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Mon, Apr 28, 2025, 5:28 AM 5 min read
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(Bloomberg) -- US equity futures posted small moves as investors awaited reports from American companies worth $20 trillion, and watched for progress in US trade talks with Asian partners.
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Wild gyrations sparked by President Donald Trump’s April 2 tariff announcements have eased somewhat, but investors will be scrutinizing this week’s key company reports for the earnings impact of US trade policies. Fresh readings on the state of the American economy may support hopes of earlier-than-expected Federal Reserve interest-rate cuts.
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Contracts for the S&P 500 were little changed following a four-day rally in US equities, the longest winning streak since January. Europe’s Stoxx 600 rose 0.5%, boosted by M&A news out of Italy as Mediobanca made a €6.3 billion ($7.1 billion) offer for the wealth management arm of Italian insurer Assicurazioni Generali SpA.
Yields on benchmark 10-year Treasuries climbed four basis points, while the dollar slipped after reversing an early gain. Gold dropped as much as 1.6% as traders unwound positions on signs the metal’s advance may have run too far and too fast.
Four of the so-called Magnificent Seven — Microsoft Corp., Apple Inc., Meta Platforms Inc. and Amazon.com Inc. — are due to report earnings this week. Analysts expect the group — which also includes Google-parent Alphabet Inc., Tesla Inc. and Nvidia Corp. — to deliver an average of 15% profit growth in 2025, a forecast that’s barely budged since the start of March despite the flareup in trade tensions.
In terms of market capitalization, it’s the busiest week of the year for earnings, with S&P 500-listed companies worth $20 trillion reporting.
Meanwhile, Friday’s US non-farm payrolls figures will also turn attention to the health of the American economy.
“In general I think this week’s data won’t be too bad for the economy because it really precedes the announcement of tariffs,” Kathy Jones, chief fixed income strategist at Charles Schwab & Co., told Bloomberg TV. “The inflation numbers shouldn’t be too bad. But I’ll really be watching the ISM numbers at the end of the week and of course, the jobs data where we could see some softness.”
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