Stock were hovering near unchanged morning Tuesday as earnings reports from major companies continued to roll in and investors awaited more details on President Donald Trump’s tariff plans.
The Dow Jones Industrial Average was up 0.1% about an hour after the opening bell, while the S&P 500 and tech-heavy Nasdaq Composite each slipped 0.2%. The S&P 500 and Dow inched higher on Monday to extend their winning streaks to five days, while the Nasdaq fell slightly,
Stocks have gotten a boost over the past week as quarterly results from major companies have generally been strong and amid hopes that the Trump administration will soften its stance on tariffs. The White House says the tariffs are needed to restore competitive balance, bring manufacturing and jobs back to the U.S., and raise revenue, but investors worry the import taxes could spur inflation, stall economic growth and hurt companies that do business around the world.
Shares of General Motors (GM) were down nearly 3% this morning despite a better-than-expected earnings report as the automaker postponed its guidance and delayed its earnings call by two days amid uncertainty about tariffs. The move came as The Wall Street Journal late Monday reported that the Trump administration would likely reduce the potential burden of tariffs on automakers.
Among other noteworthy companies reporting earnings, Dow components Honeywell (HON) and Sherwin-Williams (SHW) were up 5% and 3.5%, respectively. Pfizer (PFE) and Coca-Cola (KO) inched higher, while United Parcel Service (UPS) fell slightly. Regeneron Pharmaceuticals (REGN) dropped about 9% and Spotify (SPOT) tumbled nearly 8%.
Shares of the world’s largest technology companies were mixed in early trading. Amazon (AMZN) was down about 1% after White House Press Secretary Karoline Leavitt called the company’s reported plan to highlight the impact of tariffs in its pricing a “hostile and political act.”
Nvidia (NVDA), Alphabet (GOOG), Tesla (TSLA) and Broadcom (AVGO) were also losing ground, while Apple (AAPL), Microsoft (MSFT) and Meta Platforms (META) each rose less than 1%. Microsoft and Meta are due to report their quarterly results after the closing bell tomorrow, while Amazon and Apple are scheduled for Thursday afternoon.
The economic data calendar is relatively light today but picks up significantly on Wednesday, with the quarterly GDP report and a key inflation reading slated to be released. The always-important jobs report for April is due at the end of the week. Investors are keeping a close eye on all the data points as they look for signs of how the tariffs are affecting the economy.
The yield on the 10-year Treasury, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.19%, down from 4.22% at yesterday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up 0.1% at 99.14, after hitting a three-year low below 98 just over a week ago.
Gold futures—which hit a record high early last week of around $3,500 an ounce as investors turned to the traditional safe haven amid concerns about tariffs—were recently down 0.9% at $3,315. West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 2,1% to $60.70 per barrel.
Bitcoin was little changed this morning at $94,800.
29 minutes ago
The White House on Tuesday called plans to show users how tariffs impact prices on Amazon (AMZN) a “hostile and political act.”
Press Secretary Karoline Leavitt knocked Amazon’s plans during a press conference Tuesday. Amazon will soon show how much of a good’s price is attributed to tariffs next to the total price, Punchbowl News reported Tuesday.
The e-commerce giant is reportedly making the move to avoid being blamed for higher prices, the outlet said.
“This is a hostile and political act by Amazon,” Leavitt said. “Why didn’t Amazon do this when the Biden Administration hiked inflation to the highest level in 40 years?”
Amazon didn’t immediately respond to Investopedia’s request for comment.
Amazon shares were down about 1% recently, after falling more than 2% in the opening minutes of trading Tuesday.
1 hr 1 min ago
Nvidia (NVDA) shares inched higher in early trading after snapping a four-day winning streak yesterday following news that China’s Huawei Technologies is developing a rival AI chip.
The Wall Street Journal reported Monday that the Chinese company hopes the new chip could replace some of Nvidia’s high performance products, adding that it has approached several Chinese tech companies about testing the technical feasibility of the chip.
Coming into Tuesday’s session, Nvidia shares are up about 25% from their early-April low but have lost around a fifth of their value since the start of the year. In recent months the AI favorite’s stock has come under pressure due to concerns over significantly cheaper AI technology coming out of China and a federal crackdown on the export of the company’s popular H20 chips to China.
Source: TradingView.com.
Nvidia shares have oscillated within a falling wedge after a bear trap emerged on the chart earlier this month, a trading event that lures investors to sell upon a breach of major support—the pattern’s lower trendline in this case—before the price makes a sudden move higher.
More recently, the price has pushed up against the pattern’s upper trendline, potentially paving the way for a bullish breakout. Meanwhile, the relative strength index has crossed back above the 50 threshold, indicating improving price momentum.
Investors should watch key overhead areas on Nvidia’s chart around $115 and $130, while also monitoring crucial support levels near $96 and $87.
Nvidia shares were recently up 0.2% at around $109.
Read the full technical analysis piece here.
2 hours ago
General Motors (GM) on Tuesday reported better first-quarter results than analysts had expected, but postponed its earnings call by two days amid uncertainty about auto tariffs.
The Chevrolet and Cadillac maker recorded adjusted earnings per share (EPS) of $2.78 on revenue that increased 2.3% year-over-year to $44.02 billion. Analysts had expected $2.70 and $42.85 billion, respectively.
GM also postponed updating its full-year guidance and its earnings call until Thursday, citing “recent reports regarding updates to trade policy.” Last quarter, the company said it expected both EPS and adjusted EPS to come in between $11 and $12 this year, which assumed a “stable policy environment in North America.”
The automaker likely was referencing a Monday night report from The Wall Street Journal that said the Trump administration likely would announce changes to its tariffs on the automobile industry as early as Tuesday. According to the report, automakers wouldn’t have to pay other tariffs like those on steel and aluminum on top of the existing auto duties, and the tax on imported auto parts likely would be modified.
Analysts have said consumers might be “panic buying” automobiles to get ahead of the impact of tariffs, which experts say could drive prices of cars, parts, and even car insurance higher in the coming months. GM earlier this month said it had its best first quarter of sales since in seven years, with growth across all of its vehicle brands.
Shares were down 1.5% in recent pre-market trrading. They entered the day down just over 10% since the start of the year.
2 hr 40 min ago
Futures tied to the Dow Jones Industrial Average were up 0.4%.
TradingView
S&P 500 futures were off 0.1%.
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Nasdaq 100 futures slipped 0.2%.
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