Today was an unexciting day for stock investors as the major indices—the Nasdaq 100 (QQQ), the S&P 500 (SPY), and the Dow Jones Industrial Average (DIA)—finished today’s trading mixed. Interestingly, the trading session was led by the technology sector (XLK), while the consumer staples sector (XLP) was the session’s laggard. In addition, across all three ETFs, trading volume was lower than the average.
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Separately, the U.S. economy showed mixed signals in April, with manufacturing activity continuing to contract despite signs of improvement. Indeed, the Empire State Manufacturing Index, which tracks business conditions in New York, rose to -8.1 from -20 in March. This was better than expected but still in negative territory. According to the New York Fed, new orders and shipments fell again, and companies faced rising input and selling prices. As a result, for the first time since 2022, business sentiment turned pessimistic.
At the same time, import and export prices showed signs of easing. U.S. import prices fell by 0.1% month-over-month in March for the first drop since September 2024 due to a 2.3% decline in fuel prices. However, when excluding fuel, import prices rose slightly for the second month in a row. Export prices were flat in March and have remained stable in recent months. Over the past year, export prices rose 2.4%, while agricultural export prices rose 1.4%, thanks to higher soybean prices despite weaker prices for wheat and rice.
Meanwhile, JPMorgan Chase CEO Jamie Dimon warned that the growing trade tensions could damage how the world sees the U.S. economy. In an interview with the Financial Times, he said that President Trump’s rising tariffs might make America seem less dependable as a global leader.
As a result, Dimon urged the U.S. and China to have serious trade talks and also encouraged building stronger relationships with key allies like Europe, Japan, and Australia. He pointed out that recent sharp moves in the Treasury market show that investors are nervous, and he stressed the importance of rebuilding trust in the U.S. as a stable and reliable economic partner.