Dow Jones - 40,527.62 (+0.75%)

Nasdaq - 17,461.32 (+0.55%) 

S&P 500 - 5,560.83 (+0.58%)

• Stocks are finding ground. U.S. equity markets closed mostly higher on Monday, with stocks coming off a strong prior week that saw the S&P 500 gain 4.6% and the Nasdaq rise by 6.7%.
• S&P 500 stages a comeback. A rally since April 8th has left investors encouraged that the markets’ woes may finally be over. The S&P 500 posted its sixth consecutive daily gain on Tuesday and has now rallied by roughly 12% from the April 8 year-to-date low. The S&P is now about 9% off the February 19 all-time after what was once the worst April since 1932.
• Yields fell lower. The 2-year Treasury yield fell 3.66% and the 10-year yield declined to 4.17%.
• Tariff woes are easing. Reports have surfaced that the U.S. may lower tariffs on China as well as negotiate with major trading partners. Automakers were also promised a relief on tariffs by the Trump administration while exempting them from existing steel and aluminum tariffs. Trump signed an Executive Order paring back key parts of tariffs affecting automakers, and Commerce Secretary Howard Lutnick said that a trade deal with an unnamed country was "done, done, done, done."
• Solid corporate earnings in Q1. The S&P 500 earnings is on pace to grow 9.7% YOY.
• Job openings. US JOLTS job openings fell to 7.19 million in March vs. 7.5 million expected.
• Consumer confidence. Consumer confidence for April was lower than expected, falling to 86 versus expectations for a reading of 88.
• Starbucks faltered. Coffee shop franchise Starbucks dropped as much as 6.7% in extended trading on Tuesday as the Q2 earnings report disappointed Wall Street.
• Super Micro Computer plummeted. The stock lost 15% in after-hours trading when the company released disappointing preliminary third quarter results, citing delayed customer platform decisions moving sales into the fourth quarter.
• Seagate Technology jumped nearly 9%. The data storage provider released positive guidance for Q4, pointing towards revenue of $2.40 billion and adjusted earnings of $2.40 per share.
• General Motors fell 2.3%. The company pulled its 2025 guidance due to the uncertain tariff outlook. 
• Coca Cola climbed. Shares moved higher despite the company's quarterly revenue slipped slightly less year-over-year than analyst had expected.
• Foot Locker flattened in pre-market trading. The stock rose more than 10% yesterday despite a lack of fresh news. 
• UPS shares moved higher after an earnings beat. The package firm beat earnings expectations and said it intends to cut 20,000 jobs this year and shut more than 70 facilities, Barron's reported. The company also withdrew guidance due to what it called the "current macro-economic uncertainty."
• Pfizer moved slightly higher. The company beat on quarterly earnings beat expectations and reaffirmed guidance.
• Spotify dropped. The company expects active monthly users this quarter of 689 million, less than the 694 million analysts had expected, according to Bloomberg.
• Honeywell (HON) jumped nearly 4%. The company beat analysts' earnings expectations and raising its full-year EPS guidance. 
• Royal Caribbean climbed 5.4%. The cruise giant raised guidance on strong cruise demand. 
• What to still watch this week. On Wednesday, Wall Street's attention will turn to earnings from two major tech giants. Microsoft will be reporting its earnings after-the-bell while Meta will report on its earnings and how tariffs could impact the business. The release of US gross domestic product (GDP) for the first quarter will indicate where the economy stood prior to Trump's historic tariff hike. A new reading of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, will similarly provide a snapshot as to where prices stood before the current trade war broke out.

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"In the three weeks since the tariffs took effect, ocean container bookings from China to the United States are down over 60% industry-wide." 

- Flexport CEO Ryan Petersen 

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Most Active Stocks

• Sea Limited (SE)
• Nvidia (NVDA)
• Tesla (TSLA)
• Starbucks (SBUX)
• Hims & Hers Health (HIMS)
• Meta Platforms (META)
• Visa (V)
• Hesai Group (HSAI)
• Shift4 Payments (FOUR)
• Insperity (NSP)

Weekly Notables

Hims & Hers Health Rockets on Novo Nordisk Partnership

Hims & Hers Health (HIMS) jumped 36% ahead of the open after announcing a partnership with Novo Nordisk (NVO) to sell weight-loss drug Wegovy on its platform, Reuters reported. Novo Nordisk said it will offer its weight loss drug Wegovy through telehealth providers Hims & Hers Health, Ro and LifeMD.

President Trump Gives Automakers Relief on Tariffs

President Trump signed an executive order providing some exemptions on tariffs on foreign car and parts imports. The exemptions aid automakers by preventing tariffs on foreign-made cars from stacking on top of other tariffs currently imposed by the administration.

Microsoft is set to report fiscal third-quarter earnings after the closing bell Wednesday. Revenue and profits are expected to jump year-over-year, thanks in part to Microsoft's Intelligent Cloud segment. All of the 20 analysts covering Microsoft tracked by Visible Alpha have a "buy" or equivalent rating for the stock.