Everything to Know about Macro and Markets
Following a rocky start to April, U.S. markets bounced back and closed the week on a strong note. On Friday, the S&P 500 (SPX) gained 1.8%, while the Dow Jones Industrial Average (DJIA) surged 619 points (1.6%). Meanwhile, the tech-heavy Nasdaq Composite (NDAQ) rose 2.1%. For the week, the S&P 500 climbed 5.7%, the Dow added 5%, and the Nasdaq jumped 7.3%, marking their best weekly performances since November 2023.
U.S. markets had a bumpy ride last week. Stocks opened lower on Monday as new tariffs hit and worries grew over trade ties with China. But things turned around midweek. On April 9, the U.S. put a 90-day pause on all new tariffs set on “Liberation Day,” which helped lift the major indexes. Also, on Friday night the White House announced major tariff exemptions for key electronics like phones and laptops, giving tech stocks a lift.
Adding to the positive momentum, Boston Fed President Susan Collins reassured investors that the central bank would act as needed to maintain financial stability. These updates cheered investors, helping the S&P 500, Dow, and Nasdaq all post solid gains by Friday. Still, with trade talks up in the air, markets may stay volatile in the weeks ahead.
Stocks That Made the News
▣ The “Magnificent Seven” saw sharp swings last week amid rising U.S.-China trade tensions. Apple (AAPL) initially dropped on tariff concerns but rallied 4% on Friday—its best single-day performance since 1998—helping it recover some losses and hover just below its $3 trillion valuation. Nvidia (NVDA) and Microsoft (MSFT) also rebounded, though the group still lost hundreds of billions in market value during the week’s volatility.
▣ China-exposed chipmakers faced a challenging week, with Monolithic Power (MPWR), Texas Instruments (TXN), and Intel (INTC) falling between 5% and 9%. However, Qualcomm (QCOM) bucked the trend with a 7% gain. Even so, trade concerns continued to pressure the broader semiconductor sector.
▣ Several major financial firms posted their earnings on Friday, bringing some relief to investors after a shaky week. JPMorgan Chase (JPM) and Morgan Stanley (MS) ended the week in green, thanks to resilient quarterly earnings reports. Meanwhile, Wells Fargo (WFC) dropped after the bank reported a decline in net interest income.
▣ Oil rebounded on Friday but still ended the week lower, marking its second straight weekly decline as U.S.-China trade tensions fueled market volatility. Energy stocks rallied alongside crude, with Occidental Petroleum (OXY) up 3.29%, ConocoPhillips (COP) gaining 3.72%, and Chevron (CVX) rising 0.48%. Despite Friday’s gains, all three remain well below their recent highs.
Upcoming Earnings and Dividend Announcements
The Q1 2025 earnings season is underway, led by earnings releases from financial firms such as Goldman Sachs (GS), Bank of America (BAC), and Citigroup (C). Also in focus this week are the reports of Johnson & Johnson (JNJ), United Airlines Holdings (UAL), Netflix (NFLX), Taiwan Semiconductor Manufacturing (TSM), Charles Schwab (SCHW), among others.
Ex-dividend dates are coming this week for Immersion (IMMR), Hormel Foods (HRL), AbbVie (ABBV), Abbott Laboratories (ABT), EOG Resources (EOG), Oxford Lane Capital (OXLC), Colgate-Palmolive (CL), GE Vernova Inc. (GEV), and other dividend-paying firms.
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