[New York Stock Market] Mixed Close Ahead of Big Tech Earnings and Economic Data Releases... Dow Up 0.28%

MS, Meta, Apple, and Amazon to Announce Earnings Starting on the 30th
Focus on Q1 Economic Growth Rate and April Employment Report
Watching for Signs of Progress in U.S. Trade Negotiations
Besant: "Easing of Tensions Depends on China... First Agreement with India"

The three major U.S. stock indexes in New York closed mixed in a narrow range on the 28th (local time). Investors remained cautious and largely on the sidelines, searching for signs of progress in trade negotiations between the U.S. and other countries, while also awaiting the release of big tech earnings and key economic indicators scheduled for this week.

Reuters Yonhap News

On this day, the blue-chip Dow Jones Industrial Average (Dow Jones) closed at 40,227.59, up 114.09 points (0.28%) from the previous trading day. The large-cap S&P 500 index rose 3.54 points (0.06%) to 5,528.75, while the tech-heavy Nasdaq index fell 16.81 points (0.1%) to close at 17,366.13.

This week will see a flurry of big tech earnings releases. On the 30th, Microsoft (MS) and Meta Platforms, the parent company of Facebook, will announce their quarterly results. On May 1, Apple and Amazon will report their earnings. Visa, Coca-Cola, and Eli Lilly are also scheduled to release their results this week.

The first quarter earnings season has been relatively smooth. According to market research firm FactSet, 73% of all companies have reported results that beat market expectations. While this is slightly below the five-year average of 77%, companies have still delivered solid performances. However, due to increasing uncertainty stemming from President Donald Trump's aggressive tariff policies, Wall Street is lowering its outlook for corporate earnings in the second quarter and for the full year.

The market is also closely watching tariff-related comments from the Trump administration. U.S. Treasury Secretary Scott Besant said in an interview with CNBC that easing U.S.-China trade tensions "depends on China." He noted, "China sells five times as many products to the U.S. as we sell to China," and argued that "tariffs of 120% and 145% are unsustainable." Regarding trade negotiations with other countries, he stated that progress has been made and that the U.S. is expected to sign its first trade agreement with India within a few days.

Previously, on the 9th, the U.S. granted a 90-day country-specific tariff exemption to countries other than China just 13 hours after fully implementing reciprocal tariffs. As financial market turmoil persisted, President Trump has repeatedly sent conciliatory messages, urging China to engage in dialogue.

Amid growing concerns over a tariff-induced economic downturn, several key economic indicators will be released this week, including first-quarter economic growth and April employment data.

First, on the 29th, the Conference Board (CB) will release its April Consumer Confidence Index, and the U.S. Department of Labor will publish the March Job Openings and Labor Turnover Survey (JOLTs). On the 30th, the advance estimate for U.S. first-quarter gross domestic product (GDP) growth and the April employment report from private labor market research firm ADP will be released. On May 1, S&P and the Institute for Supply Management (ISM) will announce the April Manufacturing Purchasing Managers' Index (PMI). The Department of Labor will also release weekly initial jobless claims on the same day. On May 2, the most important employment indicator, the Department of Labor's April employment report, will be published. The market expects nonfarm payrolls to increase by only 129,000 this month, a significant decline from March's 228,000. The unemployment rate is projected to remain at 4.2%.

Anthony Saglimbene, chief market strategist at Ameriprise Financial, analyzed, "This week will be one of the busiest of the year," and added, "With ongoing trade issues, the release of key economic indicators, and the peak week of the earnings season including the Magnificent 7 companies' results, investors' heads will be spinning."

By sector, tech stocks showed mixed performance. Ahead of their earnings announcements this week, Apple rose 0.41% and Meta Platforms, the parent company of Facebook, gained 0.45%. Microsoft and Amazon, both set to report earnings this week, declined by 0.68% and 0.18%, respectively.

U.S. Treasury yields are trending downward. The benchmark 10-year Treasury yield, a global bond market standard, fell 5 basis points (1bp=0.01 percentage points) from the previous session to 4.2%. The 2-year Treasury yield, which is sensitive to monetary policy, dropped 7 basis points to 3.68% compared to the previous day.