complexity of the macroeconomic environment.
RCL, 1-day
— Michelle Fox
Coca-Cola shares rise after company beats earnings expectations, reiterates 2025 guidance despite tariffs
Jonathan Raa | Nurphoto | Getty Images
Shares of Coca-Cola rose more than 1% in premarket trading after the beverage giant’s first-quarter earnings and revenue topped analysts’ estimates.
Coke also kept its full-year guidance and said it anticipates any effects on global trade from Trump’s tariffs will be “manageable.”
KO, 1-day
The move higher comes as the stock has already had a positive year, outpacing the broader market with a year-to-date gain of more than 15%.
— Sean Conlon, Amelia Lucas
GM beats profit outlook but removes guidance on tariff uncertainty
GMC pickup trucks are displayed for sale on a lot at a General Motors dealership in Austin, Texas, on Jan. 5, 2023.
Brandon Bell | Getty Images
General Motors topped profit expectations for the first quarter but said it was reassessing guidance due to uncertainty from Trump’s tariffs.
In addition to reassessing its full-year profit guidance, the automaker said it is suspending further stock buybacks as it looks at cost increases related to the duties.
The company reported adjusted earnings per share of $2.78 against LSEG estimates for $2.74, with $44.02 billion in revenue topping the $43.05 billion forecast.
GM shares fell 2% following the announcement.
GM, 1-day
— Jeff Cox
Asia-Pacific markets trade mixed as Trump softens tariff stance
Asia-Pacific markets traded mixed Tuesday, tracking Wall Street after U.S. President Donald Trump’s administration said it would move to reduce the impact of auto tariffs, while investors also assessed company earnings.
Market watchers were also closely monitoring developments surrounding trade deal negotiations between the U.S. and countries in the region.
Mainland China’s CSI 300 index fell 0.17% to end the day at 3,775.08, while Hong Kong’s Hang Seng Index inched up 0.16% to 22,008.11.
India’s benchmark Nifty 50 was flat, while the broader BSE Sensex edged up 0.17% as of 2:51 p.m. Indian Standard Time.
Over in South Korea, the Kospi index increased 0.65% to end the day at 2,565.42, while the small-cap Kosdaq added 0.98% to 726.46.
Australia’s benchmark S&P/ASX 200 advanced 0.92% to end the day at 8,070.60.
Japanese markets were closed for a public holiday.
— Amala Balakrishner
Dow, S&P 500 head for losing April
Traders work on the floor of the New York Stock Exchange on April 10, 2025.
Spencer Platt | Getty Images
The Dow and S&P 500 are on track to finish April in the red.
With just two sessions left in the trading month, the Dow and S&P 500 have tumbled more than 4% and 1%, respectively. The Nasdaq Composite, on the other hand, is up 0.4%.
— Alex Harring
See the stocks moving after hours
These are some of the stocks making the biggest moves after hours:
- Leggett & Platt — The manufacturer of bedding products surged about 17% after reaffirming full-year guidance. Management said the company should benefit overall from President Donald Trump’s tariff plans, but cautioned the levies can hurt consumer confidence and discretionary demand for products, and also push up inflation.
- Woodward — The aerospace parts maker jumped 4.6% on a strong report for the fiscal second quarter. Woodward earned $1.69 per share, excluding items, on $884 million in revenue. Analysts penciled in $1.46 per share in earnings and revenue of $835 million, per LSEG.
- F5 — The cloud stock rose nearly 2% after earnings for the second fiscal quarter exceeded the Street’s projections. F5 earned $3.42 per share, excluding items, on $731 million in revenue, while analysts had penciled in $3.10 in earnings per share and $719 million in revenue.
Click here for the full list.
— Alex Harring
Stock futures tick lower
Stock futures traded slightly down shortly after 6 p.m. ET.
S&P 500 and Nasdaq 100 futures shed 0.2% and 0.3%, respectively. Dow futures ticked down about 0.1%.
— Alex Harring