MARKET WRAP

Equities started the day higher, turned red until mid day, then caught steam into the close to finish flat. For the Day: SPX +0.06% QQQ -0.03% and IWM +0.38%. Despite a relatively narrow trading range compared to recent weeks, intraday market sentiment still showed that it can shift rapidly, especially as investors await a busy week of earnings reports and key economic data releases. Outside of equities, the US10Y yield declined further, to 4.21%. Gold was higher, oil was lower. The dollar was down slightly. DXY is back below 99.

• MRKT Call: Dan and Guy preview a very busy week of economic data and mega cap earnings.

MRKT MATRIX

Today’s Top Stories:

• S&P 500 is little changed as traders await Big Tech earnings, trade deals ⁠(CNBC)⁠

• The worst (and best) stocks during Trump’s tough first 100 days ⁠(CNBC)⁠

• How tariffs can cause a recession ⁠(Axios)⁠

• Trump China Tariffs Set to Unleash Supply Jolt on US Economy (⁠Bloomberg⁠)

• US Shoppers Pay for Trump Tariffs on Temu, Doubling Some Prices (⁠Bloomberg⁠)

• Trump Floats New Income Tax Cut in Bid to Ease Tariffs Bite (⁠Bloomberg⁠)

• America Inc. Slashes Spending as Tariff Uncertainty Swirls (⁠WSJ⁠)

• China’s Huawei Develops New AI Chip, Seeking to Match Nvidia (⁠WSJ⁠)

• Meta’s ‘Digital Companions’ Will Talk Sex With Users–Even Children (⁠WSJ⁠)

Today’s MRKT Call is Presented by MoneyLion

Investors Brace for Epic Week of Earnings

Live from the MoneyLion studio, Dan and Guy preview a very busy week of economic data and mega cap earnings. A look at the rally to this point, what’s next from here, and a look at the set-ups of some of the more important names reporting this week.

Analysis: SPX, GOOGL, BAC, US10YY, USDJPY, DXY, MCD, YUM, CMG, SBUX, UPS, META, MSFT, AAPL,

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Today’s RiskReversal Podcast is Presented by CME Group and SoFi

What’s Next?

Alphabet (GOOGL) reported strong earnings late last week — beating estimates and delivering generally positive news. Initially, the stock reacted with a sharp move higher. But two trading sessions later, GOOGL has essentially given up all of those post-earnings gains, even as the broader market has grinded higher.

That divergence raises some important questions. Was this just a "sell the news" moment after the market’s recent bounce, or something more meaningful into other mega cap earnings reports? It’s worth remembering that this quarter’s earnings reports reflect mostly before the tariff news cycle went chaotic. Many of the real impacts from tariffs confusion, are only just beginning to show up.

In that light, GOOGL’s failure to hold gains from a good report could be an early warning, we’ll see. Stocks may remain more tethered to the evolving news cycle — on trade, tariffs, and global growth — than on their quarterly performance. Something to watch for as AAPL, MSFT, AMZN and more report this week.

Tomorrow’s Earnings with Expected Moves:

• Pre-Market: 

  • SOFI 11%, 

  • PYPL 7.5% 

  • SPOT 10% 

  • PFE 3.7% 

  • KO 3%, 

  • UPS 7%

  • GM 6%

  • JBLU 11%

• After Hours: 

  • SBUX 7%

  • SNAP 17%

  • V 4%

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