Stocks Set for Muted Open as Investors Await Key U.S. Economic Data and Big Tech Earnings, Trade Talks in Focus

June S&P 500 E-Mini futures (ESM25) are down -0.11%, and June Nasdaq 100 E-Mini futures (NQM25) are down -0.16% this morning as investors look ahead to earnings reports from some of the biggest tech heavyweights as well as key economic data, including the jobs report, the Fed’s favorite inflation gauge, and the first estimate of first-quarter GDP.

Investors are also keeping an eye out for any signs of progress in U.S. trade negotiations after President Trump indicated that another delay to his higher so-called “reciprocal” tariffs was unlikely.

In Friday’s trading session, Wall Street’s major equity averages closed higher. The Magnificent Seven stocks rallied, with Tesla (TSLA) climbing over +9% and Nvidia (NVDA) rising more than +4%. Also, Alphabet (GOOGL) gained over +1% after the Google parent reported stronger-than-expected Q1 results. In addition, Charter Communications (CHTR) surged more than +11% and was the top percentage gainer on the S&P 500 and Nasdaq 100 after the company posted better-than-expected Q1 results. On the bearish side, T-Mobile US (TMUS) plunged over -11% and was the top percentage loser on the Nasdaq 100 after the carrier reported fewer-than-expected new wireless phone subscribers in Q1. Also, Intel (INTC) slumped more than -6% after the struggling chipmaker gave a disappointing Q2 revenue forecast.

“Markets have staged an impressive recovery. While fears of a 2008- or 2020-style crisis are fading, the road back to record highs won’t be easy. Markets are showing resilience, but still face the same persistent challenges, including tariff uncertainty and signs of an economic slowdown,” said Mark Hackett at Nationwide.

Economic data released on Friday showed that the University of Michigan’s U.S. April consumer sentiment index was unexpectedly revised upward to 52.2 from the preliminary reading of 50.8, stronger than expectations of 50.6.

First-quarter corporate earnings season continues in full force, and investors await fresh reports from high-profile companies this week, including Apple (AAPL), Amazon.com (AMZN), Microsoft (MSFT), Meta Platforms (META), Visa (V), Coca-Cola (KO), Pfizer (PFE), Qualcomm (QCOM), Caterpillar (CAT), Eli Lilly (LLY), Mastercard (MA), McDonald’s (MCD), Exxon Mobil (XOM), and Chevron (CVX). According to Bloomberg Intelligence, companies in the S&P 500 are expected to post an average +6.7% increase in quarterly earnings for Q1 compared to the previous year.

Market watchers will also closely monitor a slew of key U.S. economic data this week. The first estimate of U.S. first-quarter gross domestic product will show how much the expectation of trade tariffs affected the economy between January and March. The April Nonfarm Payrolls report and the latest reading of the core personal consumption expenditures price index, the Fed’s preferred inflation gauge, will similarly attract attention. Other noteworthy data releases include the U.S. JOLTs Job Openings, the Conference Board’s Consumer Confidence Index, the S&P/CS HPI Composite - 20 n.s.a., ADP Nonfarm Employment Change, the Employment Cost Index, the Chicago PMI, Pending Home Sales, Personal Spending, Personal Income, Initial Jobless Claims, the ISM Manufacturing PMI, the S&P Global Manufacturing PMI, Construction Spending, Average Hourly Earnings, Factory Orders, and the Unemployment Rate.

Interest-rate setters are in a media blackout period before the May 6-7 policy meeting, so they are prohibited from making public comments this week.

U.S. rate futures have priced in a 93.1% probability of no rate change and a 6.9% chance of a 25 basis point rate cut at next week’s monetary policy meeting.

The U.S. economic data slate is largely empty on Monday.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.260%, down -0.14%.

The Euro Stoxx 50 Index is up +0.49% this morning as investors digest M&A news, await potential tariff developments, and brace for major earnings and key economic data. Automobile and bank stocks led the gains on Monday. Market sentiment was also bolstered by signs of easing global trade tensions, with U.S. President Donald Trump indicating a willingness to lower Chinese tariffs and Beijing exempting some U.S. goods from its 125% levies. Meanwhile, European Central Bank policymaker Francois Villeroy de Galhau stated on Monday that the ECB remains on course to return Eurozone inflation to its 2% target, and has room to cut interest rates as growth weakens amid higher U.S. tariffs. Investors are keenly awaiting the Eurozone’s preliminary GDP data for the first quarter as well as the flash inflation reading for April later in the week. In corporate news, Deliveroo Plc (ROO.L.EB) surged over +16% after the British meal delivery company announced on Friday that it had received a takeover proposal from DoorDash on April 5th. Also, Banca Generali Spa (BGN.M.DX) climbed more than +7% after Mediobanca launched a surprise 6.3 billion euro ($7.2 billion) takeover bid for the wealth manager.

The European economic data slate is mainly empty on Monday.

Asian stock markets today settled mixed. China’s Shanghai Composite Index (SHCOMP) closed down -0.20%, and Japan’s Nikkei 225 Stock Index (NIK) closed up +0.38%.

China’s Shanghai Composite Index ended lower today as investors showed a muted response to Chinese authorities’ reiteration of the government’s commitment to stimulate growth. Property stocks led the declines on Monday. Also, uncertainty lingered around U.S.-China trade negotiations, although U.S. President Donald Trump indicated a willingness to reduce Chinese tariffs, and Beijing granted some exemptions on U.S. imports from its 125% levies. Data released on Sunday by the National Bureau of Statistics showed that profits at China’s industrial firms rose by 2.6% in March from a year earlier, fueled by higher income from the high-technology manufacturing sector and highlighting economic resilience amid trade tensions with the U.S. Meanwhile, China’s Finance Minister Lan Fo’an said the country will implement more proactive and effective policies to meet its growth target and “bring stability and impetus to the global economy,” according to a statement posted on the ministry’s website on Saturday. Chinese officials on Monday reiterated their commitment to bolstering support for employment and the economy. The vice head of China’s state planner expressed “full confidence” on Monday that the world’s second-largest economy would meet its economic growth target of around 5% for 2025, promising the rollout of new policies over the second quarter. The People’s Bank of China also stated that it will maintain ample liquidity in the markets and lower banks’ reserve requirements and interest rates in a “timely manner.” Investor focus this week is on China’s PMI data for April, with readings expected to dip due to trade tensions and a normalization following a seasonal bump in March. In corporate news, BYD slumped about -4% in Hong Kong after analysts projected that the EV maker’s profit per vehicle would decline.

Japan’s Nikkei 225 Stock Index closed higher today, extending its advance for the fourth straight session as progress in trade talks and a slightly weaker yen boosted sentiment. The benchmark index posted a four-day winning streak for the first time since January. Automobile stocks led the gains on Monday. Investors continue to closely monitor trade negotiations between the U.S. and Japan, which seem to be making progress. On Friday, U.S. President Donald Trump stated that a tariff agreement with Tokyo is very close. Japan’s top negotiator, Ryosei Akazawa, is set to be in Washington from Wednesday for a second round of talks. Meanwhile, investors are also looking ahead to the Bank of Japan’s two-day policy meeting starting Wednesday. The BOJ is widely expected to keep its policy rate steady at 0.5%, but it remains on a rate-hike path due to strong domestic fundamentals, according to Barclays economists. In other news, Japan and Vietnam agreed to enhance bilateral trade and uphold global rules on the free flow of goods after Japanese Prime Minister Shigeru Ishiba met with Vietnamese leaders in Hanoi. In corporate news, Toyota Motor climbed over +3% after Bloomberg reported that the carmaker’s chairman, Akio Toyoda, had proposed a buyout of Toyota Industries in a potential 6 trillion yen ($42 billion) deal. At the same time, Advantest slumped more than -4% after the chip-testing equipment maker gave a downbeat profit forecast. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed down -0.10% to 28.81.

Pre-Market U.S. Stock Movers

Nvidia (NVDA) fell over -1% in pre-market trading after the Wall Street Journal reported that China’s Huawei Technologies was preparing to test its latest and most powerful AI processor, aiming to replace some higher-end products of the U.S. chip giant.

Chipotle Mexican Grill (CMG) slid nearly -1% in pre-market trading after Argus downgraded the stock to Hold from Buy.

Boeing (BA) gained more than +1% in pre-market trading after Bernstein upgraded the stock to Outperform from Market Perform with a price target of $218.

Progressive (PGR) rose over +1% in pre-market trading after BofA upgraded the stock to Buy from Neutral with a price target of $312.

Amplify Energy (AMPY) soared more than +17% in pre-market trading after announcing the termination of its merger agreement with Juniper Capital Advisors.

You can see more pre-market stock movers here

Today’s U.S. Earnings Spotlight: Monday - April 28th

Welltower (WELL), Waste Management (WM), Cadence Design (CDNS), Roper Technologies (ROP), NXP Semiconductors N.V. (NXPI), Fomento Economico Mexicano (FMX), Brown & Brown (BRO), Nucor (NUE), SBA Communications (SBAC), Cincinnati Financial (CINF), Domino’s Pizza Inc (DPZ), F5 Networks (FFIV), Alexandria RE (ARE), Teradyne (TER), Revvity (RVTY), Universal Health Services (UHS), Woodward (WWD), Crown (CCK), Crane (CR), Brixmor Property (BRX), Simpson Manufacturing (SSD), Rambus (RMBS), Nov (NOV), Sanmina (SANM), Amkor (AMKR), CNO Financial (CNO), Ameris (ABCB), Alliance Resource (ARLP), Noble (NE), PotlatchDeltic (PCH), COPT Defense Properties (CDP), BankUnited (BKU), Transocean (RIG), CVR Energy (CVI), SJW (SJW), Northwest Bancshares (NWBI), Opera (OPRA), Netstreit (NTST), Two Harbors (TWO), InMode (INMD), Harmonic (HLIT), Ultra Cleans (UCTT), Firstsun Capital Bancorp (FSUN), Leggett&Platt (LEG).