The broader market rose on Tuesday even as market participants looked for more direction on the state of trade deal negotiations between the United States and major trading partners, with emphasis on China. The S&P 500 Index and Nasdaq Composite each added nearly 0.6%, while the Dow Jones Industrial Average climbed just over 300 points.
The broader market rose on Tuesday even as market participants looked for more direction on the state of trade deal negotiations between the United States and major trading partners, with emphasis on China. The S&P 500 Index and Nasdaq Composite each added nearly 0.6%, while the Dow Jones Industrial Average climbed just over 300 points.
Here's how the market settled on Tuesday:
Here's how the market settled on Tuesday:
S&P 500 Index
S&P 500 Index
Dow Jones Industrial Average
Dow Jones Industrial Average
Nasdaq Composite Index
Nasdaq Composite Index
Market sentiment was impacted by remarks from U.S. Treasury Secretary Scott Bessent during a White House press briefing, where he failed to get further details on the progress of trade negotiations and reiterated that the "onus" is on China to bring down its own tariffs on imports from the U.S. The U.S. currently has an effective tariff rate of 145% on most Chinese goods, while Beijing has a 125% duty on American goods.
Market sentiment was impacted by remarks from U.S. Treasury Secretary Scott Bessent during a White House press briefing, where he failed to get further details on the progress of trade negotiations and reiterated that the "onus" is on China to bring down its own tariffs on imports from the U.S. The U.S. currently has an effective tariff rate of 145% on most Chinese goods, while Beijing has a 125% duty on American goods.
"We are the deficit country," Bessent said. "They sell almost five times more goods to us then we sell to them. So the onus will be on them to take off these tariffs. They're unsustainable for them."
"We are the deficit country," Bessent said. "They sell almost five times more goods to us then we sell to them. So the onus will be on them to take off these tariffs. They're unsustainable for them."
Amazon
Amazon
The company denied the reports on Tuesday, with spokesperson Tim Doyle stating that while there were discussions to potentially list import charges on certain low-cost products, "this was never approved and is not going to happen."
The company denied the reports on Tuesday, with spokesperson Tim Doyle stating that while there were discussions to potentially list import charges on certain low-cost products, "this was never approved and is not going to happen."
Reuters reported Monday that some third-party Amazon merchants were considering pulling out of Amazon's Prime Day in July in order to protect their profit margins. CFRA Research analyst Arun Sundaram said in the report that the tariffs on Chinese imports are not expected to really impact Amazon, but third-party sellers are "the ones that are going to be hurt the most in this environment."
Reuters reported Monday that some third-party Amazon merchants were considering pulling out of Amazon's Prime Day in July in order to protect their profit margins. CFRA Research analyst Arun Sundaram said in the report that the tariffs on Chinese imports are not expected to really impact Amazon, but third-party sellers are "the ones that are going to be hurt the most in this environment."
Tariff uncertainty is also continuing to impact consumer outlooks in April, as the Conference Board's Consumer Confidence reading fell for a fifth straight month on Tuesday as inflation outlooks grew and labor expectations dimmed.
Tariff uncertainty is also continuing to impact consumer outlooks in April, as the Conference Board's Consumer Confidence reading fell for a fifth straight month on Tuesday as inflation outlooks grew and labor expectations dimmed.
The headline reading of the Consumer Confidence Index for the month came in at 86, a significant decline from March's revised print of 92.9 and below economists expectations for a reading of 88. Moreover, the Present Situation Index -- which measures current business and labor market conditions -- ticked lower to 133.5 in April from 134.5 in March, while the Expectations Index -- tracks short-term outlooks for income, business and labor conditions -- dropped to 54.4 from the previous month's 65.2, marking the lowest reading since October 2011.
The headline reading of the Consumer Confidence Index for the month came in at 86, a significant decline from March's revised print of 92.9 and below economists expectations for a reading of 88. Moreover, the Present Situation Index -- which measures current business and labor market conditions -- ticked lower to 133.5 in April from 134.5 in March, while the Expectations Index -- tracks short-term outlooks for income, business and labor conditions -- dropped to 54.4 from the previous month's 65.2, marking the lowest reading since October 2011.
"Consumers were very much surprised by the severity of those tariffs. And they actually expect tariffs to affect their finances and their jobs," said Yelena Shulyatyeva, senior U.S. economist at The Conference Board, in an interview with Yahoo Finance on Tuesday.
"Consumers were very much surprised by the severity of those tariffs. And they actually expect tariffs to affect their finances and their jobs," said Yelena Shulyatyeva, senior U.S. economist at The Conference Board, in an interview with Yahoo Finance on Tuesday.
Job Openings also fell to a near four-year low in March, the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) showed Tuesday. There were 7.19 million jobs open at the end of March, a decrease from February's print of 7.48 million, bringing openings near level seen in December 2020.
Job Openings also fell to a near four-year low in March, the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) showed Tuesday. There were 7.19 million jobs open at the end of March, a decrease from February's print of 7.48 million, bringing openings near level seen in December 2020.
"The March JOLTS report showed some cooling of labor-market conditions, but it wasn't weak enough to bring forward our rate-cut expectations as the Federal Reserve will be monitoring the impact of tariffs on inflation," wrote Nancy Vanden Houten, lead U.S. economist at Oxford Economics, in a note to clients on Tuesday.
"The March JOLTS report showed some cooling of labor-market conditions, but it wasn't weak enough to bring forward our rate-cut expectations as the Federal Reserve will be monitoring the impact of tariffs on inflation," wrote Nancy Vanden Houten, lead U.S. economist at Oxford Economics, in a note to clients on Tuesday.
HSBC on Tuesday lowered its year-end target for the S&P 500 to 5,600 from 6,700, as slowing U.S. economic growth and tariff uncertainty is expected to weigh on corporate earnings. The London-based brokerage's strategists see the market swaying between "recession and stagflation fears until the Fed cuts [interest rates] and tariff turmoil subsides," in the near-term.
HSBC on Tuesday lowered its year-end target for the S&P 500 to 5,600 from 6,700, as slowing U.S. economic growth and tariff uncertainty is expected to weigh on corporate earnings. The London-based brokerage's strategists see the market swaying between "recession and stagflation fears until the Fed cuts [interest rates] and tariff turmoil subsides," in the near-term.
On the Earnings Front:
On the Earnings Front:
General Motors
General Motors
"We believe the future impacts of tariffs could be significant, so we are reassessing our guidance and look forward to sharing more when we have greater clarity," CFO Paul Jacobson told the media. "The prior guidance can't be relied upon, and we'll come back to the market with clarity as soon as we have it."
"We believe the future impacts of tariffs could be significant, so we are reassessing our guidance and look forward to sharing more when we have greater clarity," CFO Paul Jacobson told the media. "The prior guidance can't be relied upon, and we'll come back to the market with clarity as soon as we have it."
The company's previous 2025 outlook issued in January called for net income attributed to stockholders of $11.2 billion to $12.5 billion, or $11 to $12 earnings per share; adjusted earnings before interest and taxes of $13.7 billion to $15.7 billion; and adjusted automotive free cash flow between $11 billion and $13 billion.
The company's previous 2025 outlook issued in January called for net income attributed to stockholders of $11.2 billion to $12.5 billion, or $11 to $12 earnings per share; adjusted earnings before interest and taxes of $13.7 billion to $15.7 billion; and adjusted automotive free cash flow between $11 billion and $13 billion.
Coca-Cola
Coca-Cola
"One has to parse apart sentiment from behavior, and therefore, it's very important that we are not responding to sentiment, we're responding to behavior," CEO James Quincey said during the company's earnings call.
"One has to parse apart sentiment from behavior, and therefore, it's very important that we are not responding to sentiment, we're responding to behavior," CEO James Quincey said during the company's earnings call.
Royal Caribbean Cruise
Royal Caribbean Cruise
"As we navigate the complexities of the current macroeconomic landscape, we remain focused on what we can control -- delivering the best vacation experiences, optimizing revenue, and managing costs, while continuing to invest in our future and drive further differentiation," CEO Jason Liberty said in a statement. "With our industry-leading brands, state-of-the-art ships, exclusive destinations, and a fortified balance sheet, we will continue dreaming and innovating to win a greater share of the growing $2 trillion global vacation market."
"As we navigate the complexities of the current macroeconomic landscape, we remain focused on what we can control -- delivering the best vacation experiences, optimizing revenue, and managing costs, while continuing to invest in our future and drive further differentiation," CEO Jason Liberty said in a statement. "With our industry-leading brands, state-of-the-art ships, exclusive destinations, and a fortified balance sheet, we will continue dreaming and innovating to win a greater share of the growing $2 trillion global vacation market."
In the News:
In the News:
Hims & Hers Health
Hims & Hers Health
Patients will be able to access the drug via Novo Nordisk's new direct-to-consumer online pharmacy, NovoCare, through the telehealth provides. Wegovy is offered at $499 per month on NovoCare for patients without insurance coverage. Hims & Hers will begin offering all dose size of Wegovy starting at $599 per month for eligible cash patients with a prescription, while Ro will provide access to all doses for $499 per month.
Patients will be able to access the drug via Novo Nordisk's new direct-to-consumer online pharmacy, NovoCare, through the telehealth provides. Wegovy is offered at $499 per month on NovoCare for patients without insurance coverage. Hims & Hers will begin offering all dose size of Wegovy starting at $599 per month for eligible cash patients with a prescription, while Ro will provide access to all doses for $499 per month.
Meta Platforms
Meta Platforms
Looking Ahead:
Looking Ahead:
Another wave of corporate earnings reports will wash over Wall Street on Wednesday, including companies like Starbucks
Another wave of corporate earnings reports will wash over Wall Street on Wednesday, including companies like Starbucks
Wednesday will also host key economic reports for March and April, including the latest personal consumption expenditures reading, ADP's monthly employment report and housing market data.
Wednesday will also host key economic reports for March and April, including the latest personal consumption expenditures reading, ADP's monthly employment report and housing market data.
