This past week was an absolute bloodbath in the stock market, as the tariffs enacted on “Liberation Day” sent the market into freefall. Stocks like Restoration Hardware fell as much as 40% in a single day, with the indices having one of the worst weeks in recent history. The Dow was down 7.46%, the Nasdaq was down 8.06%, the S&P was down 8.08%, and the Russell was down 8.10% on a week-over-week basis. Although the market was getting slaughtered last week, toward the end of the day on Friday, we did hear an interesting tidbit of information!
We had quite a few important economic data releases last week, including the JOLTS report, which missed expectations by about 100k jobs. Additionally, the unemployment rate came in a bit higher than anticipated, at 4.2%, compared to an anticipated 4.1%. This, of course, did not help slow the freefall that we saw toward the end of last week. However, there was a glimpse of light that provided a significant boost to certain retail stocks, like Nike and Lululemon, on Friday. That was that leadership in Vietnam indicated to the White House that they would like to cut tariffs on US imports into Vietnam to 0%.
As if there wasn’t enough going on last week, we’ve got another jam-packed week ahead of us. We kick things off on Monday with consumer credit, followed by the FOMC meeting minutes on Wednesday. We then receive CPI data on Thursday, as well as PPI and consumer sentiment data on Friday. These economic data releases will, of course, be supplemental to all of the tariff-related news headlines that we will be bound to see throughout the week!
This week is the week that earnings season begins, as we have the big banks and some other enormous companies reporting their earnings, such as:
04/07 – Levi Strauss (LEVI)
04/09 – Constellation Brands (STZ), Delta Air Lines (DAL)
04/10 – CarMax (KMX), Walgreens Boots Alliance (WBA)
04/11 – J P Morgan Chase (JPM), Wells Fargo (WFC), Progressive (PGR), BlackRock (BLK), The Bank of New York Mellon (BK), Fastenal (FAST)
Although there aren’t many notable earnings releases this week, the ones we see will be very important! DAL will give us a great idea of the travel market and how the average consumer is faring.
Additionally, the big banks, like JPM, WFC, BLK, and BK, will give us a great idea of how the overall economy is doing and what their outlook for the year looks like! Lastly, it will be important to pay attention to what PGR has to say, as they are one of the largest insurers in the US!
Monitoring the market conditions this week.
Want to stay in the know? Want tips delivered right to your inbox? Simply provide your email address below and you’ll get a high-value newsletter, designed to help you trade stronger.
