U.S. stock futures were mixed early Wednesday, wrapping up a volatile April as investors braced for critical economic data and a flood of corporate earnings. At 06:00 ET (10:00 GMT), Dow Jones Futures rose slightly by 16 points (0.1%), while S&P 500 Futures fell 10 points (0.2%) and Nasdaq 100 Futures dropped 58 points (0.3%).
Despite gains in Tuesday’s session—the Dow rose 0.8% while the S&P 500 and Nasdaq each added 0.6%—April has been a turbulent month for equities. The S&P 500 briefly dipped into bear market territory earlier this month, though it has since pared losses and is now down just 0.9% for April. The Dow is on track to shed 3.5%, while the Nasdaq is poised to end the month up 0.9%.
Improving sentiment stems in part from easing trade fears. President Biden’s signing of two executive orders late Tuesday provided tax credits and tariff relief for auto manufacturers. The move, announced during a visit to Michigan, helped temper market anxieties ahead of a scheduled 25% tariff on auto parts. Commerce Secretary Howard Lutnick also hinted at a near-term trade agreement, which further lifted investor morale.
Key Economic Reports May Shift Outlook
Investors now turn their focus to a trio of high-impact economic indicators, expected to provide clarity on the health of the U.S. economy. These include:
- Q1 GDP Estimate – Projected to show the slowest growth since Q2 2022, with some economists predicting a potential contraction.
- Core PCE Inflation (March) – The Federal Reserve’s preferred gauge for underlying price pressures.
- ADP Employment Report (April) – An early barometer for broader job market trends.
Recent data paints a cautious picture. The Conference Board’s Consumer Confidence Index fell to its lowest level since May 2020, while March’s JOLTS report showed job openings dropped to 7.192 million from 7.48 million. These indicators suggest that trade policy uncertainty may already be affecting business sentiment and hiring.
Tech Giants Headline Earnings Blitz
Roughly one-third of S&P 500 companies are reporting earnings this week, with major tech names in the spotlight. After Wednesday’s closing bell, Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) are scheduled to release results.
Additional tech and industrial reports to watch:
- Thursday: Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN)
- Wednesday: Qualcomm (NASDAQ:QCOM), Caterpillar (NYSE:CAT)
These firms, especially the so-called “Magnificent Seven” tech stocks, have underperformed in 2025 despite driving market gains in previous years.
Meanwhile, crude oil prices continue to retreat—down over 15% in April—on the back of slowing global demand and weak factory data from China.
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