Dow Jones - 39,170.00 (-0.40%) 

Nasdaq - 18,309.75 (-0.39%)

S&P 500 - 5,292.50 (-0.38%) 

• An early wrap up ahead of Good Friday. It was another week down as traders processed an ominous warning from Fed Chair. Equity markets were mixed on Thursday, with the S&P 500 and Russell 2000 small-cap index posting modest gains, while the Nasdaq and Dow closed lower. The market was closed for Good Friday.
• Fed Chair and his ominous tariff warning. On Wednesday Fed chair Jerome Powell gave an ominous warning that President Trump’s tariffs are unlike anything seen in modern history and that this is putting the Federal Reserve in uncharted waters. 
• Job data. Initial jobless claims for last week were lower than expected, falling to 215,000 from 224,000 in the prior week. 
• Inflation woes. The most recent consumer sentiment survey out of the University of Michigan saw expectations of inflation one year from now to be the highest since 1981.
• UnitedHealth sank. Shares tanked over 22% on a dismal earnings report. The insurance giant reported FY earnings-per-share of $7.20 (excluding non-recurring items) below the FactSet consensus estimate of $7.30.
• Netflix soared. The company delivered Q1 earnings that beat expectations on both the top and bottom lines. The streaming giant also reiterated full-year revenue guidance. Netflix reported revenue of $10.54 billion in the first quarter, a 13% year-over-year jump and a beat compared to Bloomberg analyst expectations of $10.50 billion. The company had guided to $10.42 billion. 
• Eli Lily went higher. The stock jumped 16% after successful clinical trial pill. Shares of the drugmaker had their largest one-day surge since 2000.
• Taiwan Semiconductor Manufacturing Co., Ltd. was trading higher. The world's largest semiconductor foundry reported fiscal-year (FY) Q1 earnings-per-share that topped the FactSet consensus estimate.
• Alcoa Corporation went lower. The aluminum producer reported FY Q1 revenue of $3.37 billion, below the FactSet consensus estimate of $3.47 billion. The revenue miss is overshadowing its earnings-per-share of $2.15 (excluding non-recuring items) that exceeded the anticipated $1.68. 
• Oil lagged. Oil prices fell more than 1% at Monday's open in Asia after nuclear talks between the United States and Iran progressed, easing supply concerns.
• Earnings to watch this week. Alphabet, Intel, Boeing, and Tesla are among the big companies reporting this week. 
• Telecom giants will report. AT&T, Verizon, T-Mobile, Comcast, and Charter Communications have their earnings on deck this week.
• Fed outlook. The Federal Beige Book release scheduled for Wednesday will offer an overview of the economy ahead of the central bank’s next meeting on May 6 and 7.

• Intel (INTC)
• Tesla (TSLA)
• Alphabet (GOOGL)
• Boeing (BA)
• PepsiCo (PEP)

Biggest Gainers

• Hertz Global Holdings (HTZ) – 43.87%
• Avis Budget Group (CAR) – 16.37%
• Eli Lilly and Company (LLY) – 14.30%
• Dollar Tree (DLTR) – 8.10%
• Biohaven Ltd. (BHVN) – 9.05%

Biggest Losers

• UnitedHealth Group (UNH) – 22.38%
• Global Payments (GPN) – 17.43%
• Snap-on Inc. (SNA) – 8.00%
• Sweetgreen Inc. (SG) – 6.62%
• QXO, Inc. (QXO) – 7.78%

Weekly Notables

Netflix Posted a Major Earnings Beat

Netflix posted a major earnings beat Thursday, with revenue jumping 13% during the first quarter of 2025. This is the first time the streaming giant did not disclose quarterly subscriber data, as it shifts its strategy to focus on revenue and other financial metrics as performance indicators. The company reported revenue of $10.54 billion for the first quarter, higher than Wall Street’s estimates of $10.52 billion, according to data compiled by LSEG.

Eli Lilly Weight Loss Pill Succeeds in First Late-stage Trial 

Eli Lilly said its daily obesity pill met the company’s goals in the first of several closely watched late-stage trials on diabetes patients. Shares gained roughly 14% as a result. The pill helped Type 2 diabetes patients lower their blood sugar and body weight and showed safety on par with popular injections on the market, with some results coming in line with Wall Street’s expectations. The trial data is among the pharmaceutical industry’s most closely watched studies of the year, as they bring Eli Lilly’s pill — called orforglipron — one step closer to becoming a new, needle-free alternative in the booming weight loss and diabetes market. 

Chinese Tea Chain Chagee Soars in Market Debut

Chagee made its public market debut on the Nasdaq last week, trading under the ticker “CHA.” The stock, which is trading on the Nasdaq using the ticker “CHA,” opened at $33.75 per share. Chagee shares soared as high as 49% initially but lost much of those gains during afternoon trading.

The Chinese tea chain was founded in 2017 and has grown to more than 6,400 teahouses. The company is planning to open its first U.S. location at the Westfield Century City mall in Los Angeles later this spring.

The Week Ahead

• Potential market moving catalysts this week: Consumer sentiment will be a theme this week. Friday’s scheduled release of the final Michigan Consumer Sentiment Index for April is part of four consecutive months of declines for the closely watched consumer survey. Scheduled for release Wednesday is new home sales data, durable goods order data, and the release of “flash” Purchasing Managers Index (PMI) information for the U.S. in April, which will provide a look at how the import taxes are hitting the manufacturing and services sectors. Comments are also expected from Federal Reserve officials. Chicago Fed President Austan Goolsbee, Cleveland Fed President Hammack, and Philadelphia Fed President Harker are scheduled to speak this week. In addition, the Federal Beige Book release scheduled for Wednesday will offer an overview of the economy ahead of the central bank’s next meeting on May 6 and 7.
• Earnings on deck this week: Tesla, GE Aerospace, Verizon Communications, Capital One, Lockheed Martin, Intuitive Surgical, W.R. Berkley, Alphabet, Procter & Gamble, T-Mobile, 30 PepsiCo, American Airlines, Merck, Comcast, Bristol Myers Squibb, Intel, Philip Morris International, IBM, AT&T, Thermo Fisher Scientific, Chipotle Mexican Grill, GE Vernova, ServiceNow, and Boeing.