April 29 (Reuters) – The S&P 500 and the Nasdaq edged lower on Tuesday as investors assessed a slew of corporate earnings and economic data, while fresh comments on the U.S.-China trade war dashed hopes for a quick resolution of the conflict.
U.S. Treasury Secretary Scott Bessent said the “onus” was on China and predicted the Asian country could lose 10 million jobs quickly due to tariffs.
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The world’s two largest economies have slapped tit-for-tat import tariffs on each other and uncertainty around the state of negotiations between the two has kept markets on edge.
At 10:01 a.m. ET, the Dow Jones Industrial Average (.DJI)
, opens new tab rose 113.62 points, or 0.28%, to 40,341.21, the S&P 500 (.SPX)
, opens new tab lost 4.50 points, or 0.08%, to 5,524.25 and the Nasdaq Composite (.IXIC)
, opens new tab lost 30.26 points, or 0.17%, to 17,335.59.
Honeywell jumped 4.2% after posting a rise in adjusted profit for the first quarter, supporting the blue-chip Dow. Paintmaker Sherwin-Williams (SHW.N)
, opens new tab also gained 5.2% after beating first-quarter profit estimates.
Most megacaps were lower on the day, with Amazon.com (AMZN.O)
, opens new tab leading declines after the White House commented on reports of the e-commerce giant planning to include the cost of tariffs on the price tag of products, calling it a hostile act.
On the data front, U.S. job openings came in at 7.19 million in March, compared with estimates of 7.48 million, according to economists polled by Reuters. A gauge of consumer confidence came in at 86, below estimates of 87.5.
More economic data, including nonfarm payrolls, is expected this week, Results from many of the “Magnificent Seven” group of megacap stocks are also due, with investors hawk-eyed on any signs of tariff impact on their outlook.
A line chart titled “The Magnificent Seven versus the market” that compares the performance of the seven largest stocks versus the rest of the S&P 500.
“We’re just in this eye of the storm, if you will, for a lot of investors, consumers, and business leaders wondering what the future looks like as potential tariffs kick in down the road,” said Matthew Stucky, chief portfolio manager at Northwestern Mutual Wealth Management.
U.S. officials said on Monday President Donald Trump’s administration will move to reduce the impact of his automotive tariffs.
Shares Ford (F.N)
, opens new tab and Tesla (TSLA.O)
, opens new tab edged only slightly higher, while General Motors (GM.N)
, opens new tab slipped 1.9% after the automaker pulled its annual forecast due to tariff uncertainty.
“Suppliers might gain some cost recovery, but … relief today doesn’t fix the longer-term challenge: U.S. car prices are heading higher just as economic momentum fades,” analysts at Bernstein said.
All three major indexes remain down for the year, despite the S&P 500 logging its best winning streak since November on Monday. HSBC became the latest brokerage to trim its year-end target for the S&P 500 index, cutting it to 5,600 from 6,700 earlier.
United Parcel Service (UPS.N)
, opens new tab, a bellwether for the economy, reversed premarket gains to fall 1.2% after its quarterly results.
NXP Semiconductors NV (NXPI.O)
, opens new tab fell 6.4% after the company only slightly beat expectations for revenue, and announced a CEO transition.
U.S.-listed shares of Spotify Technologies (SPOT.N)
, opens new tab dropped 8.4% after the Swedish music-streaming giant forecast current-quarter operating profit below Wall Street estimates.
Declining issues outnumbered advancers by a 1.35-to-1 ratio on the NYSE and by a 1.35-to-1 ratio on the Nasdaq.
The S&P 500 posted no new 52-week highs and 4 new lows while the Nasdaq Composite recorded 14 new highs and 32 new lows.
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles.
