Market Wrap: Wall Street Rebounds, Earnings, Trade Talks and Economic Data in Focus - Monday, April 28th

Wall Street staged a late-session rally on Monday, erasing a 1% decline in S&P 500 as traders positioned for a crucial week in earnings and economic news. Boeing and IBM helped lift the Dow on Monday, offsetting losses in Nvidia, which fell after reports of Huawei’s new AI chip sparked fresh competition concerns. This week will be one of busiest as the tech giants Microsoft, Apple, Meta, and Amazon prepare to report earnings.

SPY chart - Monday, 28th April, 2025

This morning, Treasury Secretary Scott Bessent indicated that the U.S. is taking a backseat on trade deals with China, focusing instead on agreements with around 15 other countries. The U.S. expects China to take the first step in deescalating tensions, as China exports five times more goods to the U.S. than it imports. Secretary Bessent also hinted that a trade deal with India could be announced soon.

Watch CNBC's full interview with Treasury Secretary Scott Bessent

Bloomberg Economics forecasts a 7% contraction in S&P 500 earnings for 2025. On a more upbeat note, Morgan Stanley’s Michael Wilson predicts that a weaker dollar will support U.S. company profits, his S&P 500 target remains in the 5,000 to 5,500 range. JPMorgan's trading desk has turned tactically bullish but cautioned clients in a note that this rally's momentum could fade in the coming weeks as the economy starts to feel the impact of new tariffs. JPM's strategist see S&P500 stuck in 5,200 to 5,800 range.

Wall Street sign Photo by Chris Li on Unsplash

Tomorrow our main focus will be on Consumer Confidence report, set to be released at 10:00 ET, analysts expect consumer confidence to slip to 87.7 from 92.9, a decline that could stir up fresh worries. Stay tuned to the Market Page — our analysts provide coverage throughout the U.S. trading hours, screening headline risks for you.