Stocks were slightly up at open on Monday ahead of major earnings reports, including for the Magnificent Seven.
The market looked to bounce even as tariffs remained a key issue that investors are increasingly seeing as a source of major uncertainty. The S&P 500 opened 0.28% up, while the Dow Jones Industrial Average gained 0.45% and Nasdaq added 0.21%.
Across the market, Bitcoin (BTC) was up nearly 2% above $95k and gold +0.3% around $3,307 per ounce.
However, the U.S. Treasury yields also remained high on Monday, with the benchmark 10-year Treasury yield up 2 basis points to 4.29%. Meanwhile, the 2-year Treasury yield was at 3.76%.
Tariffs, earnings and economic data key this week
The S&P 500, Dow Jones Industrial Average and Nasdaq futures had slipped ahead of U.S. markets opening on April 28, with focus in the week set on upcoming Big Tech earnings.
As well as tariffs, still an area of notable uncertainty, the market will also be keen releases on the economic data front.
While President Donald Trump’s tariffs remarks and an easing of pressure on Federal Reserve chair Jerome Powell helped Wall Street extend weekly gains last week, the U.S.-China trade war situation remains largely cloudy.
“I think there is a quiet, bubbling frustration about the status of these negotiations and the status of tariffs,” Jake Sherman, founder of Punchbowl, told CNBC’s ‘Squawk Box’.
Focus through the week will however not be just on the tariffs corner.
Earnings and Fed’s personal consumer expenditure will highlight the week. Notable quarterly financial results investors are likely to pay attention to are from the Magnificent 7 that includes Big Tech giants Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Meta (META).
“Markets have rebounded very nicely off the lows,” said Stephanie Link, chief investment strategist, head of investment solutions at Hightower Advisors. “I think we can continue to rally if earnings continue to be good.”
The earnings come through the week, while PCE data, Fed’s preferred inflation gauge, will be out on Wednesday April 30.