US Stocks Gain Slight Traction
On Tuesday, U.S. stocks gained momentum as equities continued to mirror developments in the Treasury market amid gloomy economic data and corporate signals that spurred expectations of upcoming interest rate cuts. The S&P 500 and Nasdaq saw increases, while the Dow advanced by 200 points. March saw U.S. job openings at 7.19 million, falling short of projections, and the CB Sentiment Survey highlighted growing pessimism. This led markets to anticipate a 100 basis point cut by the Federal Reserve for the year, a notable shift from the 50 basis point signal given by the central bank last month. Notably, Honeywell and Pfizer stocks rose over 5% and 4%, respectively, on the back of strong earnings, while the broader software sector experienced gains. Despite this, uncertainty surrounding trade and economic policies prompted UPS to withhold a full-year forecast, resulting in a 2% drop in their shares. Additionally, GM's decision to cancel its share buyback program and withdraw its forecast, citing potential tariff impacts, caused its shares to fall 4%. Similarly, tariff concerns have led to the U.S. reporting its largest trade deficit on record.
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