April 28, 2025

Markets:

Stock futures were little changed Monday ahead of a packed week for earnings and economic data. Wall Street is also awaiting any progress on trade deal negotiations.

On Monday, Treasury Secretary Scott Bessent offered little clarity on the direction of reaching a possible trade agreement with China, but said that the onus was not on the United States. That’s after President Donald Trump said last week that discussions with China were underway, refuting China’s claims of no trade talks between the two countries.

On the positive side, however, Bessent said that they were making progress on other trade proposals, suggesting a deal with India would be “one of the first” to come.

Investors are also looking ahead to the busiest period of the first-quarter earnings season, which will see more than 180 S&P 500 companies report results. Four of the ‘Magnificent Seven’ companies— Amazon, Apple, Meta Platforms and Microsoft — will release their quarterly reports, as will financial, staples and health care stocks Visa, Coca-Cola, and Eli Lilly.

Portfolio:

We head into this monster week holding setups in SOUN, AAPU, and S. It's a huge week for earnings, and we're super excited about what's building and what’s ahead.

Key data hits on Wednesday with PCE and GDP, and Friday brings the NFP report.

Technically, this week looks very straightforward:

SPY: 547–543 is today's support range. A breakout into the 550s targets a gap fill toward 555. The 50-day moving average (50DMA) is at 562.

QQQ: 468–465 PDL (prior day low) support. Holding above that opens the door for a move toward the 50DMA at 479 in the short term.

We’re looking for earnings and economic data to drive the action — ideally without negative headlines from tariff negotiations. Any positive developments on that front could ignite the next major leg higher, giving the market even more runway.

The setup ahead could be outstanding. Be ready today.