Market Wrap: S&P 500 Raises For Sixth Straight Day - Tuesday, April 29th

U.S. equities closed higher Tuesday, with the S&P 500 logging its sixth straight session of gains. Investor sentiment was buoyed by renewed optimism around trade developments, which helped offset a string of disappointing macroeconomic releases.

Lutnick Fuelled Rally

A key turning point in the session came from Commerce Secretary Howard Lutnick, who told CNBC,

“I have a deal done, done, done, done, but I need to wait for their prime minister and their parliament to give its approval, which I expect shortly.”

While Lutnick didn’t name the counterpart, prior remarks from Treasury Secretary Scott Bessent strongly point to India. Equities rallied following the interview.

Lutnick: One trade deal is done, but waiting on approval from unnamed country's leaders

JOLTS Job Openings and Consumer Confidence Slips

On the economic front, signs of labor market weakness continued to emerge. The March JOLTS report revealed job openings fell to 7.192 million—below the consensus forecast of 7.48 million. Meanwhile, the Conference Board’s Consumer Confidence Index dropped to 86.0 in April, missing expectations (87.7) and hitting a five-year low, highlighting growing concerns about the strength of consumer demand heading into the summer.

• 10:00 AM ET - JOLTS Job Openings (March) - Forecast: 7.48M | Previous 7.568M | Actual 7.192M
• 10:00 AM ET - Consumer Confidence (April) - Forecast: 87.7 | Previous: 92.9 | Actual 86.0

Amazon Backs Off Tariffs Cost Display Plan

Amazon (AMZN) came under early pressure following comments from White House Press Secretary Karoline Leavitt, who criticized the company’s alleged plan to display tariff-related costs alongside product prices, calling it “a hostile and political act.” While Amazon later denied the policy was under consideration, shares saw an intraday dip before partially recovering.

Amazon Photo by Marques Thomas on Unsplash

GDPNow Sinks Deeper Ahead of Key Q1 Data

The Atlanta Fed’s GDPNow model saw another downward revision on Tuesday, cutting its Q1 real GDP growth estimate to -2.7% from -2.4% last week. The update underscores the market's sensitivity to tomorrow’s advance Q1 GDP print, with consensus estimates expecting a more modest 0.4% gain versus 2.4% in the previous quarter.

On the Radar: Wednesday Preview

Markets gear up for a data-heavy Wednesday morning:

• 08:15 AM ET – ADP Employment Report (Apr): Forecast 110K | Prior: 155K
• 08:30 AM ET – GDP (Q1): Forecast 0.4% | Prior: 2.4%
• 10:00 AM ET – Core PCE Price Index (Mar): Forecast 0.1% | Prior: 0.4%

Earnings will also be in focus, with Meta, Microsoft, and Qualcomm reporting after the close, and Caterpillar and UBS due before the bell.

Stay tuned to the Market Page for in-depth analysis and real-time updates.