MARKETS
Stock Market and Stocks
U.S. stock futures point to a lower open after rising Tuesday on hopes trade deals are getting done and President Donald Trump’s aggressive tariff plan is getting pared down.
Commerce Secretary Howard Lutnick said one trade deal was done but didn’t name the country, and Trump predicted a deal with India could be struck. Kevin Hassett, director of the White House National Economic Council, said multuple deals are close.
“There are multiple, multiple. deals that are extraordinarily close,” he said in a CNN interview Tuesday, “especially with our Asian trading partners.” He didn’t say which countries the deals are with.
At 6 a.m. ET, futures tied to the blue-chip Dow added 0.07%, the broad S&P 500 dropped 0.12% and the tech-heavy Nasdaq fell -0.25%.
Gross domestic product (GDP) for the first three months of the year along with the Federal Reserve’s preferred inflation gauge will be released before the market opens.
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Corporate news
Some pressure on the stock market come from a few big companies that reported after Tuesday’s regular-session close.
- Starbucks said earnings and sales in its second fiscal quarter and same-store sales fell for a fifth straight quarter.
- First Solar’s results missed analysts’ estimates in the first three months of the year. The company also cut its full-year earnings guidance.
- Booking Holdings reported gross bookings in the first three months of the year that barely topped estimates. Earnings and revenues beat forecasts, though.
- Visa’s second-quarter earnings missed Street forecasts but sales beat. It also maintained its full-year outlook.
- Super Micro warned its fiscal third quarter results would miss analysts’ as customers delayed platform decisions.
- Snap reported better-than-expected results for the first three months of the year but declined to give guidance due to economic uncertainty. It also said some advertisers have reported an impact from changes to the de minimis exemption that is scheduled to end May 2.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
