On the evening of April 28, Beijing time, US stocks were mixed in the early trading on Monday. $Nasdaq Composite Index (.IXIC.US)$ Turned downward. $Dow Jones Industrial Average (.DJI.US)$ 、 $S&P 500 Index (.SPX.US)$ Slightly increased. Microsoft, Apple, and other Technology giants will release their Earnings Reports this week. Important data such as non-farm employment and GDP will also be announced this week. Investors continue to pay attention to the progress of trade negotiations. China clarified once again that there have been no consultations or negotiations between China and the USA regarding tariffs.
This week marks the last week of April. Trump announced his comprehensive tariff plan at the beginning of April and then canceled some stricter tariffs. His erratic and even contradictory statements have led to significant fluctuations in the US stock market this month.
Adam Turnquist, Chief Technical Strategist at LPL Financial, stated: "Although it is still early to determine the market bottom from a technical perspective, the rebound of the index from critical resistance indicates that investors need to be highly vigilant as the market sentiment may be shifting back to risk appetite."
US stock Earnings Reports are being released in a concentrated manner.
The first quarter Earnings Reports season for US stocks has entered its busiest period. More than 180 S&P 500 Index companies will report their performance this week.
Four of the 'Big Seven' Technology companies—Amazon, Apple, Meta Platforms, and Microsoft—will release quarterly reports this week. Financial stocks, essential products stocks, and Medical Care stocks such as Visa, Coca-Cola, and Eli Lilly and Co will also release quarterly reports.
FactSet data shows that the first quarter Earnings Reports results are generally robust. So far, among the companies that have released their Earnings Reports, 73% reported exceeding Analysts' expectations, slightly below the 5-year average of 77%.
Bank of America pointed out that 64% of companies exceeded their EPS expectations, while the ratio was 71% in the previous quarter.
Despite this, the majority of companies lowered their expectations for the second quarter and the entire year due to uncertainty caused by Trump's tariffs, forcing these companies to provide uncertain guidance.
Next week, 41% of S&P 500 constituents will report performance. Goldman Sachs' chief US equity strategist Kostin warned that corporate investment decisions may hit the brakes due to increased policy uncertainty.
Goldman Sachs' calculations show that for every 100 basis points increase in policy uncertainty, corporate cash spending growth may slow by about 10 percentage points. Based on this model, the institution has significantly lowered its expected growth rate of S&P 500 corporate cash spending for 2025 from 11% down to 5%, bringing the total to $3.8 trillion. This downward revision far exceeds market expectations and reflects the heightened vigilance of companies regarding the Trump administration's trade policies, tax cuts, and changes in Federal Reserve personnel.
As the Earnings Reports season enters its core period, the market will face a crucial verification phase. Goldman Sachs specifically notes that close attention should be paid to companies' statements regarding capital expenditure plans, inventory levels, and supply chain arrangements, as these details will reveal the substantive impact of policy uncertainty on corporate decision-making. Under the dual pressure of fiscal deficits and a shift in monetary policy, U.S. stocks may face a moment of valuation logic reconstruction.
Trump's tariff policies remain a point of focus.
US Treasury Secretary Scott Bessent stated on Monday that he is working on custom agreements with 18 trading partners; President Trump will be closely involved in every matter. He mentioned that the first trade agreement could be reached as early as this week or next.
Last weekend, Bessent, in an interview, said he did not know whether the leaders of China and the USA had spoken. Previously, Trump stated in an interview last week that he was negotiating with China and claimed that the Chinese side called him, refuting the claim that there were no trade negotiations between the two countries.
According to Xinhua News Agency, on April 28, foreign ministry spokesperson Guo Yajun held a regular press conference and stated: "To my knowledge, there have been no recent talks between the two country leaders. I want to reiterate that there have been no consultations or negotiations regarding tariffs between China and the USA." Previously, China has repeatedly refuted the false signals continuously released by the USA and clearly requested the USA to lift all unilateral tariffs.
This week, investors will also see several reports on the labor market as well as important data on inflation and economic growth.
At the top is the non-farm payroll data released on Friday, while the first quarter GDP and the inflation indicator preferred by the Federal Reserve will be released on Wednesday.
Focus Stocks
Some Growth Tech stocks are rising. $Intel (INTC.US)$ up nearly 5%, $Oracle (ORCL.US)$ 、 $Tesla (TSLA.US)$ 、 $Meta Platforms (META.US)$ 、 $Advanced Micro Devices (AMD.US)$ And rose slightly.
China Concept Stocks have all surged. $NIO Inc (NIO.US)$、 $Chagee Holdings (CHA.US)$ 、 $Luckin Coffee (LKNCY.US)$ Increased by over 6%, $Li Auto (LI.US)$ Increased by over 3%.
New energy stocks rose collectively, $NIO Inc (NIO.US)$ Increased by over 6%, $Li Auto (LI.US)$ 、 $Toyota Motor (TM.US)$ 、 $Lucid Group (LCID.US)$ Increased by over 3%.
Biotechnology concept stocks collectively surged. $Summit Therapeutics (SMMT.US)$ increased by over 9%, $BioNTech (BNTX.US)$ 、 $BeiGene (ONC.US)$ Increased by more than 5%.
$Pony AI (PONY.US)$ After rising more than 20%, multiple bullish factors have been released recently, along with a strategic cooperation agreement signed with Tencent Cloud.
Pony.ai recently released multiple bullish factors, partnering with Toyota Motor, BAIC, and GAC to launch the seventh-generation Robotaxi platform at the Shanghai Auto Show. The hardware BOM cost has decreased by about 70%, with plans for mass production operation in the second half of 2025. The company has reached a collaboration with Hesai, equipping the core perception with four Hesai AT128 Lidar units to achieve 360-degree perception within a range of 200 meters. Additionally, leveraging the high-performance computing power, simulation platform, AI toolchain, and mapping services provided by Tencent Cloud, the company accelerates L4 level autonomous driving model training and algorithm iteration. Furthermore, the company has newly integrated the WeChat "Travel Services" entry and Tencent Maps, expected to reach over 1.3 billion users, enhancing C-end penetration and operational conversion efficiency.
$Odyssey Marine Exploration (OMEX.US)$ It rose nearly 12% again, with a cumulative increase of nearly 300% over the last three trading days.
$Chagee Holdings (CHA.US)$ It rose over 5%. On April 26, the first North American store of Bawang Tea Princess officially began trial operation, located in the popular shopping mall Westfield Century City in Los Angeles, close to important areas like Beverly Hills and West Los Angeles.
Editor/rice
