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Tue, Apr 15, 2025, 8:39 AM 5 min read
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Read more: Wall Street banks are cashing in on trade war chaos
Stocks opened higher Tuesday, with tech and bank names leading the charge as investors welcomed a morning packed with strong earnings and fresh deal buzz. Big banks were in rally mode: Citigroup, Bank of America, and Goldman Sachs all ticked higher after posting better-than-expected results, fueled by strong trading revenues.
Palantir Technologies jumped 4% after NATO finalized its purchase of the company’s AI-powered Maven Smart System — another boost for the defense-tech darling after Monday’s rally. Apple also edged higher, extending its 2% gain from Monday, which followed a surprise tariff exemption from the Trump administration.
Meanwhile, Hewlett Packard Enterprise (HPE) caught a wave of investor enthusiasm after activist firm Elliott Investment Management revealed a $1.5 billion stake and backed the company’s newly announced strategic review. The broader market got a lift as chipmakers, software stocks, and AI plays rode the wave, with early signs pointing to a tech-led session and plenty of earnings drama still to come.
Auto stocks gave back some of Monday’s gains, with Rivian (RIVN), Ford, and GM trading lower despite President Trump floating a potential delay in auto tariffs. “A US car with all US parts made in the US is a fictional tale,” analysts at Wedbush wrote, warning that the proposed tariffs — if not paused — could send the industry into “upside down mode” and trigger widespread supply chain disruption.
U.S. stock futures edged down Tuesday morning, with the S&P 500, Nasdaq, and Dow Jones Industrial Average trading just below the break-even line as investors braced for a flurry of corporate earnings.
The subdued start followed a tech-driven rally on Monday, a temporary lift amid lingering concerns around tariffs and broader economic uncertainty.
Goldman Sachs (GS) kicked off the week’s earnings slate with a profit jump, even as CEO David Solomon warned of a “markedly different” environment in the current quarter. Echoing Solomon’s sentiments, in March, hedge funds unloaded global stocks at the fastest pace in over a decade — a sign that institutional investors may be growing more cautious as economic uncertainty deepens.
Tuesday’s earnings lineup includes Bank of America (BAC), Citigroup (C), Johnson & Johnson (JNJ), and Rent the Runway (RENT) before the bell, offering a pulse check across finance, healthcare, and consumer spending.
Bank of America beat expectations in the first quarter, with EPS of $0.90 on $27.37 billion in revenue, lifted by a strong showing in its trading division. Like Goldman Sachs, the bank benefited from market volatility, which juiced results even as the broader economic outlook remains uncertain.
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