The markets are showing wavering confidence in the trade deal potential, with all three of the major stock market averages most recently trading mixed. At last check, the SPDR S&P 500 ETF (SPY) is modestly lower. Technology as a sector is rising on the day ahead of some Big Tech earnings reports this week, including Meta Platforms, which is due out on Wednesday after the closing bell.
Amazon (Nasdaq: AMZN), which has a heavy weighting in the S&P 500 index, is getting punished after plans to reportedly publish tariff-related cost hikes on its website, triggering a response from the White House, which called the e-commerce’s move a “hostile and political act.”
Big 3 automaker General Motors (NYSE: GM), yet another S&P 500 component, surpassed Wall Street estimates with its Q1 results, extending a trend from corporate America this earnings season. Here’s the rub. GM revealed it will be reassessing its full-year outlook and suspending its share repurchase program, sending shivers down the spines of the markets and causing the stock to fall by over 2%. The auto sector has been ground zero for retaliatory tariffs, in response to which the Trump Administration has emphasized 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 28.61 (+0.07%)
Nasdaq Composite: Down 36.72 (-0.21%)
S&P 500: Down 11.04 (-0.20%)
Corporate Earnings & Wall Street Scoreboard
Coca-Cola (NYSE: KO) reported better-than-expected Q1 results and maintained its its full-year guidance in a display of confidence in the face of tariff uncertainty. Beverage peer PepsiCo (NYSE: PEP) recently lowered its earnings outlook in anticipation of tariff-related impacts.
Evercore ISI remains bullish on Apple (Nasdaq: AAPL) stock, reiterating its “buy” rating with a $250 price target amid expectations the iPhone maker’s strategic approach should offset any impact from the tariff costs.
Piper Sandler has reiterated its “overweight” rating on Nvidia (Nasdaq: NVDA) even in the face of heightened tariff tensions between the U.S. and Beijing. The analyst firm is impressed by Nvidia’s strong market relationships, making it a top large-cap selection.
UBS has reiterated its “buy” rating on Amazon (Nasdaq: AMZN) despite reducing the price target to $253 from $272 in anticipation of what it called “potential demand destruction.”
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