Trump tariffs, more Big Tech earnings, and a jobs report: What to know this week

Yahoo Finance02-02 20:50

Stocks swiftly recovered from the DeepSeek-driven sell-off early in the week but came under pressure on Friday amid concerns over President Trump's tariff plans. Trump followed through with his plans ...

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There will be 25% duties on Canada and Mexico and 10% on China over issues of fentanyl and illegal migration.Stocks will be digesting the tariffs announcements after a strong start to the year. In January, the S&P 500  rose 2.7% while the Nasdaq Composite  rose more than 1.6%. The Dow Jones Industrial Average  led the gains, rising 4.7%.In the week ahead, investors will parse the latest developments in Trump's tariff strategy, the January jobs report, and an onslaught of corporate reports. Updates on job openings, as well as activity in the services and manufacturing sectors, will also be on the schedule.The week ahead will bring several key updates for the Fed on the employment side o","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"CMG":"墨式烧烤","LLY":"礼来","GOOGL":"谷歌A","GOOG":"谷歌","AMZN":"亚马逊"},"translate_title":"特朗普关税、更多大型科技公司盈利和就业报告：本周需要了解什么","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMZN":0.9,"CMG":0.9,"GOOG":0.9,"GOOGL":0.9,"LLY":0.9},"content_text":"Stocks swiftly recovered from the DeepSeek-driven sell-off early in the week but came under pressure on Friday amid concerns over President Trump's tariff plans.\nTrump followed through with his plans on Saturday, placing tariffs on Canada, Mexico and China, which will be fully in force by Tuesday, Feb. 4. There will be 25% duties on Canada and Mexico and 10% on China over issues of fentanyl and illegal migration.\nStocks will be digesting the tariffs announcements after a strong start to the year. In January, the S&P 500 (^GSPC) rose 2.7% while the Nasdaq Composite (^IXIC) rose more than 1.6%. The Dow Jones Industrial Average (^DJI) led the gains, rising 4.7%. \nIn the week ahead, investors will parse the latest developments in Trump's tariff strategy, the January jobs report, and an onslaught of corporate reports. Updates on job openings, as well as activity in the services and manufacturing sectors, will also be on the schedule. \nMeanwhile, quarterly results from Amazon (AMZN), Alphabet (GOOGL,GOOG), Chipotle (CMG), and Eli Lilly (LLY) headline a week that will feature earnings reports from 131 S&P 500 companies. \nTariff talk\nTariff reaction will be at the forefront of the market narrative in the week ahead. The duties on all three countries will be fully in force by Tuesday, February 4th, according to the order signed by Trump Saturday afternoon in Florida. Many economists have argued that tariffs could stoke inflation.\nAs Yahoo Finance's Ben Werkschul reported, Canada, Mexico, and China were expected to quickly announce retaliatory measures across a range of goods. Indeed, on Saturday, Canadian Prime Minister Justin Trudeau said Canada will place 25% counter-tariffs on CAD $155 billion (USD $107 billion) worth of American-made products, starting Tuesday\nA stock market rally cooled off to end the week as White House press secretary Karoline Leavitt on Friday afternoon outlined the plans for imposing tariffs. \nThis set the stage for what could come from the market as investors digest Trump's tariff promises coming to fruition. \nEvercore ISI chief strategist for international affairs and public policy Sarah Bianci told Yahoo Finance Trump's tariffs would \"grab the market's attention.\" Bianchi added that Trump following through with the extent of tariffs he had initially threatened \"may be further\" than market participants had been expecting to this point. \n\n\n\n  President Donald Trump holds a signed executive order on deregulation in the Oval Office of the White House, Friday, Jan. 31, 2025, in Washington. (AP Photo/Evan Vucci)\n \n\n  ASSOCIATED PRESS\n \n\nOn hold for now\nThe Federal Reserve held interest rates steady on Wednesday as it waits for further clarity on inflation's path toward its 2% target and how potential tariffs could impact that process. \nThe week ahead will bring several key updates for the Fed on the employment side of its mandate. The January jobs report, due out Friday morning, is expected to show the US labor market added 150,000 jobs in the month, down from the 256,000 seen in December. Meanwhile, the unemployment rate is expected to hold steady at 4.1%. The report will also include revisions to labor data from the past year.\n\"We suspect the January jobs report will continue to indicate the labor market has softened over the past year, but not to an alarming degree,\" Wells Fargo's economics team led by Jay Bryson wrote in a weekly note to clients Friday. \nWhile the labor market has held up for now, with inflation moving slowly toward the Fed's target, some on Wall Street believe signs of significant slowing would be the most likely catalyst to prompt the central bank to resume its rate-cutting cycle. \n\"We think the unemployment rate is probably the single most important macro data point you're going to get every month,\" Citi head of US equity trading strategy Stuart Kaiser told Yahoo Finance. \"If you see a significant uptick in the unemployment rate, that potentially puts the Fed under pressure and puts the market under pressure as well.\"\n\nEarnings scorecard \nLess than halfway through the reporting period, the S&P 500 is currently pacing for year-over-year earnings growth of 13.2% for the fourth quarter, which would mark the fastest rate of growth in three years for the benchmark index. This is higher than the 11.8% growth consensus had expected on Dec. 31, per FactSet data. \nAnd FactSet senior earnings analyst John Butters points out this reporting season has been a particularly strong one for companies that are surprising Wall Street to the upside with their earnings per share numbers. Analyzing the two days leading into and following a report, companies that beat Wall Street's earnings expectations have seen their stocks rise 1.5% on average. This is above the five-year average of a 1% rise for companies that top earnings estimates. \nAnd it's not just this quarter's earnings surprising, either. Deutsche Bank chief global strategist Binky Chadha pointed out in a note to clients that at this point in the quarter, earnings estimates would usually have been cut 1.3%. Instead, they've only been trimmed by 0.6%. \nIn other words, while noise about tariffs, inflation, and the overall path of monetary policy continues to dominate the discussion, the strong trend in earnings continues to be what's keeping Wall Street strategists bullish about the market outlook. \n\"The most steady part of this bull market has been ... those earnings trends. Those forward earnings estimates every week are making new highs,\" Truist co-chief investment officer Keith Lerner told Yahoo Finance. \"All in all, we think the bull market trend is intact, supported by these earnings that are somewhat still underappreciated.\" \n\nAnother potential tailwind\nAnother bullish sign for earnings may soon be flashing green too. On Tuesday, the Institute for Supply Management will release its ISM Manufacturing PMI. The reading has shown the sector in contraction for more than two years.\nBank of America US economist Aditya Bhave believes the tide may be turning for manufacturing, though. \n\"The manufacturing recession might be over, and we think the ISM manufacturing index is likely to break above 50 in January,\" Bhave wrote in a note to clients on Friday. \nThis could be bullish for stocks, Fundstrat head of research Tom Lee recently said in Yahoo Finance's Chartbook. \n\"To me, the most important chart to watch is the ISM manufacturing turning up in 2025,\" Lee said. \"This series has been below 50 for 26 months now, the longest stretch since 1989-1991, and we think [it] signals an acceleration of cyclical [earnings] growth in 2025.\"\nAs Lee's chart shows, when ISM's manufacturing PMI picks up, earnings usually follow. \n\nWeekly Calendar\nMonday\nEconomic data: S&P Global US manufacturing PMI, January final (50.1 expected, 50.1 previously); Construction spending, month-over-month, December (0.2% expected, 0% prior); ISM manufacturing, January (49.3 expected, 49.3 prior)\nEarnings: The Clorox Company (CLX), Palantir (PLTR), Tyson (TSN)\nTuesday\nEconomic data: Job openings, December (8.01 million previously); Factory orders, December (+0.5% expected, -0.4% previously); Durable goods orders, December final (-2.2% previously), Capital Goods orders nondefense, excluding air, December final (+0.3% previously)\nEarnings: Alphabet (GOOGL,GOOG), AMD (AMD), Amgen (AMGN), Apollo (APO), Chipotle (CMG), Electronic Arts (EA), Enphase (ENPH), Estée Lauder (EL), Ferrari (RACE), Juniper Networks (JNPR), Merck (MRK), PayPal (PYPL), PepsiCo (PEP), Pfizer (PFE), Snap (SNAP), Spotify (SPOT)\nWednesday\nEconomic data: MBA mortgage applications, week ending Jan. 31 (-2% prior); ADP Private Payrolls, December (+153,000 expected, +111,000 previously); S&P Global US services PMI, January final (52.8 prior); S&P Global US composite PMI, January final (52.4 prior); ISM services index, January final (54.5 expected, 54.1 prior)\nEarnings: Disney (DIS), Aflac (AFL), Arm Holdings (ARM), Aurora Cannabis (ACB), Boston Scientific (BSX), Ford (F), Novo Nordisk (NVO), Qualcomm (QCOM), Toyota (TM), Uber (UBER), Viking Therapeutics (VKTX)\nThursday\nEconomic data: Challenger jobs cuts, year-over-year, January (+11.4% previously); Initial jobless claims, week ending Feb. 1 (207,000 previously)\nEarnings: Amazon (AMZN), Eli Lilly (LLY), Affirm (AFRM), e.lf. Beauty (ELF), Bristol Myers Squibb (BMY), ConocoPhillips (COP), Hershey (HSY), Peloton (PTON), Pinterest (PINS), Phillip Morris International (PM), Roblox (RBLX), Tapestry (TPR), Yum! Brands (YUM)\nFriday\nEconomic calendar: Nonfarm payrolls, January (+150,000 expected, +256,000 previously); Unemployment rate, January (4.1% expected, 4.1% previously); Average hourly earnings, month-over-month, January (+0.3% expected, +0.3% previously); Average hourly earnings, year-over-year, January (+3.8% expected, +3.9% previously); Average weekly hours worked, January (34.3 expected, 34.3 previously); Labor force participation rate, January (62.5% previously); Annual revisions to the employment establishment survey expected; University of Michigan consumer sentiment survey, February preliminary (74 prior)\nEarnings: Canopy Growth (CGC), Newell Brands (NWL)\nJosh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer\nClick here for in-depth analysis of the latest stock market news and events moving stock prices\nRead the latest financial and business news from Yahoo Finance","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2508387801"}