Investing
Live Nasdaq Composite: Markets Stand Still on Tariff and Tech Tussle
Published:
Last Updated:
Key Points
-
Corporate America continues to report Q1 results but must compete with tariff headlines.
-
The White House has taken aim at Amazon.com for its response to tariff-related cost increases.
-
Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; get started by clicking here.(Sponsor)
Live Updates
Live Coverage Has Ended
Trade Deals
Commerce Secretary Howard Lutnick reportedly revealed that the U.S. has secured one trade deal, keeping most of the details close to the vest except to say that the White House is awaiting a green light from some unnamed country. The Dow Jones Industrial Average rose as much as 300 points in response for a 0.84% gain, while the Nasdaq Composite and S&P 500 are holding similar gains.
Narrow Range
The markets are managing slight gains across the Nasdaq Composite, S&P 500 and Dow Jones Industrial Average despite the absence of greater details on any global trade deals.
Of the S&P 500, Baird investment strategist Ross Mayfield is cited by CNBC as saying, “I think [stocks are] probably trapped in a in a pretty tight range here,” pointing to a range of 5,100-5,700. “I think we can bounce around there for quite a while in kind of some volatile, choppy trading. Until we get some resolution on the trade front, I don’t think much else matters,” he added.
Consumer Weakness
The stock market averages are currently all moving higher despite some weaker than anticipated economic data. The U.S. consumer has long been credited with upholding the economy throughout the one-two punch of inflation and higher interest rates. Now the tariffs could be the straw that broke the camel’s back, as consumer confidence shows signs of waning.
The Consumer Confidence Index published by the Conference Board sank to a reading of 86 in April, a drop of nearly 8 points from the prior month and below economist estimates calling for 87.7. A separate index that reflects consumer sentiment over the next six months fell by a steep 12.5 points to a reading of 54.4, its worst level in over a decade. The Bureau of Labor Statistics revealed that March job postings dropped to their lowest level in about six months.
Tariffs, Earnings and Tech
The markets continue to trade mixed this morning on tariff deal ambiguity as Q1 earnings results pour in. Stocks are weighing earnings results and a lack of certainty on the tariff deal front while tensions have emerged between Amazon (Nasdaq: AMZN) and the White House over tariff-related costs.
Magnificent Seven stocks are mixed, with Amazon and Alphabet (Nasdaq: GOOGL) trading in the red while Nvidia (Nasdaq: NVDA) benefits from a Wall Street endorsement.
Hims & Hers HEalth (Nasdaq: HIMS) is soaring by 24% today on news of a deal to sell weight loss drug phenom Wegovy on its e-commerce platform.
The markets are holding out for more tariff deal progress, digging in their heels and nearly standing still in the meantime. The three major stock market averages are moving fractionally in either direction, with the Nasdaq Composite posting slight declines alongside the S&P 500 while the Dow Jones Industrial Average is eking out modest gains. Sectors of the economy are evenly split between red and green, with real estate moving higher and consumer discretionary stocks headed lower.
Amazon (Nasdaq: AMZN) is getting some unwanted attention after the White House took aim at the tech giant, calling its reported plans to list tariff cost impacts on its site as a “hostile and political act.”
Big 3 automaker General Motors (NYSE: GM) reported better-than-expected quarterly results while reassessing its full-year outlook, sending the stock lower by 1.5%. GM and the auto sector have targets on their backs at the height of the tariff wars, in response to which the former Dow component has suspended all share buyback programs. The White House has affirmed its plans to provide tariff relief to the auto sector.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 138.11 (+0.36%)
Nasdaq Composite: Down 67.15 (-0.40%)
S&P 500: Down 10.23 (-0.19%)
Earnings & Analyst Calls
Coca-Cola (NYSE: KO) surpassed Q1 expectations on the top and bottom lines and is keeping its full-year guidance intact amid expectations that it will be able to manage any tariff-related fallout, including rising aluminum costs. Rival company PepsiCo (NYSE: PEP) recently lowered its earnings forecast due to the tariff impact.
Evercore ISI has reiterated its “outperform” rating on Apple (Nasdaq: AAPL) stock with a $250 price target, suggesting the company’s strategies should help it to offset any impact from the tariff frenzy.
Piper Sandler has reiterated its “overweight” rating on Nvidia (Nasdaq: NVDA), saying that the China tariff uncertainties notwithstanding, the AI leader’s strong market relationships give the stock a place in the analyst firm’s top large cap pick universe.
UBS has reiterated its “buy” rating on Amazon (Nasdaq: AMZN) but lowered the price target to $253 from $272, owing to what it described as “potential demand destruction.”
Today’s Top Rated Credit Cards Are Hard to Believe
It’s hard to believe, but today there are credit cards offering up to 6% cash back (you read that right) on some items, $200 statement credits, $0 annual fees, travel rewards, and more. See for yourself, we’ve assembled a list of the top credit cards today right here.
Frankly, with rewards this good we don’t expect them to be available forever. But if you sign up today you can secure some of the best rewards we’ve ever seen. Click here to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
