Big tech earnings, US jobs data highlight busy week for markets
NEW YORK—A packed upcoming week for markets will test a US stocks rebound. Investors are focused on a wave of corporate results led by Apple and Microsoft. Meanwhile, the prospect of global trade developments threatens to cause volatility at any time.
The monthly US employment report, data on first-quarter US economic growth and an inflation update add to the potential market-sensitive events in the coming week.
This, as investors weigh whether the recent strength suggests the worst of a tariff-induced equities tumble is over.
With the S&P 500 on pace for a solid week of gains, the US benchmark index has pared its recent slide by about half but remains down some 10-percent from its February record high.
Sentiment for equities has been lifted this week by signals of easing in the Trump administration’s trade stance, including possible de-escalation with China.
But the situation remains fluid and fresh developments on tariffs could undermine the market gains.
“There seems to be some potential for compromise on the tariff situation,” which has supported the recent rally, said Michael Mullaney, director of global markets research at Boston Partners.
Sensitive to news
But stocks will remain sensitive to “the news flow that day,” Mullaney said. “If it’s positive on tariffs, the market goes up. If it’s negative on tariffs, the market goes down.”
Investors are bracing for more twists and turns on trade after President Donald Trump this month paused many of the heftiest import tariffs on other countries until July.
Trump’s pullback came after his April 2 announcement of sweeping levies set off severe stock volatility and rattled the bond market.
Tariff uncertainty will be a critical topic for upcoming corporate reports.
About 180 S&P 500 companies representing over 40 percent of the index’s market value are set to post quarterly results in the coming week, according to UBS.
Chief among them are Apple, Microsoft, Amazon and Meta Platforms. These are four of the “Magnificent Seven” megacap tech and growth companies whose shares have faltered in 2025 after putting up massive gains the prior two years.
With over one-third of S&P 500 companies having reported, profits are on pace to beat expectations for the period.
S&P 500 earnings are on pace to have climbed 9.7 percent in the first quarter from a year ago, up from an estimate of an 8 percent gain on April 1, according to LSEG IBES.
