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S&P 500 (NYSEARCA: SPY) Live: NEM, MOS Rise amid Q1 Earnings Kickoff
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Key Points
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Stocks have gone from lower to higher to lower again as the roller coaster ride continues.
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Wholesale prices fell more than expected last month, but consumer sentiment is in the doldrums.
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Q1 earnings season has been kicked off, and Morgan Stanley set a bullish tone.
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Broader Markets for the Win
The broader markets are headed for the win column, with the S&P 500 currently gaining 1.5% alongside a rising Dow Jones Industrial Average and Nasdaq Composite. If the gains hold, the S&P 500 is on pace for a 5.4% gain this week after taking investors on a roller coaster ride.
China is looking ready to negotiate on tariffs, filling in the missing piece of the tariff puzzle that has kept things interesting this week. Newmont Mining (NYSE: NEM) and Monolithic Power (Nasdaq: MPWR) are the top gainers of the day, while Texas Instruments (Nasdaq: TXN) and Intel (Nasdaq: INTC) are laggards.
First quarter earnings season is officially underway, which could insert another round of uncertainty. JPMorgan CEO Jamie Dimon warned that corporate America would be revising their outlooks downward. But for now, the markets will take the win.
Stocks Show Backbone
The broader markets are now moving higher, with all three of the major stock market indices trading in the green. It’s been a topsy turvy trading session as the markets process improving inflation data, faltering consumer confidence and fears of a recession. Fed Official John Williams is stoking fears of inflation rearing its head to the tune of 4% by year-end 2025, pointing to the tariffs as the negative catalyst. He also warned that economic growth could slow to below 1%.
S&P 500 component Fastenal (Nasdaq: FAST), which distributes construction supplies, is rising by 6% today after increasing its prices in response to the tariff effect. The company also declared a $0.44 dividend, up from $0.39 previously, alongside its Q1 results.
Roller Coaster Ride
The markets remain under pressure after the University of Michigan consumer sentiment survey showed weakness. Just about every sector of the economy is now in the red after a mixed showing earlier this morning.
JPMorgan CEO Jamie Dimon expects corporate America to renege on their earnings outlooks, while BlackRock CEO Larry Fink believes an economic recession is brewing. Morgan Stanley (NYSE: MS) reported better-than-expected Q1 profits on strong trading volumes.
The markets are continuing their roller coaster ride this morning, going from red to green and then back again. This wild week on Wall Street has seen it all, as a perfect storm of trade wars, recession talk and economic uncertainty dominate the headlines. At last check, all three of the major stock market averages were under pressure while sector performance is split between winners and losers.
On the economic front, wholesale prices fell more than expected last month, a welcome surprise and an indication of waning inflation. Before the markets had much of a chance to celebrate, another round of economic data swung the other way. Consumer sentiment is down in April, according to the latest University of Michigan poll, as investors lose sleep over the trade war and inflation.
The hits keep coming, as JPMorgan CEO Jamie Dimon warned he expects that S&P 500 earnings estimates will be changed to the downside amid a turbulent economic backdrop. Not to be outdone, BlackRock CEO Larry Fink would not be surprised if there is already a recession emerging in the economy. China has lifted its tariffs on U.S. imports to 125% as the trade war saga continues to unfold.
Morgan Stanley (NYSE: MS) has kicked off Q1 earnings season with stronger than expected profits, buoyed by high trading volumes.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 166.15 (-0.42%)
Nasdaq Composite: Down 106.23 (-0.63%)
S&P 500: Down 29.27 (-0.56%)
Market Movers
Newmont Mining (NYSE: NEM) is extending its rally, rising 7% on the day as investors flock to safe-haven assets like gold. Wall Street firm UBS upgraded its rating on NEM to buy with a $60 price target attached. The stock is currently hovering at just over $54 per share.
Farmland and ag stock The Mosaic Company (NYSE: MOS) is up 4.6% today. MOS shares are nearing their 52-week high as investors flock to commodity-related stocks.
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