OPENING CALL

Stock futures mostly fell on Wednesday.

Economic growth is likely to hit a speed bump during the first quarter , as businesses and consumers worked to get ahead of tariff hikes.

But today's heavy slate of economic releases is unlikely to provide much insight into the wider economic impact of President Donald Trump's evolving trade policy.

Stocks to Watch

Nvidia shares were down 1.7% as investors looked ahead to major tech earnings and assess a disappointing outlook from AI-server maker Micro Computer.

Seagate Technology reported higher revenue and shares climbed 9%.

Snap withheld its second-quarter outlook, citing global macroeconomic uncertainty and its potential effect on advertising demand. Shares fell 14%.

Starbucks' second-quarter sales fell marking the fifth consecutive quarterly decline. Shares fell 6.3%.

Super Micro Computer's preliminary earnings came in well below its guidance, dragged down by some customers delaying orders of new servers and computer products. Shares sank.

Watch For:

ADP National Employment Report for April; Advance estimate GDP for 1Q; Employment Cost Index for 1Q; Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI for April; Personal Income and Outlays for March; EIA Weekly Petroleum Status Report; Canada GDP for February; Earnings from Caterpillar, Meta Platforms and Microsoft.

Today's Headlines/Must Reads:

-Trade War Uncertainty Prompts New Wave of Companies to Yank Forecasts

-Trump Cuts Cumulative Tariffs on Some Imported Goods

-China's Export Orders Plunge, Hit by Trump's Trade War

MARKET WRAPS

Forex:

The dollar has recovered slightly this week but the currency remains at risk of renewed falls, Swissquote Bank said.

The economy was in a worse place compared to the U.K. and eurozone, with sharply deteriorating growth and rising inflation expectations.

Commerzbank said the dollar could benefit if upcoming economic data are weak, as it would potentially put pressure on Trump to withdraw tariffs.

"The faster and more severely the U.S. economy threatens to collapse, the more likely it seems to me that Trump will reverse much of his trade policy."

The euro was little moved after French inflation and GDP data and was unlikely to show much reaction to German and eurozone data, ING said.

The Swiss franc's recent strength could encourage the Swiss National Bank to take interest rates into negative territory this year, Barclays said.

Barclays recommended buying sterling against the franc as a way to capture further normalization in the volatility index, which measures expected price swings in the stock market.

Bonds:

The Treasury is set to outline the issuance breakdown for the second quarter, a focus point for investors, Pepperstone said.

"While [the] Treasury will likely not want to 'rock the boat' given recent market instability, focus will fall primarily on whether prior guidance as to coupon sizes being maintained for coming quarters remains in place."

Energy:

Oil prices extended their losses in early trade.

China's export orders plunged in April and manufacturing activity was the weakest in more than a year, while the latest U.S. data showed consumer confidence slid further on growing concerns over tariffs.

"There are also concerns that recent strength in U.S. economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating," ANZ said.

Metals:

Gold futures slid and Pepperstone recommended buying the dip, as the metal remained the only real safe-haven amid instability.

TODAY'S TOP HEADLINES

Meta Launches New Standalone AI App, Rivaling ChatGPT

Facebook owner Meta Platforms has launched a stand-alone artificial-intelligence app, becoming the latest technology giant to enter a field already facing intense competition.

The AI assistant, called Meta AI, was built using the company's large language model, Llama 4, and is available across its various social-media platforms, such as Instagram, WhatsApp and Facebook. This new stand-alone app will allow users to access Meta AI without going through its other products.

Rheinmetall, Lockheed Martin Team Up to Produce Missiles in Germany

Rheinmetall and Lockheed Martin agreed to create a missile and rocket manufacturing center in Germany.

Rheinmetall, Germany's biggest defense company, said Wednesday that it expanded its existing cooperation with its U.S. peer, with whom it already signed a memorandum of understanding in June 2024.

Drugmakers Have Spent Millions Targeting 'Middlemen'-and It's Paying Off

When President Trump signed an executive order this month to try to reduce drug prices, the pharmaceutical industry scored a big win.

Within 90 days, the order said, Trump's staff should put together a report "re-evaluating the role of middlemen," who have been the target of one of the most sweeping and expensive lobbying campaigns in recent years.

Volkswagen Warns Tariffs, Other Challenges Could Weigh on Guidance

Volkswagen said tariffs, political uncertainty and growing competition could pressure its return on sales, cash flow and liquidity this year, striking a cautious tone as the group seeks to gauge to what extent President Trump's tariffs might affect operations.

The German carmaker confirmed its guidance for the year, but said a number of challenges-such as increasing trade restrictions, geopolitical tensions, volatile commodity, energy and foreign-exchange markets and more stringent emissions-related requirements-risked pushing some metrics toward the lower end of its forecasts.

Meta Launches New Standalone AI App, Rivaling ChatGPT

Facebook owner Meta Platforms has launched a stand-alone artificial-intelligence app, becoming the latest technology giant to enter a field already facing intense competition.

The AI assistant, called Meta AI, was built using the company's large language model, Llama 4, and is available across its various social-media platforms, such as Instagram, WhatsApp and Facebook. This new stand-alone app will allow users to access Meta AI without going through its other products.

Volkswagen Warns Tariffs, Other Challenges Could Weigh on Guidance

Volkswagen said tariffs, political uncertainty and growing competition could pressure its return on sales, cash flow and liquidity this year, striking a cautious tone as the group seeks to gauge to what extent President Trump's tariffs might affect operations.

The German carmaker confirmed its guidance for the year, but said a number of challenges-such as increasing trade restrictions, geopolitical tensions, volatile commodity, energy and foreign-exchange markets and more stringent emissions-related requirements-risked pushing some metrics toward the lower end of its forecasts.

How Tariff Lawsuits, and the Courts, Could Rescue the Stock Market

Trump administration officials in Washington hammering out tariff deals may find their next battle in the courtroom, where the outcome is far from assured.

Multiple states and businesses are suing the administration, saying it overstepped its bounds with the April 2 tariffs that upended global trade and sank markets. Many of them argue that Congress, not the executive branch, has the authority to impose the levies, making the recent moves unconstitutional.

Trump Administration Must Keep Funding Lawyers for Migrant Children, Judge Orders

The Trump administration must temporarily keep funding lawyers for unaccompanied migrant children, a federal judge in California said Tuesday.

In March, the Trump administration terminated parts of a contract that provides congressionally appropriated funds to legal-service providers to help children navigate the immigration court system. Several of the nonprofits sued, saying 26,000 children would be at risk of losing their representation if the government doesn't pay.

Trump Wants Free Passage Through Suez Canal in Exchange for Houthi Bombing Campaign

President Trump is pushing privately and in public for Egypt to compensate the U.S. for its efforts to defend shipping lanes headed to the Suez Canal, putting the struggling country in a difficult political position.

The move echoes efforts by the administration to find financial upsides for its foreign-policy moves in places like Ukraine and Gaza, and follows a multiweek bombing campaign by the U.S. aimed at stopping the Yemen-based Houthi rebels from attacking ships transiting the Red Sea on their way to the vital waterway.

Write to nina.kienle@wsj.com

TODAY IN CANADA

Earnings:

Alamos Gold Inc. 1Q

Bausch + Lomb 1Q

Bausch Health 1Q

Cnd Pcf Kansas Cty 1Q

Capital Power 1Q

Cenovus Energy 1Q

CGI Inc. 2Q

Colabor Grp 1Q

Element Fleet 1Q

Foraco Intl SA 1Q

GFL Environmntl 1Q

Ivanhoe Mines 1Q

Loblaw Companies 1Q

Methanex Corp 1Q

Open Text Corp 3Q

Real Matters 2Q

Spin Master 1Q

Taseko Mines 1Q

Toromont Indus. 1Q

Vermilion Energy 1Q

Economic Indicators $(ET)$:

0930 Apr Canada Manufacturing PMI

Stocks to Watch:

Algoma Steel Group 1Q Rev C$517.1M, 1Q Loss/Shr C$0.48, Incurred Tariff-Related Costs of C$10.5M in 1Q

Badger Infras 1Q Rev $172.6M, 1Q EPS 10c, For Remainder of 2025, We See Continued Opportunities for Growth, Particularly in the U.S.

Canadian Pacific Raises Dividend to C$0.228 Vs. C$0.19

Hydro One: Tim Hodgson Resigns as Chair, Susan Wolburgh Jenah to Continue to Serve as Interim Chair

lululemon athletica Inc.: CEO Calvin McDonald FY24 Total Compensation $14.5M, CFO Meghan Frank FY24 Total Compensation $4.4M

Morguard North American 1Q FFO 44c/Shr

New Gold 1Q Loss/Shr 2c, 1Q Adj EPS 2c, 1Q Rev $209.1M

Sherritt Appoints Richard Moat to Its Bd of Directors

Expected Major Events for Wednesday

01:00/JPN: Mar Steel Imports & Exports Statistics

04:30/JPN: Mar Preliminary Report on Petroleum Statistics

05:00/JPN: Feb Indexes of Business Conditions - Revision

05:00/JPN: Mar Housing Starts

05:00/JPN: Mar Construction Orders

05:30/FRA: Mar Household consumption expenditure in manufactured goods

05:30/FRA: 1Q GDP - first estimate

06:00/GER: Mar Foreign trade price indices

06:00/GER: Mar Retail Trade

06:00/UK: Apr Nationwide House Price Index

06:45/FRA: Mar Housing starts

06:45/FRA: Mar PPI

06:45/FRA: Apr Provisional CPI

07:55/GER: Apr Labour market statistics (incl unemployment)

08:00/GER: Apr Bavaria CPI

08:00/GER: Apr North Rhine Westphalia CPI

08:00/GER: Apr Saxony CPI

08:00/GER: Apr Hesse CPI

08:00/GER: Apr Baden-Wuerttemberg CPI

08:00/GER: Apr Brandenburg CPI

08:00/ITA: 1Q GDP preliminary estimate

08:00/GER: 1Q GDP - 1st release

09:00/ITA: Apr Cities CPI

09:00/ITA: Apr Provisional CPI

10:00/ITA: Mar PPI

11:00/US: 04/25 MBA Weekly Mortgage Applications Survey

12:00/GER: Apr Provisional CPI

12:15/US: Apr ADP National Employment Report

12:30/US: 1Q Advance estimate GDP

12:30/US: 1Q Employment Cost Index

12:30/CAN: Feb GDP

13:45/US: Apr Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI

14:00/US: Mar Pending Home Sales Index

14:00/US: Mar Personal Income and Outlays

14:30/US: 04/25 EIA Weekly Petroleum Status Report

19:00/US: Mar Agricultural Prices

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Wednesday

Automatic Data Processing Inc $(ADP)$ is expected to report $2.97 for 3Q.

Blackbaud Inc $(BLKB)$ is expected to report $0.33 for 1Q.

Blackstone Mortgage Trust Inc - A Share $(BXMT)$ is expected to report $0.32 for 1Q.

Blue Foundry Bancorp (BLFY) is expected to report $-0.17 for 1Q.

Brookfield Infrastructure Partners LP (BIP,BIP.UN.T) is expected to report for 1Q.

CGI Inc (GIB,GIB.A.T) is expected to report $2.06 for 2Q.

Capital Power Corp (CPX.T) is expected to report $0.51 for 1Q.

Caterpillar Inc $(CAT)$ is expected to report $4.34 for 1Q.

Civeo Corp $(CVEO)$ is expected to report $-0.80 for 1Q.

DT Midstream Inc $(DTM)$ is expected to report $1.08 for 1Q.

Dana Inc $(DAN)$ is expected to report $-0.11 for 1Q.

EMCOR Group Inc $(EME)$ is expected to report $4.57 for 1Q.

Evercore Inc - Class A $(EVR.UK)$ is expected to report $1.82 for 1Q.

Extreme Networks Inc $(EXTR)$ is expected to report $-0.13 for 3Q.

Fannie Mae (FNMA) is expected to report $0.61 for 1Q.

Federal Signal Corp $(FSS)$ is expected to report $0.73 for 1Q.

First Foundation Inc (FFWM) is expected to report $0.03 for 1Q.

GE HealthCare Technologies Inc $(GEHC)$ is expected to report $0.88 for 1Q.

GeneDx Holdings Corp (WGS) is expected to report $-0.27 for 1Q.

Hess Corp $(HES)$ is expected to report $1.73 for 1Q.

Hess Midstream LP $(HESM)$ is expected to report $0.62 for 1Q.

Illinois Tool Works Inc $(ITW)$ is expected to report $2.34 for 1Q.

International Paper Co $(IP)$ is expected to report $0.37 for 1Q.

Lincoln Electric Holdings Inc $(LECO)$ is expected to report $2.22 for 1Q.

Loblaw Cos Ltd (L.T,LBLCF) is expected to report $1.77 for 1Q.

Navient Corp (NAVI) is expected to report $0.19 for 1Q.

Newell Brands Inc $(NWL)$ is expected to report $-0.08 for 1Q.

OGE Energy Corp (OGE) is expected to report $0.31 for 1Q.

Oshkosh Corp (OSK) is expected to report $1.94 for 1Q.

Penske Automotive Group Inc $(PAG)$ is expected to report $3.34 for 1Q.

Public Service Enterprise Group Inc $(PEG)$ is expected to report $1.38 for 1Q.

Red River Bancshares Inc $(RRBI)$ is expected to report $1.26 for 1Q.

Scotts Miracle-Gro Co $(SMG)$ is expected to report $3.89 for 2Q.

Timken Co $(TKR)$ is expected to report $1.32 for 1Q.

Tootsie Roll Industries $(TR)$ is expected to report for 1Q.

Tradeweb Markets Inc $(TW)$ is expected to report $0.75 for 1Q.

Wabash National Corp (WNC) is expected to report $-0.28 for 1Q.

Western Digital Corp $(WDC)$ is expected to report $0.67 for 3Q.

Wingstop Inc $(WING)$ is expected to report $0.87 for 1Q.

Yum China Holdings Inc $(YUMC)$ is expected to report $0.79 for 1Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Arista Networks Raised to Neutral From Sell by Rosenblatt

Avantor Cut to Neutral From Buy by Goldman Sachs

Builders FirstSource Cut to Hold From Buy by Stifel

Chord Energy Raised to Buy From Neutral by B of A Securities

ConocoPhillips Cut to Neutral From Buy by B of A Securities

Crane Raised to Buy From Neutral by UBS

Diamondback Energy Raised to Buy From Neutral by B of A Securities

HarborOne Bancorp Cut to Neutral From Buy by Janney Montgomery Scott

Hims & Hers Health Cut to Hold From Buy by TD Cowen

Insulet Cut to Peer Perform From Outperform by Wolfe Research

Saia Cut to Equal-Weight From Overweight by Stephens & Co.

SpringWorks Therapeutics Cut to Hold From Buy by TD Cowen

SpringWorks Therapeutics Cut to Neutral From Buy by Guggenheim

Upstart Holdings Raised to Neutral From Underperform by B of A Securities

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

April 30, 2025 05:50 ET (09:50 GMT)

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