U.S. Stock Futures End Mostly Down at the Close of a Volatile Month
U.S. stock futures edged mostly lower early Wednesday as investors awaited a wave of economic reports and high-profile corporate earnings to cap off a volatile month for financial markets.
By 06:00 ET (10:00 GMT), Dow Jones futures were up 16 points, or 0.1%, while S&P 500 futures fell 10 points, or 0.2%. Nasdaq 100 futures declined 58 points, or 0.3%.
The major indexes ended Tuesday on a positive note. The Dow Jones Industrial Average rose 0.8%, while the S&P 500 and the Nasdaq Composite each gained 0.6%. Despite this recovery, April has proven turbulent on Wall Street. The S&P 500 narrowly avoided bear market territory earlier in the month but is now down just 0.9% for April. The Dow remains on track for a monthly loss of 3.5%, while the Nasdaq is up approximately 0.9%.
Trade Optimism Lifts Sentiment
Improved sentiment around trade policy has helped ease some of the market’s earlier concerns. Investors took comfort in President Donald Trump’s decision Tuesday to sign executive orders aimed at mitigating the impact of upcoming auto tariffs. The measures, which include tax credits and relief on key materials, were announced during his visit to Michigan, a vital center for auto manufacturing, just ahead of a scheduled 25% tariff on auto parts.
In another positive development, Commerce Secretary Howard Lutnick told CNBC that the U.S. is nearing the announcement of a significant trade agreement, further calming investor nerves.
Focus Turns to Q1 GDP, PCE, and Jobs Data
Despite these signs of progress, recent data suggest trade tensions may already be weighing on the economy. Tuesday’s report showed a sharp drop in consumer confidence, which fell to its lowest level since May 2020. Job openings also declined, with the March JOLTS report showing 7.192 million positions available, down from 7.48 million in February.
Markets are now focused on the advance reading of first-quarter GDP, due later today, which is expected to show the slowest pace of growth since Q2 2022—and potentially even a contraction. Also on deck are April’s ADP employment report and the March core Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred inflation measure. These releases may offer early signs of whether Trump’s tariff policy is beginning to dent the broader economy, as many analysts have warned.
Tech Earnings in the Spotlight
This week marks one of the busiest of the earnings season, with about one-third of S&P 500 companies set to report. Attention is firmly on Microsoft (MSFT) and Meta Platforms (META), both scheduled to release results after the close. These tech heavyweights are part of the so-called “Magnificent Seven” mega-cap stocks, whose performance has been a key driver of market gains in recent years. However, most have underperformed so far in 2025.
Later in the week, Apple (AAPL) and Amazon (AMZN) are also set to report, drawing further focus on the tech sector. Meanwhile, chipmaker Qualcomm (QCOM) and industrial bellwether Caterpillar (CAT) will also deliver earnings on Wednesday.
Oil Prices Slump on Global Growth Concerns
In commodities, oil prices declined again on Wednesday and are on track for their steepest monthly drop since November 2021, amid growing fears that the global trade conflict is eroding demand. Both Brent and WTI crude futures have lost more than 15% in April. The latest weak manufacturing data out of China, released earlier in the day, has added to the bearish outlook for energy markets.