Shaken by geopolitical shocks, the S&P 500 was flat last week and the Nasdaq nosed just into the red — but the Dow Jones Industrial Average finished significantly lower, weighed down by a double blow from UnitedHealth (UNH) and Nvidia (NVDA).
UnitedHealth slashed its full-year forecast after a rough quarter, sending shares tumbling over 20% and dragging the larger index lower. Nvidia also stumbled, dropping nearly 7% after reports of a new U.S. clampdown on AI chip exports to China. Thursday’s further drop pushed Nvidia’s market cap below $2.5 trillion, bringing its total loss to more than $250 billion since the tighter trade restrictions were first disclosed.
It wasn’t all red arrows. Hertz (HTZ) soared after Pershing Square CEO Bill Ackman revealed a sizable stake in the rental car firm — a bullish bet on a company still recovering from post-pandemic headwinds. Eli Lilly (LLY) jumped after announcing that its experimental weight-loss pill cleared a key late-stage trial, strengthening its position in the lucrative obesity drug market.
Investors now look ahead to a packed week of earnings and economic data, with Tesla (TSLA), Alphabet (GOOGL), Lockheed Martin (LMT), Boeing (BA), AbbVie (ABBV), and Procter & Gamble (PG) all set to report — alongside key releases on PMI, jobless claims, and the Fed’s closely watched Beige Book.
Tesla’s results are set to kick things off Tuesday, and the company’s earnings will be one of the most closely watched reports of the week, with signs pointing to a potential tough quarter. Vehicle registrations in California — Tesla’s largest U.S. market — fell more than 15% year-over-year, marking a sixth straight quarterly decline. The company’s share of the state’s EV market also dropped sharply amid growing competition, an aging product lineup, and the controversial public image of CEO Elon Musk.
Also on deck: SAP (SAP) and Novartis (NVS), two European heavyweights that will test investor confidence in multinationals navigating weak demand and shifting interest rate policy. GE Aerospace (GE) offers a read on global defense and aviation spending, while Verizon’s (VZ) results could reveal whether telecom providers are holding the line on customer growth and capital costs.
Other names to watch include Intuitive Surgical (ISRG) and Danaher (DHR), which will offer clues on whether momentum in medical technology is holding up. Chubb (CB) and Lockheed Martin round out the day, with updates from the insurance and defense sectors — both of which tend to attract investors during periods of economic uncertainty.
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IBM (IBM) and AT&T (T) will be in focus as bellwethers for enterprise tech and telecom — sectors that have promised stability but face rising pressure to cut costs and defend margins.
Boeing also reports, with investors watching for updates on aircraft deliveries and production pace. The company now faces a fresh geopolitical headwind: reports that China has asked its airlines to halt Boeing orders, thrusting the U.S. aerospace giant into the center of escalating trade tensions. While the move won’t impact this quarter’s results, it raises new questions about the strength of Boeing’s international order book and the outlook for global demand.
Markets will also be parsing April’s flash PMI data on Wednesday — key readings on both the services and manufacturing sectors, which may reveal whether the economy is cooling fast enough for the Fed’s comfort.
Later that day, the Federal Reserve’s Beige Book lands. Published eight times a year, the Beige Book compiles anecdotal reports from businesses across the country, offering a ground-level look at wage pressures, hiring, and consumer demand. It’s less about hard numbers and more about vibes.
Alphabet will report earnings under the shadow of a major legal setback. A U.S. federal judge just ruled that the Department of Justice’s antitrust case against Google’s ad tech business can proceed, rejecting the company’s effort to have it thrown out. The lawsuit, which could ultimately force a breakup of Google’s advertising operations, adds a layer of uncertainty to a business already under pressure. While investors are hoping to see continued AI progress and cost control, shares remain down about 20% this year.
Procter & Gamble, Merck (MRK), T-Mobile (TMUS), and PepsiCo (PEP) all report Thursday, too, offering a cross-sector pulse check on consumer spending, pricing power, and healthcare demand.
Also reporting: Union Pacific (UNP), Gilead (GILD), and Comcast (CMCSA), bringing updates on freight volumes, drug pipelines, and broadband subscriber trends.
You can also expect fresh signals on the health of the labor market and business spending, with jobless claims and durable goods orders both hitting at 8:30 a.m. ET. The numbers could either bolster hopes for rate cuts or cement the Fed’s cautious stance.
It’s a fitting end to a high-stakes week: earnings from Charter (CHTR), Aon (AON), and HCA (HCA) will spotlight momentum in media, insurance, and healthcare, while AbbVie, Colgate (CL), and a cross-section of energy and services firms round out the picture. Together, they’ll offer a final read on how Q1 really landed — and set the tone for what’s next.
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