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(Bloomberg) — Wall Street investors weighing the impacts of President Donald Trump’s trade war on Corporate America sent stocks churning as hopes for a quick resolution of the US-China spat ebbed.
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Following a two-day rally, the S&P 500 fluctuated as Beijing maintained a defiant stance over tariffs, dismissing speculation that progress has been made in negotiations. Bonds climbed and the dollar fell.
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“Until we see meaningful resolution on the tariff front, it may well be the case that markets remain in a choppy environment with larger-than-usual swings,” said Fawad Razaqzada at City Index and Forex.com.
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As the earnings season rolled in, analysts are souring on the profit outlook due to the risk of an economic slowdown, with the US benchmark’s earnings revisions breadth — or estimated upgrades versus downgrades — approaching downside extremes.
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One of Wall Street’s biggest bulls is throwing in the towel on expectations for large gains this year, seeing tariffs hitting US companies the hardest.
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Deutsche Bank AG strategists led by Bankim Chadha slashed their year-end S&P 500 target by 12% to 6,150. They also see earnings declining 5% this year, compared with a consensus expecting 8% growth.
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Corporate Highlights:
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- Alphabet Inc. will to set the tone for tech earnings this season, providing a sense on how the industry is viewing an environment marked by elevated policy risk and growing concerns over a recession.
- International Business Machines Corp. reported results that showed strong profit while also suggesting that economic uncertainty and US government cost cuts may dent the company’s business.
- Texas Instruments Inc., the biggest maker of analog semiconductors, gave a better-than-anticipated forecast for the current period after demand for industrial and automotive components improved.
- SK Hynix Inc. warned of increased volatility in the second half of 2025 despite resilient demand for AI memory chips from big tech providers, reflecting the uncertainty surrounding US tariffs.
- American Airlines Group Inc. withdrew its full-year earnings outlook, joining a growing number of companies that say unease about the economy is making it difficult to forecast how the year will play out.
- Southwest Airlines Co. is reining in growth this year as volatility surrounding US trade policy chills consumer spending on air travel.
- PepsiCo Inc. lowered its full-year profit outlook, as an unpredictable US trade policy and worsening consumer sentiment drive up costs and dent demand for the company’s snacks and soft drinks.
- Chipotle Mexican Grill Inc. lowered its full-year outlook after quarterly sales declined for the first time in almost five years, suggesting that economic uncertainty is causing diners to pull back on burrito outings.
- Procter & Gamble Co. cut its annual sales and profit outlook, citing tariffs and volatility in consumer demand.
- Comcast Corp. reported first-quarter losses of pay-TV and broadband customers that exceeded analysts’ estimates, a reflection of the growing competition from streaming companies and wireless providers.
- Merck & Co. said it expects to lose $200 million to already-announced tariffs in 2025 amid a roiling trade war between the US and China.
- Bristol Myers Squibb Co. raised its sales and profit forecasts for the year on better-than-expected sales of older drugs and a favorable impact from the weaker dollar.
- United Parcel Service Inc. agreed to acquire Canada’s Andlauer Healthcare Group Inc. for $1.6 billion, building out the package handler’s growing business transporting goods for health-care customers.
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Some of the main moves in markets:
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Stocks
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- The S&P 500 was little changed as of 9:31 a.m. New York time
- The Nasdaq 100 rose 0.4%
- The Dow Jones Industrial Average fell 0.4%
- The Stoxx Europe 600 was little changed
- The MSCI World Index rose 0.1%
- Bloomberg Magnificent 7 Total Return Index rose 0.2%
- The Russell 2000 Index was little changed
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Currencies
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- The Bloomberg Dollar Spot Index fell 0.4%
- The euro rose 0.5% to $1.1377
- The British pound rose 0.4% to $1.3308
- The Japanese yen rose 0.8% to 142.37 per dollar
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Cryptocurrencies
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- Bitcoin fell 0.9% to $92,854.1
- Ether fell 2.1% to $1,758.98
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Bonds
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- The yield on 10-year Treasuries declined six basis points to 4.32%
- Germany’s 10-year yield declined five basis points to 2.45%
- Britain’s 10-year yield declined five basis points to 4.50%
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Commodities
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- West Texas Intermediate crude rose 1% to $62.88 a barrel
- Spot gold rose 1.3% to $3,330.32 an ounce
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—With assistance from John Viljoen, Sujata Rao, Robert Brand and Anand Krishnamoorthy.
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English (US)