S&P 500 futures move lower after index posts longest win streak since November: Live updates

The Dow Jones Industrial Average and S&P 500 traded up on Wednesday, but still closed out the month of April with losses.

The blue-chip Dow rose 141.74 points, or 0.35%, to finish at 40,669.36, while the broad market index gained 0.15% to settle at 5,569.06. The tech-heavy Nasdaq Composite, on the other hand, fell 0.09%, closing at 17,446.34.

— Sean Conlon

The artificial intelligence trade is still intact even with the threat of President Donald Trump’s tariffs and global trade tensions, according to Jed Ellerbroek of Argent Capital Management.

“Over the last week and a half of earnings, I feel like what we’ve seen is a reaffirmation of the promise of all of these AI tools and capabilities,” the portfolio manager told CNBC in an interview.

Ellerbroek pointed to the focus among companies like Meta Platforms and Microsoft on using AI to generate code. On Tuesday, Microsoft CEO Satya Nadella revealed that as much as 30% of the company’s code is written by AI.

“That went from being kind of the center of investors’ focus in 2023 and 2024 to now basically disregarded and not valued [or] valued much less. But the progress, the development, the impact continues to rise,” he continued.

On the tariffs front, the portfolio manager believes the uncertainty surrounding the Trump administration’s levies and global trade dynamics wont’ be going away by the 90-day pause deadline and could instead last for years.

“It’s pretty easy for a country to put on tariffs,” Ellerbroek also said. “It’s a lot harder to take them off.”

— Sean Conlon

U.S. President Trump holds a cabinet meeting at the White House in Washington, D.C., U.S., April 30, 2025.

Evelyn Hockstein | Reuters

President Donald Trump on Wednesday gave no hint that relations between the U.S. and China have thawed, telling reporters at a cabinet meeting that the Asian country is the “leading candidate for the ‘chief-ripper-offer'” due to its trade polices toward the U.S.

Trump also indicated that he would again blame former president Joe Biden for second quarter economic performance after already pinning the negative GDP report for the first quarter on his predecessor.

— Jesse Pound

There were only two S&P 500 sectors trading in positive territory on a down day for the broader index: Consumer staples stocks, which were higher by 0.3%, and health care, which was up 0.2%.

Those gains come as investors positioned defensively after the latest economic releases Wednesday morning had investors fearful the U.S. could be headed for a recession.

— Sarah Min

The S&P 500 needs to close above 5,611.85 on Wednesday to end April in positive territory, a feat that would be remarkable considering the wild swings the index made during the month.

To be sure, the index will have to make up some ground; it was last down 1.8% on the month.

S&P 500

Jakub Porzycki | Nurphoto | Getty Images

Check out the stocks making midday moves on Wednesday:

• Etsy — The e-commerce company saw shares tumbling 9%. Etsy CFO Lanny Baker said the company is “staying nimble in the face of uncertainty” around the tariff announcements and “the fluid state of consumer confidence in our core markets. Separately, Etsy posted better-than-expected revenue for the first quarter.
• Seagate Technology — The data storage stock surged almost 9% after the company posted strong earnings for the fiscal third quarter and offered upbeat current-quarter guidance. Seagate earned $1.90 per share, excluding items, on $2.16 billion in revenue, while analysts surveyed by FactSet anticipated $1.74 per share on $2.12 billion of revenue.
• Snap — Shares of the tech company lost nearly 15% after Snap declined to provide a forecast, citing macroeconomic uncertainties that could weigh on advertising demand. Snap still reported better-than-expected revenue for the first quarter.

Read here for the full list.

— Pia Singh

Despite stocks sliding on Wednesday, six tickers in the S&P 500 hit new 52-week highs.

Of these names, five stocks were trading at new all-time highs. Names that hit this milestone included:

• Take-Two Interactive trading at all-time high levels since its IPO in April 1997
• Philip Morris trading at all-time highs back to its spin-off from Altria in March 2008
• CME trading at all-time high levels back to its IPO in December 2002
• Cardinal Health trading at all-time highs back to its IPO in 1983
• Rollins Inc trading all-time highs back to when it began trading on the NYSE in 1968

On the flip side, three stocks in the index were trading at new 52-week lows: UnitedHealth, Enphase Energy and Alexandria Real Estate Equities.

— Christopher Hayes, Lisa Kailai Han

Energy stocks in the S&P 500 are tracking for their biggest monthly slide since 2020 and worst April in history.

The broad index’s energy sector has tumbled around 14.5% since April began. A chunk of those losses came on Wednesday, with the sector sliding more than 3% in midday trading.

If that holds through Wednesday’s closing bell, the energy sector would notch its worst month since September 2020, when the group plunged 14.6%. It would also be the worst April in the sector’s history going back to 1989.

APA led the sector down, cratering more than 26% in April. Halliburton and Schlumberger were the next biggest losers, with both plunging more than 20%.

Every stock in the sector is on pace to end the month in the red.

— Alex Harring

Signage for Palantir is seen during the Association of the United States Army annual meeting and exposition at the Walter E. Washington Convention Center in Washington on Oct. 14, 2024.

Nathan Howard | Reuters

With April winding to a close, here are the five largest S&P 500 gainers this month, as of midday trading:

• Palantir Technologies: Up more than 36% month to date. The stock is on track for its best month since November 2024 and heading for its tenth positive month in the last 11.
• CrowdStrike: Up more than 20% month to date. The stock is on track for its best month since June 2024 and heading for its third positive month in the last six.
• GE Vernova: Up more than 20% month to date. The stock is on track for its best month since September 2024 and heading for its 3rd positive month in the last six.
• Netflix: Up nearly 20% month to date. The stock is on track for its best month since May 2023 and heading for its eighth positive month in the last 10
• ServiceNow: Up more than 18% month to date. The stock is on track for its best month since June 2024 and heading for its seventh positive month in the last 10.

— Sean Conlon, Adrian van Hauwermeiren

SNAP, 1-day

Shares have suffered in recent weeks in the wake of President Donald Trump’s tariffs, falling about 13% since his announcement earlier this month. The stock is on pace to end April with a loss of more than 11% and has also plunged nearly 39% in the past six months.

— Samantha Subin, Sean Conlon

@HG.1, 1-day

The unexpected contraction of the U.S. economy during the first quarter shown in Wednesday’s data from the Commerce Department came amid a “perfect storm,” according to Paul Stanley, chief investment officer at Granite Bay Wealth Management. But he cautioned against jumping to conclusions on the country’s economic future.

“Wednesday’s GDP print showed the economy contracted during the first quarter as a perfect storm of factors took shape, including tariff uncertainty and DOGE spending cuts,” Stanley said, using the acronym for the Department of Government Efficiency.

“While it’s unsettling to see a negative GDP print, the jury is still out on if the economy will enter a recession,” he added. “There are still two more first quarter GDP estimates coming over the next few months that will provide a better picture on how the economy fared in the first quarter”

— Alex Harring

U.S. President Donald Trump attends a rally to mark his 100th day in office, at Macomb Community College in Warren, Michigan, U.S., April 29, 2025.

Evelyn Hockstein | Reuters

President Donald Trump cast blame of his predecessor, Joe Biden, as the stock market wrapped up a tumultuous month and new Commerce Department data showed the U.S. economy unexpectedly shrunk in the first quarter.

“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th,” Trump wrote on Truth Social in a Wednesday post.

“Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden ‘Overhang,'” Trump’s post reads. “This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”

— Alex Harring

Stocks traded lower on Wednesday morning after the latest gross domestic product figures and private payrolls data signaled a slowing U.S. economy.

Shortly after the opening bell, the Dow Jones Industrial Average fell 408 points, or 1%. The S&P 500 dropped 1.5%, and the Nasdaq Composite lost 2%.

— Sean Conlon

Traders work on the floor of the New York Stock Exchange on April 29, 2025.

NYSE

The IWM ETF, 1-day

Check out the companies making headlines before the bell.

First Solar — The solar panel manufacturer tumbled 13% after First Solar posted first-quarter earnings of $1.95 per share, missing the $2.49 analysts polled by LSEG had penciled in. First Solar also guided for second-quarter and full year earnings that were below expectations.

Snap — Shares tumbled 15% after the tech company declined to provide a forecast, citing macroeconomic uncertainties that could affect advertising demand. Nonetheless, Snap reported better-than-expected top-line results for the first quarter. The company posted revenue of $1.36 billion, slightly higher than the $1.35 billion expected by analysts surveyed by LSEG. Losses came in at 8 cents per share. 

Super Micro Computer — The server maker saw its shares plunge more than 18% following weaker-than-expected preliminary results for the fiscal third quarter, which ended on March 31.

The full list can be found here.

— Hakyung Kim

U.S. President Donald Trump boards Air Force One as he departs for Michigan to attend a rally to celebrate his first 100 days in office, at Joint Base Andrews in Maryland, U.S., April 29, 2025. REUTERS/Evelyn Hockstein

Evelyn Hockstein | Reuters

The U.S. economy contracted in the first three months of 2025, fueling recession fears at the start of President Donald Trump’s second term in office as he wages a potentially costly trade war.

Gross domestic product, a sum of all the goods and services produced from January through March, fell at a 0.3% annualized pace, according to a Commerce Department report Wednesday adjusted for seasonal factors and inflation. This was the first quarter of negative growth since Q1 of 2022.

Economists surveyed by Dow Jones had been looking for a gain of 0.4% after GDP rose by 2.4% in the fourth quarter of 2024. However, over the past day or so some Wall Street economists changed their outlook to negative growth, largely due to an unexpected rise in imports as companies and consumers sought to get ahead of the Trump tariffs implemented in early April.

— Jeff Cox

Companies slowed hiring sharply in April as they braced against potential impacts from President Donald Trump’s tariffs against U.S. trading partners, ADP reported Wednesday.

Private sector payrolls rose by just 62,000 for the month, the smallest gain since July 2024, amid heightened uncertainty over the degree of the tariffs and the impact they would have on hiring plans and broader economic conditions.

The total marked a deceleration from the downwardly revised gain of 147,000 in March and missed the Dow Jones consensus estimate for an increase of 120,000.

— Jeff Cox

Etsy shares jumped more than 1% in premarket trading on the heels of the company’s first-quarter revenue topping Wall Street’s expectations.

The company posted $651 million in revenue for the period, above the $643 million that analysts surveyed by LSEG were expecting.

It also said that it’s “staying nimble in the face of uncertainty given recent tariff announcements and the fluid state of consumer confidence in our core markets.”

ETSY, 1-day

Shares of beauty and tech retailer Oddity Tech surged about 17% in the premarket after its first-quarter earnings and revenue surpassed analyst estimates.

The company also raised its earnings and revenue forecast for 2025, saying that the headwinds related to President Donald Trump’s tariffs are “expected to be manageable and largely offset by cost efficiencies.”

The stock is on pace to close out April with gains, having risen about 9% month to date. The S&P 500, by comparison, has fallen about 1% in the same period.

ODD, 1-day

In a Wednesday note, Citi analyst Paul Lejuez upgraded eyewear retailer Warby Parker to a neutral rating from sell. However, Lejuez simultaneously lowered his target price to $17 from $23.

The analyst’s revised forecast is approximately 8% above where the stock closed on Tuesday. Shares of Warby Parker have plunged 35% so far this year. The analyst said that the stock’s recent pullback may be nearing its bottom.

WRBY YTD chart

“With shares down 41% since Feb 5, we believe the market has priced in near-term tariff pressures,” he wrote.

Lejuez added: “WRBY sells products that are medically necessary, and their optical labs are located in the U.S. However, 20% of WRBY’s COGS are sourced from China, and their mitigation efforts will likely set the stage for the rest of F25, as they will need to shift sourcing geographies for frames and/or increase price to offset the impact from tariffs. This is likely to cause some near-term margin pressure and volatility in results, which we believe the market now appropriately reflects, resulting in a more balanced risk/reward.”

— Lisa Kailai Han

Tue, Apr 29 20257:01 PM EDT

Cowboys herd cattle onto a trailer to be exported to the United States, as Mexican cattle ranchers await clarification on the implementation of the new export trade tariffs announced by the U.S., at the Chihuahua Regional Livestock Union, in Nuevo Palomas, Mexico, March 4, 2025. 

Jose Luis Gonzalez | Reuters

June live cattle futures rose to an all-time high of $2.10975 per pound on the Chicago Mercantile Exchange on Tuesday, bringing the year-to-date advance to 12.2%.

Each of the contacts, which began trading in late 1964, represents 40,000 pounds of live cattle.

June live cattle futures over the past year.

Tue, Apr 29 20256:20 PM EDT

Several companies were making headlines after Tuesday’s market close. Here are a few:

• Starbucks — Shares of the coffee giant slipped 4% after Starbucks missed earnings and revenue estimates for its fiscal second quarter. The company also reported same-store sales figures that reflected a decline for the fifth straight quarter. Starbucks posted adjusted earnings per share of 41 cents on $8.76 billion in revenue, while analysts polled by LSEG expected 49 cents in earnings per share on $8.82 billion in revenue.
• First Solar — Shares of the solar technology company dropped 10% after First Solar offered weak guidance for the full year. The company sees earnings for the period ranging between $12.50 and $17.50 per share, while analysts polled by LSEG sought $18.14 per share. First-quarter earnings also missed the mark.
• Booking Holdings — Shares of the online travel booking services provider shed 3%. Gross bookings for the first quarter came in at $46.7 billion, only narrowly topping the $46.53 billion StreetAccount consensus estimate. Booking Holdings’ top- and bottom-line results for the period firmly beat expectations, however

For the full list, read here.

— Pia Singh

Tue, Apr 29 20256:06 PM EDT