Stocks surpassed the week after a turbulent week of fresh tariff headlines driving market action.
However, even after the S&P 500 (^GSPC) best week in more than a year, the benchmark index has still fallen by 6% since President Trump’s April 2nd tariff announcement. Meanwhile, Nasdaq Composite (^ixic) and Dow Jones Industry Average (^DJI) offer around 5% off in the same period.
The next week will focus on progressive news on tariffs. News of tariff exemptions spread on China on Saturday. Key products such as smartphones, laptop computers, hard drives, computer processors, memory chips are not considered to be subject to customs duties and could boost Tech Giants Apple (AAPL) and Nvidia (NVDA).
But on Sunday, Trump disputed the report, saying there was no tariff exemption released on Friday. He wrote about the true society These products are “subject to existing 20% fentanyl tariffs and are simply moving to another tariff “bucket”. ”
“We look at the entire semiconductor and electronics supply chain in future national security tariff investigations,” Trump wrote.
Quarterly financial reports from many American companies are also a great heart for investors. Goldman Sachs (GS), Bank of America (BAC), City (C), Johnson & Johnson (JNJ), Taiwan Semiconductors (TSM), and Netflix (NFLX) are expected to provide updates.
In terms of economic data, investors will be closely tracking updates on monthly retail sales in March scheduled for Wednesday.
The market will close on Friday.
SNP-Citation Delay•USD
Nearby: April 11th, 4:56:34pm EDT
^gspc^dji ^ixic
Last Wednesday, Trump announced a 90-day suspension with many “mutual” tariffs. The market has spiked the NASDAQ composite, which rises more than 12% on its second best day on record.
A day later, the White House confirmed that China’s total tariff would be 145% if it had already implemented its previous 20% obligation. As President Trump had, this news came as a surprise to the market. Posted on Truth Social On Wednesday, the tariff rate charged to China would be 125%. Nasdaq fell 4.3% in response.
Overall, the estimated effective tariff rate has moved from 22.5% on April 2 to 27% after the latest China taxation. By Yale Budget Lab.
read more: What does Trump’s tariff mean for the economy and your wallet?
As the exact landing sites for US tariffs remain a moving target, Wall Street strategists believe recent developments indicate that tariff uncertainty remains a key driver of market action in the coming weeks.
“Overall, we’re still where we were,” Brentschütte, chief investment officer for Northwestern Mutual Wealth Management Company, told Yahoo Finance Thursday. “It’s true that some of the tensions are boiling, but there’s still a lot of uncertainty. And for me, the uncertainty means that people are more indecisive, both CEOs and consumers.
Trump’s tariffs have economists who argue that the risk of a recession is increasing. Fear is a combination of high prices and overall policy uncertainty could slow US economic growth. The recession debate comes as economic growth data is almost weaker than expected from 2025 to 2025.
The closely tracked consumer spending metric is scheduled to be released Wednesday. The March retail sales report is expected to increase in March’s sales by 1.4%, up from the previous month’s 0.2% increase. Excluding volatile cars and gas, retail sales are expected to increase by 0.4%.
“Expenses in March and April amounts can surge if consumers raise those purchases before tariffs are bitten,” the Wells Fargo Economics team, led by Jay Bryson, wrote in a note to clients on Friday. “But then, there is a possibility that consumer spending performance will be slower later this year.”
Q1 revenue report has been uncertain last week at the forefront of corporate messaging. Delta Airlines (DAL) elicited year-round guidance in what CEO Ed Bastian said Yahoo Finance was a “ambiguous” outlook.
JP Morgan CEO Jamie Dimon said the economy is facing “substantial turbulence.” Meanwhile, BlackRock CEO Larry Fink said “uncertainty and anxiety about the future of the market and economy dominates client conversations.”
Strategists expect this to become a continuing theme as this week’s revenue report rolls.
“It’s the darkest environment you can be outside of a pandemic,” Charles Schwab’s senior investment strategist Kevin Gordon told Yahoo Finance. “We’re probably going back to an environment where there’s no guidance on the total level and there’s no way a company or a company can tell what’s going on.”
Wall Street signs can be seen outside the New York Stock Exchange during the morning trading in New York City on April 11, 2025. (Michael M. Santiago/Getty Images) ・Michael M. Santiago via Getty Images
A rapid bond market sale added another headwind to Bullcase for stocks.
Last week, the 2010-year Treasury yield (^TNX) rose sharply, marking its biggest weekly profit since November 2021. Over the past two years, a decade-long increase has become a key driver of stock declines, particularly when yields exceed 4.5%. At the present moment, the increase in massive spikes and rate volatility appears to be the main concern of investors.
Piper Sandler’s chief investment strategist Michael Kantrowitz told Yahoo Finance that bond market behavior is a “new negativity” in the market narrative.
“We’re creating this new variable that allows us to add volatility during the day when there’s no headline news,” Kantrowitz said, noting that a regularly scheduled Treasury auction could become a moving event for the stock market.
He added, “It’s really simply that interest rates are rising when there’s obviously a fear of growth and a fear of recession, and there’s a considerable amount of uncertainty.”
And investors don’t think that bond market turmoil will soon end, as a variety of factors can drive divestiture.
“For the time being, we are expected to be promoted to a volatility environment, which is one of the reasons why I like to raise cash in my portfolio just to create flexibility.”
Economic data: New York gave a year of inflation expectations, March (before 3.13%)
Economic data: Teika Manufacturing, April (-10 forecast, -20 before); Importing monthly price index for the month, March (0% forecast, +0.4% before)
Revenue: Albertson (ACI), Bank of America (BAC), City (C), Interactive Broker (IBKR), JB Hunt (JBHT), Johnson & Johnson (JNJ), PNC (PNC), rent the Runway (Rent), United Airlines (UAL)
Economic data: Retail sales month for the month, March (+1..4% is expected, +0.2% before); Retail sales excluding the month for automobiles and gas (+0.4%, +0.5% before). Monthly, Monthly, March Retail Sales Control Group (+0.5% is expected, +1% before); NAHB Housing Market Index, April (Forecast 37, 39 before); Industrial Production, Monthly, March (-0.3% is expected, +0.7% before); MBA Mortgage Application, April 11 (Forecast 20% before)
Revenue: Abbott (ABT), Alcoa (AA), ASML (ASML), Citizens Financial Group (CFG), Progressive (PGR), Synovus (SNV), Travellers (TRV), US Bancorp (USB)
Economic data: First unemployment claim of the week ending April 12th (223,000 a.m.); continued claims, the week ending April 5th (1.85 million ago). Homes start, month of the moon on the moon (-6.1%, 11.2% before)
Revenue: Netflix (NFLX), Ally (Ally), American Express (AXP), Dr Horton (DHI), Taiwan Semiconductors (TSM), UnitedHealth Group (UNH)
Friday
The market is closed on Good Friday.
Revenue:
Josh Schafer is a Yahoo Finance reporter. Follow him with x @_joshschafer.
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