Major U.S. indexes opened down Tuesday and look to close out April as their worst month of the year and the worst April since 2022, despite a rally in recent days.
The Nasdaq 100, S&P 500 and Dow Jones Industrial Average, all closed marginally up on Monday at around 0.3 percent, buoyed by a 15 percent jump in Tesla shares and more modest gains from Apple and Domino's Pizza.
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Trump Media & Technology Group shares were up more than six percent in early trading, extending gains from Monday, when former President Donald Trump's venture closed more than 10 percent up.
Today, investors are anticipating an flurry of earnings reports from multiple household brands.
McDonald's shares were down after it reported worse than expected first quarter results following boycotts in the Middle East and Muslim-majority markets that weighed on international sales.
Shares of pharmaceutical giant Eli Lilly soared after it reported impressive first quarter earnings before the bell, including a 26 percent revenue increase, driven by its popular weight-loss drug Mounjaro.
"Our progress in addressing some of the world's most significant health care challenges has resulted in increased demand for our medicines," said CEO David A. Ricks in a statement on the earnings. "As we continue to make pipeline investments that position us for future growth, we are rapidly expanding manufacturing capacity to make our incretin medicines available to more patients."
Incretin medicines mimic gut hormones to suppress appetite and regulate blood sugar.
Other big-name brands such as Amazon and Starbucks have reports scheduled for release after market close.
Snack giant Mondelez International's earnings report is also due late Tuesday.
Other earnings reports investors will be watching out for this week include Shell, Mastercard, CVS, Berkshire Hathaway, eBay, Pfizer and Moderna.
Apple, the second most valuable company in the world after fellow tech giant Microsoft, reports earnings on Thursday. Both companies are part of the so-called Magnificent Seven, a group of mega cap businesses that have invested heavily in artificial intelligence. Investors have shown a lot of enthusiasm for AI technology development in recent months.
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Food-adjacent stocks will continue to be the flavor of the week, with announcements expected from Yum! Brands, the parent company of KFC and Pizza Hut, DoorDash and The Kraft Heinz company to come.
Earnings Highlights To Watch This Week
- Wednesday: Mastercard, Pfizer, CVS, Marriott, DoorDash, The Kraft Heinz Company, Pizza Hut and KFC parent Yum! Brands, eBay
- Thursday: Apple, pharmaceutical company Novo Nordisk, Shell, Moderna
- Friday: Berkshire Hathaway, AMC
Investors are also holding their breath for fresh economic data this week, with the Federal Reserve expected to keep interest rates at elevated levels. The Fed's two-day policy meeting starts Tuesday.
Update, 4/30/24, 10:07 a.m. ET: This article was updated with additional information after markets opened in New York.
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Joe Edwards is a Live News Reporter in Newsweek's London bureau.
