Stock market today: S&P 500, Nasdaq slip amid rush of earnings, hopes for auto tariff relief

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  Amazon banal slips arsenic White House calls caller imaginable argumentation a 'political act'

  Amazon (AMZN) is reportedly acceptable to show the outgo of President Trump's tariffs adjacent to the last terms connected their website, according to Punchbowl News.

  On Wednesday, White House property caput Karoline Leavitt told reporters, "This is simply a hostile and governmental enactment by Amazon."

  Shares rapidly fell much than 2% successful premarket trading pursuing Leavitt's comments and were disconnected by astir 1% aft the marketplace open.

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  Home prices support rising, but the gait cools successful February

  Home prices roseate again successful February arsenic constricted proviso continued to prop up the marketplace amid precocious owe rates and affordability challenges.

  The S&P CoreLogic Case-Shiller National Home Price Index roseate 0.3% implicit the anterior period successful February connected a seasonally adjusted basis, easing from the 0.5% monthly summation recorded successful January.

  On an yearly basis, prices nationally accrued 3.9%, little than the 4.1% seen successful January.

  The scale tracking location prices successful the 20 largest US cities roseate 0.4% successful February from January, matching the monthly Bloomberg statement estimate.

  The 20-city scale climbed 4.5% compared to past February, down from a 4.7% yearly summation successful the erstwhile month.

  “Even with owe rates remaining successful the mid-6% scope and affordability challenges lingering, location prices person shown notable resilience,” Nicholas Godec, caput of fixed income astatine S&P Dow Jones Indices, wrote successful a property release.

  “Buyer request has surely cooled compared to the frenzied gait of anterior years, but constricted lodging proviso continues to underpin prices successful astir markets. Rather than wide declines, we are seeing a slower, much sustainable gait of terms growth.”

  Mortgage rates proceed to hover astir 6.8% arsenic marketplace volatility persists amid tariff-related news. The mean 30-year fixed complaint stood astatine 6.81% done past week, according to Freddie Mac, small changed from 6.83% a week earlier.

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  HSBC lowers S&P 500 people to 5,600 arsenic marketplace struggles with stagflation, recession fears

  Another Wall Street strategist has lowered their outlook for the S&P 500 this year.

  HSBC caput of Americas equity strategy Nicole Inui chopped her S&P 500 (^GSPC) year-end people to 5,600 from a anterior forecast of 6,700. Inui recommended clients presumption "defensively" arsenic the marketplace communicative continues to plaything betwixt fears implicit higher inflation, slower growth, and perchance a recession.

  "We expect the marketplace communicative volition flip-flop betwixt recession and stagflation until tariff turmoil subsides, the Fed starts easing, and/or inflationary pressures neglect to physique up," Inui wrote.

  Inui is present the 12th strategist tracked by Yahoo Finance to chopped an S&P 500 people amid President Trump's tariff escalation.

  "Upside risks see a quicker reversal successful sentiment from little argumentation uncertainty starring to amended economical maturation portion taming ostentation (energy prices down, nary tariff walk through) leaves country for the Fed to cut," Inui wrote. "On the downside, further tariff hikes with nary de-escalation, a accelerated deterioration successful occupation markets/consumer with the Fed dilatory to react, and wide continued uncertainty volition further erode capitalist and concern sentiment."

• UPS to chopped 20,000 jobs connected apt little Amazon shipments, nett beats estimates

  United Parcel Service (UPS) banal roseate somewhat successful premarket trading connected Tuesday aft the institution reported archetypal 4th nett that bushed expectations and said it would proceed cost-cutting efforts — including by slashing 20,000 jobs.

  UPS said it would prevention $3.5 cardinal successful 2025 from occupation cuts and by shutting 73 leased and owned buildings by the extremity of June, per Reuters.

  The moves are aimed astatine reconfiguring UPS's shipping web arsenic it expects bid volumes for its biggest customer, Amazon (AMZN), arsenic good arsenic China-linked e-commerce players Shein and Temu, to dilatory amid President Trump's tariff plans.

  UPS's archetypal 4th gross fell marginally to $21.5 billion, and it reported adjusted nett per stock of $1.49 compared with expectations of $1.38. UPS said it was not providing immoderate updates to its full-year outlook for gross of $89 cardinal and an operating borderline of astir 10.8%.

  Read much here.

• A communicative of 2 consumers: High earners doing good portion lower-income households 'under immoderate pressure'

  Yahoo Finance's Ines Ferré reports that net telephone commentary truthful acold from consumer-facing companies, including Verizon (VZ), PepsiCo (PEP), and Procter & Gamble (PG), constituent to a communicative of 2 consumers — 1 that remains coagulated and spending, and the different much cautious. She writes:

  Read much here.

• 3 explanations from Trump for his historically atrocious 100-day banal market

  Yahoo Finance's Ben Werschkul reports:

  Read present for a person look astatine the 3 ways Trump satellite has explained the banal market's rocky ride.

• Coca-Cola banal pops connected net astonishment arsenic the institution calls Trump tariffs 'manageable'

  Coca-Cola (KO) banal climbed implicit 1% connected Tuesday greeting aft the beverage elephantine reported a astonishment net beat. Coca-Cola besides didn't contented a informing with its guidance and said successful a connection that the impacts of tariffs would beryllium "manageable" this year.

  Yahoo Finance's Brian Sozzi reports:

  Read much here.

• Pfizer beats connected Q1 profit, but gross falls narrowly short

  Pfizer's (PFE) banal stalled successful Tuesday's premarket aft the drugmaker's results failed to enthuse investors.

  Yahoo Finance's Anjalee Khemlani reports:

  Read much here.

• GM beats connected Q1 results, pulls guidance amid tariff woody promise

  General Motors (GM) reported archetypal 4th net connected Tuesday greeting that somewhat topped Wall Street's expectations.

  But the American car-making elephantine enactment its guardant guidane connected clasp aft the White House said changes to car tariffs are coming aboriginal connected Tuesday. Carmakers already paying a 25% tariff connected imports of vehicles and parts are expected to beryllium spared different duties connected alloy and aluminium arsenic portion of those moves.

  GM shares dropped implicit 2% successful aboriginal premarket trading.

  Yahoo Finance's Pras Subramanian reports:

• Spotify shares autumn 8% aft disappointing guidance

  Yahoo Finance's Alexandra Canal reports:

  Spotify (SPOT) reported mixed first-quarter net and disappointing guidance connected Tuesday, sending shares down implicit 8% successful aboriginal premarket trading.

  The institution guided to 2nd 4th monthly progressive users (MAUs) of 689 million, beneath the astir 694 cardinal analysts polled by Bloomberg had expected. Q2 guidance for operating income and gross margins besides fell abbreviated of expectations.

  For the archetypal quarter, MAUs roseate 10% twelvemonth implicit twelvemonth to 678 million, a flimsy miss compared to the 679 cardinal estimate. Premium subscribers roseate 12% implicit the anterior twelvemonth to 268 million, the second-highest Q1 subscriber nett summation successful the company's history.

  “The underlying information astatine the infinitesimal is precise healthy: engagement remains high, retention is strong, and acknowledgment to our freemium model, radical person the flexibility to enactment with america adjacent erstwhile things consciousness much uncertain,” Spotify CEO Daniel Ek said successful the net release.

  “So yes, the abbreviated word whitethorn bring immoderate noise, but we stay assured successful the semipermanent story, and the absorption we’re heading successful feels clearer than ever.”

• Gold slides aft White House offers car tariff alleviation

  Hopes for a reprieve successful President Trump's commercialized warfare are dragging golden (GC=F) prices little aboriginal connected Tuesday arsenic the unreserved to structure eases.

  Gold futures fell astir 0.7% aft Commerce Secretary Howard Lutnick confirmed that immoderate imported autos volition beryllium spared abstracted tariffs connected alloy and aluminum, if they already wage different duties. Some levies connected overseas parts utilized successful US assembly of cars and trucks volition besides beryllium reduced.

  “Although negotiations whitethorn advancement slowly, the White House’s renewed willingness to prosecute has shifted marketplace sentiment from panic selling to cautious optimism, putting immoderate downward unit connected gold,” Pepperstone Group probe strategist Dilin Wu said successful a note, per Bloomberg.

• Oil sinks arsenic planetary economical outlook shrinks demand

  Crude lipid slipped Monday evening arsenic the ongoing commercialized warfare betwixt the US and China weakens the outlook for request for the commodity.

  Bloomberg reports:

  Read much here.