S&P 500, Dow close higher
The S&P 500 and Dow Jones Industrial Average finished in positive territory on Monday.
The broad market S&P 500 rose 0.06% to finish at 5,528.75, and the blue-chip Dow gained 114.09 points, or 0.28%, to close at 40,227.59. Meanwhile, the tech-heavy Nasdaq Composite fell 0.1%, settling at 17,366.13.
— Sean Conlon
Before any trade agreements are reached with India and Japan, “large U.S. companies will likely try to cut idiosyncratic deals with the White House, perpetuating the policy patchwork,” holding back investor sentiment and pressuring stock and bond prices, according to a report by Morgan Stanley Wealth Management chief investment officer Lisa Shalett.
Treasury Secretary Scott Bessent’s recent remarks regarding the likelihood of trade deals and continued independence at the Federal Reserve notwithstanding, “tariff deal” announcements won’t energize markets without a “comprehensive rollback,” the strategist wrote. “[W]e are unconvinced that relief will immediately follow” reports of breakthroughs, and bilateral agreements with India and Japan “are still months away, with key summits scheduled for June and October, respectively,” Morgan Stanley wrote Monday.
Just as worrying is the credit market, where “the 10- year U.S. Treasury term premium recently surged to a decade-plus high. Curve steepening amid rising odds of a slowdown indicates investor concerns on two critical fronts: stagflation potential and debt sustainability following the ballyhooed tax bill.”
The investment bank thinks the U.S. debt ceiling will need to rise by $5 trillion to $10 trillion, the Republican tax cut legislation will increase U.S. debt outstanding by $1 trillion to $4 trillion over the next decade and annual servicing costs on the national debt might double from the most recent $1.1 trillion.
— Scott Schnipper
A slew of trade deals should come to fruition between now and President Donald Trump’s tariff reprieve deadline in July, according to UBS.
“Trump’s most extreme rhetoric is unlikely to be the landing zone for the ultimate tariff rates,” wrote Ulrike Hoffmann-Burchardi, head chief investment officer for global equities, in a Monday note. “With many countries expressing a desire to negotiate with the U.S. on tariff policy, and the White House eager to demonstrate ‘success’ given Trump’s low approval rating, we expect a variety of deals or sector carve-outs to materialize within the 90-day pause period.”
“While the latest stock rebound is unlikely to continue in a straight line, we maintain our expectation that the S&P 500 should end the year higher at 5,800,” Hoffmann-Burchardi also wrote. That target implies about 5% upside from Friday’s close.
— Sean Conlon
Jaque Silva | Nurphoto | Getty Images
Megacap technology earnings this week will be pivotal for the market, according to Deutsche Bank.
Meta and Microsoft are both set to report earnings on Wednesday. Apple and Amazon are slated to release results on Thursday.
“It’s fair to say that these Mag-7 earnings will go a long way to dictating the tone of the week,” Jim Reid, the bank’s global head of macro and thematic research, wrote to clients.
— Alex Harring
Apollo Global Management published a timeline of the potential economic impact of the Trump tariffs announced earlier in April. The projections showed the potential for certain shelves in U.S. stores to be empty in late May, followed by a recession this summer.
“The consequence will be empty shelves in US stores in a few weeks and Covid-like shortages for consumers and for firms using Chinese products as intermediate goods,” Apollo chief economist Torsten Slok wrote in a note to clients Friday.
— Jesse Pound
Chesnot | Getty Images News | Getty Images
Three stocks in the S&P 500 hit fresh 52-week highs during Monday’s trading session, with all of them notching new all-time highs.
Here are the names that reached that milestone:
- Netflix trading at all-time high levels back to its IPO in May 2002.
- Take-Two Interactive trading at all-time high levels since its IPO in April 1997.
- VeriSign trading at all-time high levels back to its IPO in January 1998.
— Sean Conlon, Christopher Hayes
Megacap tech names struggled in Monday’s session.
Every member of the Magnificent Seven traded lower. CNBC’s tracker of the index slid nearly 2% in midday trading.
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CNBC Mag 7 index, 1-day
Nvidia led the stocks into the red with a drop of 3.5%. Tesla was the next biggest loser, falling around 3%.
Despite Monday’s declines, all seven stocks are still up from where they traded one week ago.
— Alex Harring
These are the stocks moving the most in midday trading:
- Plug Power — The hydrogen fuel cell developer jumped 24% after signing a deal to issue up $525 million in secured debentures.
- Nvidia — The chipmaker shed more than 3% after The Wall Street Journal reported that Huawei Technologies will be soon testing its newest AI processor, which the company hopes could be a competitor to some of Nvidia’s products.
- Peloton — Shares advanced 5% on the back of Truist’s upgrade to buy from hold.
Read the full list of stocks moving here.
— Lisa Kailai Han
Nvidia — the AI darling of the 2023-2024 bull market — briefly fell as much as 4.2% in early trading Monday, snapping a four-day rally from last Tuesday through Friday that drove up the Jensen Huang-led stock by 14.5%.
Nvidia’s recent 3.5% decline made it the largest percentage loser in the S&P 500 Monday, trailed by Micron Technology and Tesla, both down 3%.
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Nvidia over the past five days.
Last week’s stock rebound is more likely a sign of a bear market than of a turnaround, meaning investors should brace for more volatility, according to Wolfe Research.
“Although indices have not officially fallen 20% below all-time highs, the past week’s price action screams ‘bear market to us’ with lower highs and lower lows likely for stocks,” Chris Senyek, chief investment strategist at the firm, wrote Monday.
“The S&P 500 is now only down only -2.5% from its Liberation Day close while the effective tariff rate is significantly higher, even despite the 90-day reciprocal pause!” he added. “With the market hypersensitive to economic releases and news flow, especially as details around trade deals are revealed, we’d expect to see further violent upside rips as investors anchor and extrapolate from the latest data point.”
The S&P 500 ended higher by 4.6% last week. On Monday, it was last slightly down in midday trading.
— Sarah Min
Traders work on the floor of the New York Stock Exchange on March 11, 2025.
Spencer Platt | Getty Images News | Getty Images
President Donald Trump’s first 100 days in office are the worst for the stock market for the start of a president’s four-year term since the 1970s.
The S&P 500′s 7.9% drop from when Trump was sworn into office on Jan. 20 through the April 25 close, is the second worst first 100-day performance going back to the beginning of President Richard Nixon’s second term, according to CFRA Research. Nixon saw the S&P 500 tumble 9.9% in 1973, after a series of economic measures he took to combat inflation resulted in the 1973 to 1975 recession. Nixon would later resign in 1974 because of the Watergate scandal.
On average, the S&P 500 rises 2.1% in the first 100 days for any president, in data of post-election years going from 1944 through 2020, CFRA showed.
— Sarah Min
A trader works on the floor at the New York Stock Exchange in New York City, U.S., April 28, 2025.
Brendan McDermid | Reuters
The S&P 500 might see a double-digit percentage decline ahead as investors await clarity on President Donald Trump’s tariffs, according to Thomas Hainlin of U.S. Bank Asset Management.
The firm’s senior investment strategist told CNBC that the broad market index could move to 4,800 and up to 5,600 on the high side until there’s some resolution on tariff negotiations. That forecast implies 13.1% downside and just 1.4% upside, respectively, from Friday’s close.
“The question is, does that extend long enough that you actually start to see damage to the consumer and to corporate America? We haven’t seen it yet,” Hainlin told CNBC. “I think we’re still in this base case.”
— Sean Conlon
So far in 2025, soft data has taken a bigger hit than hard data, according to JPMorgan.
Soft economic data refers to surveys and sentiment indicators like consumer confidence. On the other hand, hard economic data refers to more measurable metrics such as labor market reports alongside GDP and production readings.
“Hard dataflow has been resilient so far this year, while soft dataflow has been pointing to weakness,” JPMorgan wrote in a Monday note. “The optimistic spin by many is that as the policy stance is turning more constructive, this will lead to a bounce in soft dataflow, and in the meantime hard data could hold out anyway, partly helped by the frontloading of activity ahead of the tariffs.”
But the longer this tariff-induced market volatility lasts, the harder the hit to hard data from here, the bank added.
“If the current tariffs uncertainty drags on, we believe that future output component will likely remain under pressure, and could drive hard data weakness, as well,” JPMorgan said.
— Lisa Kailai Han
Stocks traded up on Monday morning.
The S&P 500 rose about 0.2% shortly after the opening bell, while the Nasdaq Composite gained 0.1%. The Dow Jones Industrial Average also climbed 178 points, or 0.4%.
— Sean Conlon
People enter Boeing’s Renton factory in Renton, Washington, on April 15, 2025.
Jason Redmond | AFP | Getty Images
Check out the companies making headlines before the bell.
- Boeing — Shares of the airplane manufacturer added nearly 2% on the back of a Bernstein upgrade to outperform from market perform. The firm said Boeing “should be on a much firmer path than in 2023” as it recovers from the 2024 Alaska Airlines controversy and two Boeing 737 Max plane crashes prior to that.
- Progressive — The insurance stock gained more than 1% following an upgrade to buy from neutral at Bank of America. Shares of Progressive had fallen 8% since a downgrade by the same shop earlier this month. The pullback, along with strong March results, makes the stock attractive, Bank of America said.
- Domino’s Pizza — Shares declined by almost 3% after the pizza company reported mixed results for its first quarter. Domino’s earned $4.33 per share on revenue of $1.11 billion, while analysts polled by LSEG expected earnings of $4.07 per share on revenue of $1.13 billion.
For the full list, read here.
— Pia Singh
Boeing could be headed for more growth ahead following increased scrutiny, according to Bernstein.
Shares of the aerospace company rose 1.6% in premarket trading Monday after analyst Douglas Harned upgraded the stock to outperform from market perform. He also upped his price target to $218 per share from $181 in a Sunday note, implying about 23% upside from Friday’s $177.95 close.
“Boeing is now making the progress it needed for the growth trajectory we expected before the Alaska door plug accident in January 2024,” the analyst said.
CNBC Pro subscribers can read more here.
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BA, 1-day
Shares of Domino’s Pizza fell about 2% in the premarket on Monday after the pizza chain posted mixed quarterly results.
Domino’s first-quarter revenue missed Wall Street expectations, posting $1.11 billion compared to the $1.13 billion that analysts surveyed by LSEG were anticipating for the period. U.S. same-store sales also dropped 0.5% versus the year-ago period.
Earnings, however, came in better than expected, with the company earning $4.33 per share. That’s above the consensus estimate of $4.07 per share.
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DPZ, 1-day
Asia-Pacific markets traded mixed Monday as investors assessed China’s promises to support domestic businesses as well as developments in trade negotiations between the U.S. and countries in the region.
Mainland China’s CSI 300 index fell 0.14% to end the day at 3,781.61, while Hong Kong’s Hang Seng Index closed flat at 21,973.24.
India’s benchmark Nifty 50 rose 1.23% while the broader BSE Sensex gained 1.31% as at 1.38 p.m. Indian Standard Time.
Over in Japan, the benchmark Nikkei 225 added 0.38% to end the day at 35,839.99 while the broader Topix index advanced 0.86% to 2,650.61.
In South Korea, the Kospi index edged up 0.1% to close at 2,548.86 while the small-cap Kosdaq fell 1.41% to 719.41.
Australia’s S&P/ASX 200 ended the day 0.36% higher at 7,997.10.
— Amala Balakrishner
The S&P 500 has traded higher after bottoming earlier this month, but is on track to end April in the red alongside the Dow Jones Industrial Average.
The broad-market index is down 1.54% this month, while the 30-stock Dow has lost 4.5%. The Nasdaq Composite is up 0.48%.
— Pia Singh
