Stock Market Update | Dow, S&P 500, NASDAQ News – April 29, 2025 at 03:03 PM

Wall Street was headed for a muted open with the S&P 500 on a five-session winning streak, however, it was tracking lower for the month. Honeywell shares rose by 4% as the industrial company reported a positive quarter, while Starbucks is expected to report on China’s issues. Coca-Cola maintained their full-year forecast in spite of tariffs, and Novo Nordisk plans to offer its weight loss drug Wegovy via various platforms, causing shares to soar by 30%.

Although Amazon received a cut in its price target from UBS analysts, the stock’s downturn is believed to be due to fears of a tariff-induced slowdown. UPS reported quarterly earnings beat but also reduced 20,000 jobs and closed 73 leased and owned buildings to decrease costs.

General Motors also reported quarterly earnings and revenue beats but cited tariffs as a reason for reassessing guidance. Meanwhile, Warren Buffett is expected to hold Berkshire Hathaway’s annual meeting on Saturday.

Various companies like Spotify, General Motors, Hims & Hers Health, Royal Caribbean and Deutsche Bank made major headlines in midday trading due to a range of reasons such as disappointing results, earnings report, weight loss drug sales, mixed results in the first quarter and a surge in profit.

Regeneron, a biotech company, slid by 8.8% after a poor first-quarter earnings report and a reduction in its full year outlook. In contrast, Honeywell saw a rally of 4.5% due to better-than-expected earnings for the first quarter and Pfizer’s shares rose by 3% in the wake of the announcement of an expansion of cost-cutting initiatives.

U.S. Commerce Secretary Howard Lutnick stated that a substantial trade deal has been reached but is waiting on approval from the unnamed country’s leaders. He did not reveal the country involved but clarified that he was not dealing directly with China, setting the stock market up for a high.

Lastly, Shift4 shares rose more than 10% after the company reported better-than-expected first-quarter results and increased their full-year guidance. Other fintech stocks like Upstart Holdings also saw a surge, while PayPal reported strong earning beats.

Investors want to be aware of five important activities shaping trading decisions. First, there’s the ongoing tariff standoff between the US and China, with China denying that it is in talks to reach a trade deal, contradicting President Trump’s suggestions. Chinese e-retailer, Temu, has begun adding “import charges” of some 145% in response to Trump’s tariffs.

Secondly, Amazon’s Project Kuiper, aimed at competing with Elon Musk’s Starlink, has started with the successful launch of its first batch of internet satellites. The Federal Communications Commission expects Amazon to have half of its total satellites, or 1,618 units, launched by July 2026.

Uber is calling its employees back into the office, necessitating their physical presence for at least three days a week starting in June in a bid to improve overall operational efficiency.

The S&P 500 experienced a nosedive of 9% in the week when Trump rolled out his new “reciprocal” levies. But Wells Fargo Investment Institute’s Edward Lee suggests that market volatility usually opens opportunities for substantial gains, and recommends investors stick around for the bumpy ride.

Lastly, Amazon, following backlash from the White House, will not display import costs on its Haul platform as initially intended.

Consumer outlook has reached its nadir since 2011 due to worries about tariffs, with sentiment about employment reaching levels last seen during the global financial crisis. The Conference Board’s Consumer Confidence Index fell to 86. The board’s expectations index rolled down to 54.4, matching readings consistent with a recession.

Meanwhile, tariffs have kicked off fears with recession expectations touching a two-year high. The Job Openings and Labor Turnover Survey for March showed 7.19 million jobs, down from 7.48 million in February, falling short of Wall Street’s expectation. The reduction in job openings in government sectors and transportation, warehousing and utilities was a direct consequence of President Trump’s efforts to cut down the federal workforce.