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Live S&P 500 (NYSEARCA: SPY): Corporate America Reveals Tariff Impacts in Earnings Results
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Key Points
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Markets are mixed while Corporate America is traversing its way through the tariffs.
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GM reported strong Q1 results but suspended its share buyback program due to the tariffs.
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Live Updates
Live Coverage Has Ended
Tariff Deal Reached
Commerce Secretary Howard Lutnick told CNBC the White House has reached a single trade deal, though declining to name the country as the U.S. awaits a final agreement. The good news sent the Dow Jones Industrial Average higher by over 300 points, alongside fractional gains in the S&P 500 and Nasdaq Composite.
HSBC Lowers S&P 500 Forecast
Tariff-related uncertainty has triggered a wave of S&P 500 year-end forecast revisions, the most recent of which comes from HSBC. The financial institution lowered its S&P 500 index outlook for 2025, owing to the toll that tariff uncertainty is taking on corporate America. The firm’s head of equity strategy of the Americas, Nicole Inui, reportedly lowered her year-end target for the broader market index by 16% to 5,600 from 6,700. The S&P 500 is currently hovering around 5,542. The HSBC analyst is also feeling less optimistic about S&P 500 full-year earnings and has cut her estimate by 5%, indicating year-over-year growth of a mere 6%.
Markets Resilient Despite Weaker Economic Data
The stock market has turned higher across the board, including a 0.27% advance in the S&P 500. Markets are finding enough positive catalysts to advance from earnings results despite signs of consumer weakness beginning to emerge. April Consumer Confidence sank to its lowest level in half a decade due to the tariff threat, declining 7.9 points to a reading of 86, a threshold the index hasn’t seen since the height of the pandemic. Worse, consumer fears about hiring trends are approaching levels from the Great Financial Crisis, with nearly 33% of consumers worrying that hiring will decline in the coming months.
SPY Market Movers
SBA Communications (Nasdaq: SBAC) is gaining 5% on the heels of its Q1 earnings report.
Honeywell International (Nasdaq: HON) is advancing 4.9% after beating Wall Street estimates on both the top and bottom lines. The company also revised its full-year outlook, owing to tariff-related uncertainties, but the markets are seeing the glass half full.
Zebra Technologies (Nasdaq: ZBRA) is up 4% on the day on a strong Q1 earnings print as yet another sign that corporate America is navigating their way through the tariff uncertainties.
The markets are showing wavering confidence in the trade deal potential, with all three of the major stock market averages most recently trading mixed. At last check, the SPDR S&P 500 ETF (SPY) is modestly lower. Technology as a sector is rising on the day ahead of some Big Tech earnings reports this week, including Meta Platforms, which is due out on Wednesday after the closing bell.
Amazon (Nasdaq: AMZN), which has a heavy weighting in the S&P 500 index, is getting punished after plans to reportedly publish tariff-related cost hikes on its website, triggering a response from the White House, which called the e-commerce’s move a “hostile and political act.”
Big 3 automaker General Motors (NYSE: GM), yet another S&P 500 component, surpassed Wall Street estimates with its Q1 results, extending a trend from corporate America this earnings season. Here’s the rub. GM revealed it will be reassessing its full-year outlook and suspending its share repurchase program, sending shivers down the spines of the markets and causing the stock to fall by over 2%. The auto sector has been ground zero for retaliatory tariffs, in response to which the Trump Administration has emphasized 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 28.61 (+0.07%)
Nasdaq Composite: Down 36.72 (-0.21%)
S&P 500: Down 11.04 (-0.20%)
Corporate Earnings & Wall Street Scoreboard
Coca-Cola (NYSE: KO) reported better-than-expected Q1 results and maintained its its full-year guidance in a display of confidence in the face of tariff uncertainty. Beverage peer PepsiCo (NYSE: PEP) recently lowered its earnings outlook in anticipation of tariff-related impacts.
Evercore ISI remains bullish on Apple (Nasdaq: AAPL) stock, reiterating its “buy” rating with a $250 price target amid expectations the iPhone maker’s strategic approach should offset any impact from the tariff costs.
Piper Sandler has reiterated its “overweight” rating on Nvidia (Nasdaq: NVDA) even in the face of heightened tariff tensions between the U.S. and Beijing. The analyst firm is impressed by Nvidia’s strong market relationships, making it a top large-cap selection.
UBS has reiterated its “buy” rating on Amazon (Nasdaq: AMZN) despite reducing the price target to $253 from $272 in anticipation of what it called “potential demand destruction.”
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