The markets are holding out for more tariff deal progress, digging in their heels and nearly standing still in the meantime. The three major stock market averages are moving fractionally in either direction, with the Nasdaq Composite posting slight declines alongside the S&P 500 while the Dow Jones Industrial Average is eking out modest gains. Sectors of the economy are evenly split between red and green, with real estate moving higher and consumer discretionary stocks headed lower.
Amazon (Nasdaq: AMZN) is getting some unwanted attention after the White House took aim at the tech giant, calling its reported plans to list tariff cost impacts on its site as a “hostile and political act.”
Big 3 automaker General Motors (NYSE: GM) reported better-than-expected quarterly results while reassessing its full-year outlook, sending the stock lower by 1.5%. GM and the auto sector have targets on their backs at the height of the tariff wars, in response to which the former Dow component has suspended all share buyback programs. The White House has affirmed its plans to provide tariff relief to the auto sector.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 138.11 (+0.36%)
Nasdaq Composite: Down 67.15 (-0.40%)
S&P 500: Down 10.23 (-0.19%)
Earnings & Analyst Calls
Coca-Cola (NYSE: KO) surpassed Q1 expectations on the top and bottom lines and is keeping its full-year guidance intact amid expectations that it will be able to manage any tariff-related fallout, including rising aluminum costs. Rival company PepsiCo (NYSE: PEP) recently lowered its earnings forecast due to the tariff impact.
Evercore ISI has reiterated its “outperform” rating on Apple (Nasdaq: AAPL) stock with a $250 price target, suggesting the company’s strategies should help it to offset any impact from the tariff frenzy.
Piper Sandler has reiterated its “overweight” rating on Nvidia (Nasdaq: NVDA), saying that the China tariff uncertainties notwithstanding, the AI leader’s strong market relationships give the stock a place in the analyst firm’s top large cap pick universe.
UBS has reiterated its “buy” rating on Amazon (Nasdaq: AMZN) but lowered the price target to $253 from $272, owing to what it described as “potential demand destruction.”
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