June S&P 500 E-Mini futures (ESM25) are down -0.21%, and June Nasdaq 100 E-Mini futures (NQM25) are down -0.24% this morning, pointing to a muted open on Wall Street as investors await the latest reading on U.S. job openings and a new round of corporate earnings reports. 

Stock index futures initially moved higher on signs of easing trade tensions. U.S. President Donald Trump is expected to soften the impact of his auto tariffs by removing some levies on foreign parts used in cars and trucks manufactured in the U.S. Imported automobiles would also receive a reprieve from separate tariffs on aluminum and steel, a White House official said Monday. The official announcement is expected to be made later today.

In yesterday’s trading session, Wall Street’s main stock indexes ended mixed. Boeing (BA) rose over +2% and was the top percentage gainer on the Dow after Bernstein upgraded the stock to Outperform from Market Perform with a price target of $218. Also, Progressive (PGR) advanced more than +1% after BofA upgraded the stock to Buy from Neutral with a price target of $312. In addition, Amplify Energy (AMPY) climbed over +8% after announcing the termination of its merger agreement with Juniper Capital Advisors. On the bearish side, Nvidia (NVDA) slid more than -2% and was the top percentage loser on the Dow after the Wall Street Journal reported that China’s Huawei Technologies was preparing to test its latest and most powerful AI processor, aiming to replace some higher-end products of the U.S. chip giant.

“We expect a choppy market in the intermediate term that could be rangebound until clarity is achieved on what effect tariffs have on corporate earnings, which as of now remains very unclear,” said Brian Buetel at UBS Wealth Management.

First-quarter corporate earnings season is in full swing, with investors looking ahead to new reports from prominent companies today, including Visa (V), Coca-Cola (KO), Booking (BKNG), Pfizer (PFE), Altria (MO), Starbucks (SBUX), and PayPal (PYPL). According to Bloomberg Intelligence, companies in the S&P 500 are expected to post an average +6.7% increase in quarterly earnings for Q1 compared to the previous year.

On the economic data front, all eyes are focused on the U.S. JOLTs Job Openings figures, set to be released in a couple of hours. Economists, on average, forecast that the March JOLTs Job Openings will arrive at 7.490M, compared to the February figure of 7.568M.

Investors will also focus on the U.S. Conference Board’s Consumer Confidence Index, which came in at 92.9 in March. Economists expect the April figure to be 87.7.

The U.S. S&P/CS HPI Composite - 20 n.s.a. will be reported today. Economists foresee the February figure coming in at +4.6% y/y, compared to +4.7% y/y in January.

U.S. Wholesale Inventories data will be released today as well. Economists forecast the preliminary March figure at +0.6% m/m, compared to +0.3% m/m in February.

U.S. rate futures have priced in a 91.1% chance of no rate change and an 8.9% chance of a 25 basis point rate cut at the conclusion of the Fed’s May meeting.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.236%, up +0.47%.

The Euro Stoxx 50 Index is down -0.23% this morning as investors digest a flurry of corporate earnings reports and economic data from the region. Healthcare and energy stocks slumped on Tuesday, while financial stocks outperformed. A survey released on Tuesday showed that German consumer sentiment unexpectedly improved heading into May as the prospect of a new government seemed to reassure households. Separately, preliminary data from the National Statistics Institute showed that Spain’s annual inflation rate eased to 2.2% in April from 2.3% in March. In addition, a survey showed that Eurozone business sentiment took a hit in April as new U.S. tariffs clouded the economic outlook. Meanwhile, European Central Bank Executive Board member Piero Cipollone stated on Tuesday that U.S. trade tariffs could impact Eurozone inflation in the near term as they hamper global economic growth. “The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements,” Cipollone said. In corporate news, Deutsche Bank AG (DBK.D.DX) climbed over +4% after Germany’s largest lender posted a 39% increase in Q1 profit. Also, HSBC Holdings Plc (HSBA.LN) rose more than +2% after launching a $3 billion share buyback. At the same time, Volvo Car AB (VOLCB.S.DX) slumped over -8% after the automaker reported a steep drop in Q1 profit and suspended its annual guidance. In addition, BP Plc (BP-.LN) slid more than -3% after the oil giant posted weaker-than-expected Q1 profit. 

Germany’s GfK Consumer Climate Index, Spain’s CPI (preliminary), Spain’s GDP (preliminary), Eurozone’s Business and Consumer Survey, and Eurozone’s Consumer Confidence data were released today.

The German May GfK Consumer Climate Index came in at -20.6, stronger than expectations of -25.6.

The Spanish April CPI stood at +2.2% y/y, stronger than expectations of +2.0% y/y.

The Spanish GDP has been reported at +0.6% q/q in the first quarter, weaker than expectations of +0.7% q/q.

Eurozone April Business and Consumer Survey arrived at 93.6, weaker than expectations of 94.5.

Eurozone April Consumer Confidence came in at -16.7, in line with expectations.

China’s Shanghai Composite Index (SHCOMP) closed down -0.05%, while Japanese financial markets were closed for a holiday.

China’s Shanghai Composite Index ended slightly lower today as investors remained cautious amid ongoing uncertainty over U.S.-China trade relations. Consumer and financial stocks lost ground on Tuesday, while healthcare stocks outperformed. China reiterated that it is not involved in trade negotiations with the U.S., clarifying that President Xi Jinping has not spoken with U.S. President Donald Trump, despite Trump’s assertions in a recent Time interview. China stated in a commentary in the People’s Daily on Tuesday that the U.S. should cease its wrongdoing of imposing tariffs. Foreign Minister Wang Yi also said that if nations opt to remain silent, compromise, and retreat, it will only encourage the bullies to make further advances. Meanwhile, China is refraining from introducing new stimulus measures as it aims to maintain composure, betting that Washington will blink first in a prolonged trade war. However, U.S. Treasury Secretary Scott Bessent stated on Monday that it’s up to Beijing to take the first step in de-escalating the tariff fight, emphasizing that China exports significantly more to the U.S. than it imports. In other news, China’s commerce ministry stated on Tuesday that U.S. tariffs disrupted the global air transport market, severely affecting its airlines and Boeing. In corporate news, WuXi AppTec rose over +4% in Hong Kong after the biotech firm reported better-than-expected Q1 revenue. Investors are now awaiting China’s PMI data for April, set to be released on Wednesday, with readings expected to dip due to trade tensions and a normalization following a seasonal bump in March.

Japan’s Nikkei 225 Stock Index was closed today for the Showa Day holiday. The markets will reopen on Wednesday.

Pre-Market U.S. Stock Movers

United Parcel Service (UPS) gained more than +1% in pre-market trading after reporting better-than-expected Q1 results.

Leggett & Platt (LEG) surged over +14% in pre-market trading after the company posted better-than-expected Q1 adjusted EPS and reaffirmed its full-year guidance.

Upstart (UPST) rose more than +2% in pre-market trading after BofA upgraded the stock to Neutral from Underperform with an unchanged price target of $53.

General Motors (GM) fell over -2% in pre-market trading after the automaker withdrew its full-year earnings guidance and said it would suspend $4 billion of share repurchases.

NXP Semiconductors N.V. (NXPI) slumped more than -7% in pre-market trading after the semiconductor firm announced a new chief executive officer and warned of “a very uncertain environment.”

You can see more pre-market stock movers here

Today’s U.S. Earnings Spotlight: Tuesday - April 29th

Visa (V), Coca-Cola (KO), Booking (BKNG), S&P Global (SPGI), Pfizer (PFE), Honeywell (HON), Spotify Tech (SPOT), American Tower (AMT), Altria (MO), Starbucks (SBUX), Mondelez (MDLZ), Sherwin-Williams (SHW), United Parcel Service (UPS), Enterprise Products Partners LP (EPD), Ecolab (ECL), Regeneron Pharma (REGN), PayPal (PYPL), Royal Caribbean Cruises (RCL), Hilton Worldwide (HLT), ONEOK (OKE), PACCAR (PCAR), Fair Isaac (FICO), General Motors (GM), Coca-Cola European (CCEP), Corning (GLW), Entergy (ETR), Kraft Heinz (KHC), Sysco (SYY), Arch Capital (ACGL), CoStar (CSGP), Extra Space Storage (EXR), Xylem (XYL), Equity Residential (EQR), Expand Energy (EXE), PPG Industries (PPG), Veralto (VLTO), Edison (EIX), Labcorp Holdings (LH), Essex Property (ESS), Seagate (STX), Axa Equitable (EQH), Banco De Chile (BCH), Snap (SNAP), First Solar (FSLR), Ares Capital (ARCC), SoFi Technologies (SOFI), Unum (UNM), W P Carey (WPC), Regency Centers (REG), Zebra (ZBRA), Tenet Healthcare (THC), Logitech (LOGI), BXP Inc (BXP), Incyte (INCY), AO Smith (AOS), Repligen (RGEN), CommVault (CVLT), ExlServices (EXLS), Shift4 Payments Inc (FOUR), Brinker (EAT), UMB Financial (UMBF), BridgeBio Pharma (BBIO), Gildan Activewear (GIL), STAG Industrial (STAG), Caesars (CZR), Armstrong World Industries (AWI), Stride (LRN), Qorvo Inc (QRVO), Flowserve (FLS), OneMain Holdings (OMF), PJT Partners Inc (PJT), Option Care Health (OPCH), Kite Realty (KRG), Landstar (LSTR), Sonoco Products (SON), Littelfuse (LFUS), Asbury Automotive (ABG), Freshworks (FRSH), Franklin Electric (FELE), Tenable (TENB), Kadant (KAI), NorthWestern (NWE), Mirion Technologies (MIR), Highwoods Properties (HIW), Artisan Partners AM (APAM), Insperity (NSP), Community Bank System (CBU), First Interstate BancSystem (FIBK), WesBanco (WSBC), New Gold (NGD), NMI Holdings (NMIH), Enova International Inc (ENVA), Oddity Tech (ODD), Acadia (AKR), Northern Oil&Gas (NOG), Vicor (VICR), Huron (HURN), Cushman & Wakefield (CWK), Empire State Realty (ESRT).