Markets have been on a roller coaster ride since President Donald Trump declared “Liberation Day,” setting off a series of tariffs, revocations, reimpositions, retaliatory strikes and exemptions.
U.S. stock indexes fluctuated wildly in the week ended April 11, but ultimately recovered some of their losses. The S&P 500 closed up 8.2% for the week, and the Dow Jones Industrial Average came close to a record high but ended up just 6%. The Nasdaq benefited from bargain hunting in large technology stocks, closing about 12% above Monday’s low.
On Friday, banks reported first-quarter earnings, giving investors a glimmer of reality: JPMorgan Chase (JPM), BlackRock (BLK) and Morgan Stanley (MS) all reported strong results but were cautious about the economic outlook. Meanwhile, consumer confidence fell to its lowest level since 2022.
Risk aversion persists. Gold prices surged to an all-time high of $3,254.90 an ounce on Friday, and the 10-year Treasury yield surged to 4.57%, the biggest weekly gain in decades. Analysts pointed to growing concerns about policy volatility, while the Wall Street Journal noted that hedging activity is increasing and foreign investors are pulling out of U.S. bonds.
Another critical week has arrived, with major companies in the financial, healthcare, media and logistics sectors set to report earnings. Earnings from Goldman Sachs (GS), Netflix (NFLX), Johnson & Johnson (JNJ), UnitedHealth (UNH), CSX (CSX) and Kinder Morgan (KMI) will shed new light on everything from mergers and acquisitions to supply chains and consumer streaming preferences.
Here’s what to watch this week.
Monday, April 14
Goldman Sachs kicks off the week. Investors will be watching its earnings for updates on trading plans, market volatility and risk appetite.
Tuesday, April 15
Tuesday will see a slew of important reports across sectors. Bank of America (BAC) and Citigroup (C) will provide fresh insights into lending conditions, consumer credit health, and deal activity. Meanwhile, United Airlines (UAL) is expected to provide a report on travel demand and cost pressures.
Import and export price indexes are also expected to fall in March, providing clues to tariff effects and supply chain inflation.
Wednesday, April 16
Headlines from Abbott Laboratories (ABT), U.S. Bancorp (USB), Kinder Morgan, and CSX. Together, they will provide signals on health care demand, regional banking stress, infrastructure activity, and the condition of freight and transportation networks.
The March retail sales report, due this morning, could have implications for household spending.
Thursday, April 17
Thursday will feature a slew of corporate and economic data that could move markets.
Investors will be watching UnitedHealth Group’s results for signals on health care costs, while Netflix’s results will reveal global streaming demand and subscriber trends amid economic uncertainty. Results from American Express (AXP) will provide data on consumer and business spending, especially among higher-income households.
Meanwhile, the weekly initial jobless claims report for the week ending April 12 will provide a timely check on the stability of the labor market.
Friday, April 18
U.S. financial markets are closed for Good Friday.
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