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Tech Titans and Economic Data: What’s Moving Markets This Week

The week ahead promises a flood of market-moving events as tech giants release earnings reports, President Trump reaches his 100-day milestone, and critical economic indicators hit the headlines. These factors will likely determine market sentiment as we enter May.

Four of the “Magnificent Seven” tech behemoths – Microsoft, Meta, Apple, and Amazon – are scheduled to report their quarterly performance. This comes as U.S. markets showed strength last week, with the S&P 500 gaining 2.7%.

Apple, currently the world’s highest-valued public company, reports Thursday while navigating Trump’s tariff policies. With approximately 90% of Apple products made in China, the company faces unique exposure to trade tensions. Apple stock jumped last week after being included among tech companies receiving tariff exemptions.

Amazon will also report Thursday, having recently been downgraded by Raymond James analysts due to China trade concerns. Microsoft reports Wednesday following a quarter where its cloud segment underwhelmed investors. Meta’s Wednesday report comes as the company battles an FTC antitrust case.

Corporate America’s Health Check

Beyond tech, the earnings calendar features companies across multiple sectors. Energy giants ExxonMobil XOM, Chevron CVX, and Shell SHEL report Friday, with Exxon already warning about potential earnings impacts from lower oil prices.

Consumer-focused enterprises like Coca-Cola KO, McDonald’s MCD, and Starbucks SBUX will provide valuable insights into spending patterns. Financial sector reports include Visa V, Mastercard MA, HSBC, UBS, and PayPal PYPL.

Cryptocurrency watchers will focus on MicroStrategy (formerly Strategy) when it reports Thursday. The bitcoin-buying company posted bigger losses than expected last quarter.

Other companies reporting include General Motors GM, Pfizer PFE, AstraZeneca AZN, Novartis NVO, Eli Lilly LLY, Amgen AMGN, Caterpillar CAT, and Airbnb ABNB. With over 60% of S&P 500 companies reporting by week’s end, this stretch will prove crucial for market direction.

Economic Calendar Packed with Key Data

The week brings several high-impact economic reports that could influence Federal Reserve policy. Friday’s April jobs report will attract attention after March showed surprising job growth despite a slight uptick in unemployment.

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Source: Forex Factory

The Personal Consumption Expenditures (PCE) report, the Fed’s preferred inflation gauge, will be released after February’s reading met expectations but stayed above the central bank’s 2% target.

Wednesday marks President Trump’s 100th day in office, coinciding with the release of first-quarter GDP data. The prior quarter’s GDP growth fell below expectations. Trump has increased pressure on Fed Chair Powell regarding interest rates, though he confirmed no plans to remove Powell.

Market Sentiment Improving

U.S. equities rallied broadly last week. The S&P 500 rose 2.7%, the Nasdaq Composite gained 3.0%, and the Dow Jones Industrial Average added 2.2%. This rally followed easing trade tensions after the administration softened its tariff rhetoric.

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S&P 500 INDEX (^SPX)

Concerns about Federal Reserve independence also cooled. Treasury yields have stabilized within the 4.0%-4.5% range, reflecting this improved sentiment.

The S&P 500 has climbed 10% from its April low but remains about 10% below its February peak. Without final trade agreements, market watchers expect continued volatility.

Consumer confidence data (Tuesday) and the advanced trade balance report will provide further insights into tariff policy impacts. Housing market health will be assessed through home price index and pending sales reports.

This week represents a critical juncture for markets as investors process corporate performance data alongside economic indicators while monitoring ongoing trade policy developments.

Technical Analysis

Analyst Trader Edge noted that the S&P 500 rallied more than 8% last week, reaching a critical resistance level. Looking ahead, he outlined two potential paths. On the bullish side, if the index can break above the key $550 level and turn it into support, we could see a move toward $275. On the flip side, a rejection at current levels might lead to a pullback toward the $529 support zone. With a packed week of earnings reports and economic data on deck, it should be an interesting week – buckle up!

$SPY rallied over 8% last week, testing a key resistance level on Friday

Two possible scenarios for next week...

🟢 Flip $550 into support and push up towards $275
🔴 Reject from $550 and test support at $529$SPX $ES pic.twitter.com/PaLIL9fhSP

— Trader Edge (@Pro_Trader_Edge) April 27, 2025

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