April 28, 2025
S&P futures down 0.1% Monday morning following last week’s sharp rally, where the S&P 500 gained over 4.5% to its highest level since Liberation Day, led by Mag 7 strength. Asian markets were mixed overnight, while European equities opened higher by ~0.5%. Treasuries were steady to slightly weaker. Dollar index up 0.2%, gold off 0.2%, Bitcoin little changed, and WTI crude down 0.2%.
No major directional drivers yet as the market gears up for a packed week of macro data and earnings. Trade tensions dominated weekend headlines, with concerns around looming supply chain disruptions and conflicting US-China negotiation signals. Earnings so far reflect heightened macro uncertainty and tariff mitigation efforts. Technicals noted a 50% retracement from February’s peak, amid hedge fund selling and resilient retail dip buying. Fed news was quiet, though Powell successor candidate Warsh criticized the Fed’s recent policy drift.
No major US economic releases today. Treasury’s updated borrowing estimates are due this afternoon. Key events later this week include JOLTS, consumer confidence, Q1 GDP, core PCE inflation, ADP payrolls, ISM manufacturing, and April’s nonfarm payrolls report.
Earnings will dominate headlines, with ~40% of S&P 500 market cap reporting. Big names include MSFT, META (Wednesday), AMZN, AAPL (Thursday), and V, MA, KO, MCD, SBUX, and DPZ, with particular focus on consumer-spending trends under Trump 2.0 policy uncertainty.
US equities closed mostly higher on Friday (Dow +0.05%, S&P 500 +0.74%, Nasdaq +1.26%, Russell 2000 flat), capping a strong week. Big tech continued to outperform, with other strength seen in semis, software, and communications sectors. Retail favorites also fared well, while underperformance came from managed care, road/rail, regional banks, credit cards, chemicals, and airlines. Treasuries firmed slightly but off session bests; 30Y yield moved below 4.75%. Dollar index rose 0.1%, gold fell 1.5%, Bitcoin futures gained 1.6%, and WTI crude closed up 0.4%.
Markets remained supported by constructive trade headlines, although President Trump introduced some caution, stating China must “give us something” before tariffs are dropped. Nevertheless, optimism continued around trade deals with South Korea, India, and Vietnam, and reports suggested China may exempt some US goods from its 125% tariff. Progress on trade helped ease concerns alongside this week’s reduction in Fed interference fears. Earnings also remained a key tailwind, particularly after strong results from Alphabet (GOOGL).
The final April University of Michigan consumer sentiment came in above consensus but marked the weakest monthly print since July 2022. Short-term inflation expectations edged down but stayed historically high. Looking to next week, key releases include Q1 GDP, March core PCE inflation, ISM manufacturing, and the April jobs report. Additionally, a busy earnings calendar lies ahead with reports from Microsoft, Meta, Amazon, and Apple.
At the sector level on Friday, Consumer Discretionary (+1.96%), Technology (+1.62%), and Communication Services (+1.02%) outperformed the broader market, driven by strong earnings from companies like GOOGL and TSLA. In contrast, Materials (-0.73%), Financials (-0.41%), and Utilities (-0.38%) lagged, reflecting more cautious sentiment around cyclicals and defensives. Healthcare (+0.51%), Energy (+0.11%), and Industrials (+0.01%) posted modest gains.
Company News by Sector:
Information Technology
- INTC (-6.7%): Q1 EPS and revenue beat with strength in DTC, but Q2 guide missed citing macro uncertainty and tariff risks.
- COUR (+13.6%): Q1 beat with strong registered learner growth; positive outlook for Q2 and FY25.
- APPF (-18.2%): Q1 EPS and revenue light; issued a soft FY25 revenue guide.
Communication Services
- GOOGL (+1.7%): Beat on Q1 revenue and operating income; highlighted strong AI-driven engagement and announced a $70B buyback.
- CHTR (+11.4%): Beat on Q1 earnings and revenue; Residential unit outperformance offset Commercial softness; raised FY25 capex.
- TMUS (-11.2%): Q1 EPS/revenue beat, but missed postpaid phone net adds and reported increased churn, raising competitive concerns.
Consumer Discretionary
- TSLA (not listed but implied): Led Friday’s gains among big tech.
- SKX (-5.4%): Pulled FY25 guidance due to macro/trade uncertainty despite Q1 EPS beat.
- SAIA (-30.7%): Major miss on Q1 earnings and revenue; highlighted weak macro shipment trends.
Healthcare
- ABBV (+3.2%): Q1 beat with strength in Immunology (Skyrizi and Rinvoq) and Neuroscience; raised FY EPS guide.
- GILD (-2.8%): Q1 earnings beat, revenue missed; HIV franchise in line, but softness flagged in Veklury sales.
- CNC (-6.3%): Q1 EPS beat and raised premium revenue guidance, but EPS guide left unchanged; concerns over higher healthcare costs.
- RMD (+10.1%): Margins expanded despite missing EPS estimates; analysts cited tariff exemptions and manufacturing scale as positives.
Industrials
- FIX (+5.6%): Q1 earnings beat; record bookings in Electrical business; positive commentary on margin trends.
- URI (+9.9%): Q1 revenue slightly better; reiterated FY guidance despite softer margins; $1.5B share repurchase announced.
Materials
- EMN (-6.2%): Q1 earnings beat but revenue missed; flagged trade tensions and weaker volumes; cut FY25 guidance.
- LYB (no movement noted): Margins pressured by higher input costs.
- AVTR (-16.6%): Revenue missed; leadership change announced; core growth guide lowered.
Real Estate
- DLR (+4.0%): Q1 FFO beat, revenue missed; raised FY25 core FFO guidance; noted strong renewal pricing trends.
Consumer Staples
- CL (not movement quoted): Cut guidance citing $200M tariff impact; volume pressures noted.
- SXT (+13.5%): Q1 beat; volume growth across Flavors and Colors segments; FY guide reaffirmed.
- SAM (+2.3%): Q1 EPS/revenue beat; reiterated FY guide, though warned of tariff cost pressures.
Eco Data Releases | Monday April 28th, 2025
S&P 500 Constituent Earnings Announcements | Monday April 28th, 2025
Data sourced from FactSet Research Systems Inc.
