Stocks Whacked to Open Week; Gold Rockets Higher, Reaches $3,500 Overnight; Silver Likely Being Sold to Raise Cash

It’s becoming clear that the declines in stocks and rising interest rates on longer-dated bonds are not due to simply concern over tariffs. There are larger matters at hand. Judging by the extraordinary gains in gold, a re-ordering of the entire global financial system seems to be in play, and, perhaps even something as elemental as what constitutes "money" is about to be re-evaluated.

Thus, passive investors, whether they realize it or not, may be holding onto dead money. The market has been proving them wrong and taking them to the cleaners since mid-February. Monday's bloodbath wasn't the consequence of Trump mentioning that he may be considering firing Federal Reserve Chairman Jerome Powell. It was much deeper than that. Trump may, at any given moment, express a desire to abolish the Federal Reserve completely and return the United States to sound money, likely backed by gold. Whether silver has a place in his machinations remains to be seen, though the recent evidence suggests not.

Having little to no input into what kinds of investments people's IRAs or 401ks are making, these long-term managed accounts are at the mercy of fund managers and the market, a doubly-troubling condition.

Contributing to the overall sense of gloom on Wall Street are recent earnings reports, with more than a few companies lowering their revenue and profit estimates. There is simply too much uncertainty over the future for company executives to compose realistic plans for growth or expansion.

Earlier Tuesday morning Verizon (VZ) reported earnings above estimates but also saw a decline in subscribers to their various cellular services, sending the stock down more than two percent. On the flip side, Synchrony Financial, a sub-prime lender, saw lower charge-offs and delinquencies, somewhat bucking recent trends. Shares of the company are cautiously positive, up less than one percent.

Gold continued its rapid assent, topping $3,500 early Tuesday morning before the usual gang of thieves at the COMEX knocked it back down about $60. Silver remains moribund, unable to follow gold's lead, the gold:silver ratio at an eye-watering 105.17.

What may be occurring is a selloff of silver holdings by firms in need of quick cash, either to cover margin calls or shore up liquidity after taking massive losses. Usually, when the markets are as stressed as they are now, both gold and silver would be sold off to raise cash. At this time, nobody is letting go of their gold, only silver, which might explain to some degree why silver has not followed gold's move higher.

As long as there is confusion and stress and stocks under pressure, silver seems likely to suffer. When it breaks free - and it eventually will - the gains are likely to be spectacular.

At the Close, Monday, April 21, 2025:
Dow: 38,170.41, -971.82 (-2.48%)
NASDAQ: 15,870.90, -415.55 (-2.55%)
S&P 500: 5,158.20, -124.50 (-2.36%)
NYSE Composite: 18,032.37, -334.75 (-1.82%)

WEEKEND WRAP: More Stress, Less Money; Global Shrinkage a la Trump Tariffs; Gold Soars; Bond Spreads Blown Out; Gas Prices Down

The week just passed was slightly less volatile than the previous few, though still painful for equity investors.

Gold set new record highs, oil rebounded but gas was cheaper, trade deals are being formulated, Ukraine is closer to a resolution, and the Middle East may become less challenging as President Trump continues to forge economic and peace policies.

Stocks

The NASDAQ and S&P finished with their seventh weekly loss in the last nine, the Dow its sixth loser in the last nine. Putting aside tariffs and politics, early earnings reports for the first quarter have been fairly innocuous, without major surprises to the upside, though lower revenue and profit forecasts have been prominent. Whether or not those are warranted - many based on perceptions of coming tariff turmoil - remains to be seen. The U.S. economy continues to chug along.

The week ahead will feature earnings reports from some of America's most influential companies including Lockheed Martin, Verizon, General Dynamics, Alphabet, Boeing, Pepsico, Tesla and others (see list below).

On the data front, New Home Sales for March will be the focus Wednesday along with the weekly EIA energy report.

In addition to Thursday's regular reading of weekly unemployment claims, March existing home sales, durable goods, and a report by the Kansas City Fed may provide additional information on the overall health of the U.S. economy.

The week encompassing April 28 to May 2 will be more impactful, with the first estimate 1st quarter GDP announced Wednesday, April 30 and April Non-farm Payrolls Friday, May 2.

The week just ahead will feature earnings reports from the following (and many more):

Monday: (before open) Comerica (CMA), Capital City Bank (CCBG), HBT Financial (HBT); (after close) Calix (CALX), Flexsteel (FLXS)

Tuesday: (before open) Danahr (DHR), Lockheed Martin (LMT), Synchrony Financial (SYF), Northrop Grumman (NOC), Kimberly-Clark (KMB), GE Aerospace (GE), Verizon (VZ); (after close) Capital One (COF), Tesla (TSLA), Intuitive Surgical (ISRG), SAP (SAP), Baker Hughes (BKR), Enphase (ENPH)

Wednesday: (before open) AT&T (T), General Dynamics (GD), Nextera Energy (NEE), Boeing (BA), Phillip Morris (PM); (after close) Newmont Mining (NEM), Texas Instruments (TXN), Chipole Mexican Grill (CMG), IBM (IBM), O'Reilly Auto Parts (ORLY)

Thursday: (before open) Southwest Airlines (LUV), American Airlines (AAL), Pepsico (PEP), Dow (DOW), Tractor Supply (TSCO), Valero (VLO), Union Pacific (UNP), Merck (MRK), Nokia (NOK), Freeport MacMoran (FCX); (after close) Alphabet (GOOG), T-Mobile (TMUS), Intel (INTC), Skechers (SKX), Weyerhaeuser (WY)

Friday: (before open) Abbvie (ABBV), Phillips 66 (PSX), Charter Communications (CHTR), Colgate-Palmolive (CL).

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
03/14/2025	4.37	4.36	4.33	4.33	4.30	4.29	4.09
03/21/2025	4.36	4.33	4.33	4.33	4.29	4.26	4.04
03/28/2025	4.38	4.35	4.35	4.33	4.30	4.26	4.04
04/04/2025	4.36	4.35	4.36	4.28	4.25	4.14	3.86
04/11/2025	4.37	4.35	4.38	4.34	4.35	4.21	4.04
04/17/2025	4.36	4.35	4.38	4.34	4.35	4.22	3.99

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
03/14/2025	4.02	4.00	4.09	4.20	4.31	4.65	4.62
03/21/2025	3.94	3.92	4.00	4.12	4.25	4.60	4.59
03/28/2025	3.89	3.91	3.98	4.11	4.27	4.65	4.64
04/04/2025	3.68	3.66	3.72	3.84	4.01	4.44	4.41
04/11/2025	3.96	3.98	4.15	4.32	4.48	4.91	4.85
04/17/2025	3.81	3.82	3.95	4.13	4.34	4.82	4.80

Spreads continue to blow out, with 2s-10s at +53 and full spectrum at +44, the former the highest in years, the latter the highest since January 10. This indicates some stresses in the system, given credit card and auto loan delinquency rates are on the rise and mortgage foreclosures are also rising, which, with home prices at unaffordable levels for just about everybody except the ultra-wealthy would figure. The chances of a 2008-like credit event are growing, though there have been no warnings shots, such as the demise of Bear Stearns in advance of the Lehman/2008 crisis.

There is still rampant speculation that some hedge funds took severe losses in prior weeks and were on the verge of major unwinding. Those fears remain prevalent. Further declines in stock markets could trigger a cascading effect that spills over into fixed income, exposing unhedged bond investors.

Meanwhile, President Trump continues to threaten Fed Chair Jerome Powell for "playing politics" with interest rates. The President wants them lower. Powell, for now, isn't budging. Neither is China per trade. These forces are coming to a head and the outcome could not be more clouded.

Doug Noland writes extensively on the current climate in his weekly commentary on Credit Bubble Bulletin. His insights are valuable and about as close to a "must read" as he's ever produced.

There are serious problems underlying not just the U.S. economy, but the entire global monetary and financial structure. If it seems like things are breaking, it's because they are. Currently, there's a quietude about catastrophic conditions, but that's likely to begin changing next Wednesday (April 30) when first quarter GDP is released.

Spreads:

2s-10s
9/15/2023: -69
9/22/2023: -66
9/29/2023: -44
10/06/2023: -30
10/13/2023: -41
10/20/2023: -14
10/27/2023: -15
11/03/2023: -26
11/10/2023: -43
11/17/2023: -44
11/24/2023: -45
12/01/2023: -34
12/08/2023: -48
12/15/2023: -53
12/22/2023: -41
12/29/2023: -35
1/5/2024: -35
1/12/2024: -18
1/19/2024: -24
1/26/2024: -19
2/2/2024: -33
2/9: -31
2/16: -34
2/23: -41
3/1: -35
3/8: -39
3/15: -41
3/22: -37
3/28: -39
4/5: -34
4/12: -38
4/19: -35
4/26: -29
5/3: -31
5/10: -37
5/17: -39
5/24: -47
5/31: -38
6/7: -44
6/14: -47
6/21: -45
6/28: -35
7/5: -32
7/12: -27
7/19: -24
7/26: -16
8/2: -08
8/9: -11
8/16: -17
8/23: -09
8/30: 00
9/6: +06
9/13: +09
9/20: +18
9/27: +20
10/4: +5
10/11: +13
10/18: +13
10/25: +14
11/1: +16
11/8: +5
11/15: +12
11/22: +4
11/29: +5
12/6: +5
12/13: +15
12/20: +22
12/27: +31
1/3: +32
1/10: +37
1/17: +34
1/24: +36
1/31: +36
2/7: +20
2/14: +21
2/21: +23
2/28: +25
3/7: +33
3/14: +29
3/21: +31
3/28: +38
4/4: +33
4/11: +52
4/17: +53

Full Spectrum (30-days - 30-years)
9/15/2023: -109
9/22/2023: -99
9/29/2023: -82
10/06/2023: -64
10/13/2023: -82
10/20/2023: -47
10/27/2023: -54
11/03/2023: -76
11/10/2023: -80
11/17/2023: -93
11/24/2023: -95
12/01/2023: -105
12/08/2023: -123
12/15/2023: -154
12/22/2023: -149
12/29/2023: -157
1/5/2024: -133
1/12/2024: -135
1/19/2024: -118
1/26/2024: -116
2/2/2024: -127
2/9: -117
2/16: -103
2/23: -112
3/1: -121
3/8: -125
3/15: -109
3/22: -112
3/28: -115
4/5: -93
4/12: -87
4/19: -77
4/26: -70
5/3: -85
5/10: -87
5/17: -94
5/24: -99
5/31: -83
6/7: -92
6/14: -113
6/21: -103
6/28: -96
7/5: -101
7/12: -108
7/19: -103
7/26: -104
8/2: -143
8/9: -131
8/16: -138
8/23: -141
8/30: -121
9/6: -125
9/13: -117
9/20: -80
9/27: -80
10/4: -75
10/11: -58
10/18: -54
10/25: -38
11/1: -18
11/8: -23
11/15: -10
11/22: -12
11/29: -40
12/6: -23
12/13: +18
12/20: +29
12/27: +38
1/3: +38
1/10: +54
1/17: +41
1/24: +40
1/31: +36
2/7: +32
2/14: +32
2/21: +31
2/28: +13
3/7: +24
3/14: +25
3/21: +23
3/28: +26
4/4: +5
4/11: +38
4/17: +44

Oil/Gas

$64.45 was the closing price of WTI crude oil on Friday, up nearly $3 from last week's closeout price of $61.48. Whether that was just a dead cat bounce off essentially a four-year low or the beginning of inflationary pressure starting within the energy complex remains to be seen. However, from a chartist perspective, the long term trend is clearly lower. Last week's gain will probably not last long. There is still too much oil and insufficient demand. Economies everywhere - especially China, to say nothing of Europe - are slowing and stimulus based on painful deficit spending are unlikely to resolve anybody's problems.

Gasbuddy.com is reporting the national average for a gallon of unleaded regular gas at the pump at $3.12, down four cents from last week and 10 cents from two weeks out. The expectation is for the national average to fall below $3.00 within the next month and possibly fall further as a combination of reduced demand and oversupply takes hold. The national average could fall to levels not seen since the 2010s, prior to the pandemic and the four years of Biden's "green" policies.

This chart via Gasbuddy.com provides clarity. The national average for a gallon of unleaded regular gas were never above $3.00 during Trump's first term and were almost always over $3.00 six months after Joe Biden stepped into the White House. That unusually-high inflationary impulse is being forcibly reversed.

Gas prices were lower across the most of the country, the top price retained by California at $4.79 down seven cents on the week. Mississippi took back the low spot, at $2.65, edging out Texas, Tennessee ($2.66), and Oklahoma, followed by South Carolina ($2.68), Louisiana ($2.73), Alabama ($2.74), Arkansas ($2.75) and Kentucky ($2.76). Georgia continues to fall, down from $2.95 last week to $2.88. Florida dipped to $2.96.

Outside of Pennsylvania ($3.35) and Maryland ($3.12), New England and East coast states all range between $2.82 (New Hampshire) and $3.06 (Vermont). New York was down three cents, at $3.04. Almost all of the Northeast is headed below $3.00. Most states - Rhode Island, New Jersey, Connecticut, Maine, Massachusetts - are already there.

Midwest states are led by Illinois ($3.35), though the price is another six cents lower than last week. Kansas ($2.82) is the lowest, Missouri ($2.86), and Iowa ($2.99) are under $3.00 a gallon, along with Iowa and Wisconsin ($3.95), and Nebraska and South Dakota ($3.96). The West continues to have the highest prices. Along with California, Washington is the only state above $4.00, stable at at $4.27. Oregon ($3.91) and Nevada ($3.82) are already seeing price declines. Arizona checks in at $3.33, though neighboring New Mexico is a bargain at $2.79. Idaho is at $3.28, while neighboring Utah is $3.27, both higher this week.

Sub-$3.00 gas can be found in at a few more states this week, with at last 25 hitting the mark. Prospects for lower gas prices are very good now, though it's likely going to be a little while before Trump gets them down where he'd like them, with a national average around $2.60 to $2.75, possibly even lower.

Bitcoin

This week: $84,240.61
Last week: $84,401.71
2 weeks ago: $78,955.22
6 months ago: $68,890.14
One year ago: $66,402.03
Five years ago: $7,545.21

Bitcoin continues to bounce around, acting like a store of value against declining stock prices and lower U.S. dollar. It's a complete scam.

Bitcoin has not been over $100,00 since February 4. It's possible that the entire crypto space could implode quicker than the general economy. In fact, much of the space is already suffering and it could be a trigger to a wider credit event. One example is Ethereum, down 53% year-to-date. The fraud in crypto as a general economic concept may be beginning to be exposed. This could get even uglier. If Bitcoin falls, it takes the whole universe of thousands of alt-coins and tokens with it.

Precious Metals

Gold:Silver Ratio: 102.68; last week: 101.12

Per COMEX continuous contracts:

Gold price 3/23: $3,028.20
Gold price 3/30: $3,090.00
Gold price 4/6: $3,056.10
Gold price 4/13: $3,254.90
Gold price 4/20: $3,341.30

Silver price 3/23: $33.29
Silver price 3/30: $34.82
Silver price 4/6: $29.52
Silver price 4/13: $32.19
Silver price 4/20: $32.54

Gold just keeps going higher, and if that tells us anything, it's that the world is on a precipice. Gold gets bought when stress becomes overwhelming and that's where we are. Silver cold explode higher, but that would entail the end of the COMEX, LBMA, and much of the world's economic realities.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (numismatics excluded, free shipping):

Item/Price	Low	High	Average	Median
1 oz silver coin:	38.00	51.99	41.78	40.65
1 oz silver bar:	33.00	53.99	43.08	43.04
1 oz gold coin:	3,325.00	3,597.09	3,485.68	3,491.16
1 oz gold bar:	3,435.00	3,508.60	3,474.56	3,471.57

The Single Ounce Silver Market Price Benchmark (SOSMPB) gained over the week, to $42.14, up $1.00 from the April 13 price of $41.14 per troy ounce.

WEEKEND WRAP

Happy Easter and Happy 136th Birthday Adolph Hitler (20 April 1889 - 30 April 1945). (One wonders if he was on the Social Security list uncovered by DOGE). In just 10 days, the planet can celebrate the 80th anniversary of his passing, whatever that's worth.

At the Close, Thursday, April 17, 2025:
Dow: 39,142.23, -527.16 (-1.33%)
NASDAQ: 16,286.45, -20.71 (-0.13%)
S&P 500: 5,282.70, +7.00 (+0.13%)
NYSE Composite: 18,367.12, +121.47 (+0.67%)

For the Week:
Dow: -1070.48 (-2.66%)
NASDAQ: -438.01 (-2.62%)
S&P 500: -80.66 (-1.50%)
NYSE Composite: +147.47 (+0.81%)
Dow Transports: +29.23 (+0.22%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2025, Downtown Magazine Inc., all rights reserved.

Stocks Looking at Another Losing Week (7 of 9 for NASDAQ, S&P) with Exchanges Closing for Good Friday; Gold Rips Higher

Stocks took another beating on Wednesday. Without a doubt, something is not right. Probably a lot of things aren't right. President Trump's unpredictable nature has the world on edge, and, as has been reiterated here more than enough times, markets do not like uncertainty.

The brightest spot in the universe right now is probably the price of gold. It simply continues to rise and rise. Year-to-date, gold is up - at the overnight price of $3,364.20 - 29 percent, which is extraordinary and likely not yet finished. In consideration of the instability in world politics today, the price of gold could easily surpass $4000, even $5000, this year.

The price of gold is giving every indication that the global economy is about to undergo a radical redesign, one that has gold at its core, because, more than 110 years since the establishment of the U.S. Federal Reserve, fiat currencies and the people who support them and suppress the value of true money - gold and silver - have had their day, run their course, and are ready to be put out to pasture, or, even better, led, kicking and screaming to the financial slaughterhouse.

Conditions in the world are out of balance. The U.S. has lost prestige, due to its inability to honor its commitments. Europe is ready for a shallow grave. The days of colonial power having long passed, Asia is rising, as it should, shaking off the chains of central banks, free-floating currencies, fractional reserves, debt issuance and counterfeiting.

The world needs stability rather than chaos, understanding instead of conflict, and, peace, not war.

What is alarming is that major nations are gearing up for enlargement of military commitments. Russia is conscripting more young men than it has in 40 years. The proposed U.S. defense budget is over $1 trillion. China, already far ahead of its peers, has amassed the world's largest naval fleet and stands ready to defend itself from any and all who might oppose it.

China's dominance in trade and finance is unmistakable. Certain elements of the United States government are having a difficult time accepting that. There are still far too many neocon voices and actors in the U.S. government, moron war hawks bent on domination and supremacy. It's not likely to work out well for them or for the American people.

So now, rather than bombs and shells and death, the two great powers wage economic war. For now, that's fine, but one wonders where it leads.

After markets closed Wednesday, Alcoa (AA) reported first quarter EPS that beat estimates, though revenue fell short. Shares were flat after markets closed.

Taiwan Semiconductor (TSM) projected second quarter sales above estimates. Shares rose four percent in pre-market trading.

United Health (UNH) sent Dow futures plummeting Thursday morning, as the company reported EPS of $7.20 that was short of estimates and lowered its fiscal year 2025 estimate of adjusted EPS to 26.00 to 26.50, well below consensus projections of $29.74.

Shares of the Dow heavyweight were down 20 percent or more, with Dow futures down nearly 600 points (1.46%).

Another Dow component, American Express (AXP), posted solid numbers as consumer spending remained robust. The stock was trending slightly lower in pre-market trade.

DR Horton (DHI) posted fiscal second quarter EPS of $2.58, behind estimates for $2.67. The largest U.S. homebuilder also slashed fiscal 2025 forecasts, citing lagging demand for new homes. Shares of the company slipped three percent pre-market.

Regions Financial (RF), Ally (ALLY), and Fifth Third Bank (FITB) all reported figures mostly in line with estimates. After Thursday's close, Netflix (NFLX) reports. No big names are reporting Friday, as the market is closed in observance of Good Friday.

The shortened week probably is a relief to many traders weary from continued volatility, but it also pushed roughly $2 trillion in options expiring to Thursday, which might trigger even more volatility as another rough week comes to a close.

As of Wednesday's closing bell, the Dow is down 543 points for the week and likely to fall even further. The NASDAQ is down 417, approaching its seventh weekly loss in the last nine. The S&P is down 87 points for the week, which, like the NASDAQ would be seven losers out of the last nine.

Stock futures near 9:00 am ET: Dow: -552; NASDAQ: +150; S&P: +28.

Initial unemployment claims were flat, but Housing Starts were down 11% month on month, but Building Permits were up 1.6%, a very mixed picture.

Gold is near record highs, hitting $3365 overnight. Silver got as high as $33.01, but has since tailed off. It will be interesting to track gold and silver prices on Friday, with U.S. markets shut down.

At the Close, Wednesday, April 16, 2025:
Dow: 39,669.39, -699.57 (-1.73%)
NASDAQ: 16,307.16, -516.01 (-3.07%)
S&P 500: 5,275.70, -120.93 (-2.24%)
NYSE Composite: 18,245.65, -184.39 (-1.00%)

Futures Struggle Mid-Week as U.S. Slaps Nvidia with $5.5 Billion Charge; Patterns Continue Bearish; Retail Sales Up 1.4% in March

Major indices in the U.S. displayed a classic bear market pattern on Tuesday, ramping higher from the open only to lose momentum as the day progressed, ending with small losses on each. That specific, repeating pattern has reaffirmed the bear market condition repeatedly over the past months, especially mid-February forward.

Stock futures are looking a bit sheepish heading into Wednesday's session. The majors were down sharply overnight, but were suddenly boosted around 4:30 am ET. This is one of the reasons Money Daily remains skeptical about stocks in the current environment and has been suggesting that passive investors take some profits at this juncture. Entire markets can turn on a dime, overnight or even during cash sessions, and having a custodial account with limited availability to trade or direct investments can cause substantial under-performance.

After Tuesday's close, United Airlines (UAL) stunned the after-market, disclosing adjusted earnings per share of $0.91 in the March quarter, compared to a loss of $0.15 per share in Q1 2024. On a reported basis, the company posted a net income of $387 million, compared to a loss of $124 million in the year-ago quarter. The company roundly beat street estimates, sending shares of the airline soaring, up as much as eight percent.

Early Wednesday morning, Dutch chip machinery manufacturer, ASML, missed Q1 order expectations, citing tariff uncertainty. Company CEO Christophe Fouquet said, "...the recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while." Investors concurred, sending shares down four percent.

Abbott Laboratories (ABT) slipped as 1Q sales missed expectations. Dow component Travelers (TRV) reported net income of $395 million in the first quarter despite heavy losses due to wildfires in California earlier this year. Despite blowout EPS of $1.91, investors are taking profits, sending shares down two percent in pre-market trading.

The big story overnight, however, involved Nvidia (NVDA). The chip-maker was hit with a $5.5 billion charge over sales to China. The stock was down five percent as the tariff tiff between the U.S. and China continues to escalate.

U.S. retail sales soared in March, up 1.4 percent from February, and up 4.6 percent from March 2024.

March Industrial Production (+0.7%, February) and Capacity Utilization (78.2%, February) are out at 9:15 am ET., but are not expected to move markets much.

Futures are down, with the Dow off 100; S&P, -50; NASDAQ, -315 at 9:00 am

Gold is again ripping higher ($3,328) along with silver ($33.12). WTI crude oil is above $62/barrel.

At the Close, Tuesday, April 15, 2025:
Dow: 40,368.96, -155.83 (-0.38%)
NASDAQ: 16,823.17, -8.32 (-0.05%)
S&P 500: 5,396.63, -9.34 (-0.17%)
NYSE Composite: 18,430.04, -2.21 (-0.01%)

Markets More Forward-Looking as Earnings Roll In; Classic Case of FUD Likely to Keep Gains Subdued

After one of the most turbulent weeks in stock market memory, trading on Monday was rather more subdued. There were no major announcements from the White House on tariffs or any other pressing matter, and earnings reports from Goldman Sachs (GS) and M&T Bank (MTB) suggested that financial institutions were not stressed, giving the markets a leg up to start the week.

There was some of the usual up-and-down that have typified stock trading in recent weeks, as the major avrages rose at the outset and gave most or all of it back before rallying in the afternoon, though the final minutes were a dissappointment. The Dow gave up 200 points in the final half hour, with the NASDAQ and S&P following it lower.

Regardless of the pattern, stocks ended the session with reasonably good gains.

Tuesday has first quarter earnings from Bank of America (BAC), Citigroup (C), PNC (PNC), Johnson & Johnson (JNJ), Erikson (ERIC) and supermarket chain Albertson's (ACI) before the open to digest, along with Import and Export Prices and the NY Fed's Empire Manufacturing Survey.

The bank stocks: BAC, C, PNC, all reported reasonably good quarters. Stocks of the companies were positiv prior to the open, though only marginally. BAC was the best, up more than two percent.

Johnson & Johnson (JNJ), seen as a gauge for consumer spending, delievered a small beat with EPS of $2.77, but the stock was lower by about one percent in pre-market activity despite the company raising its full year sales guidance. Investors are seemingly a little gun shy after being rolled and rollicked over the past few weeks.

The Empire Fed index showed improvement, though still negative.

Some downside came from Albertsons, which delivered an earnings beat but warned their annual profit forecast may not meet expectations. Shares of the company were seen down six to seven percent in pre-market trading.

U.S. import prices decreased 0.1 percent in March following an 0.2-percent increase in February, the U.S. Bureau of Labor Statistics (BLS) reported Tuesday morning. Prices for U.S. exports were unchanged in March following increases of 0.5 percent in February and 1.4 percent in January.

Those numbers had little impact on market psychology since they were from before Trump's April 2 tariff announcement.

Earnings reports, while generally good, not great, thus far, are likely to have little impact on stock prices as sentiment has shifted, the focus now clearly on the future, not past results.

Futures flattened out approaching the open. Gold was catching a bid. Tuesday's trading appears to be clouded by recession fears and uncertainty over the future of tariffs. Add in doubts as to President Trump's effectiveness at dealing with Ukraine, Russia, and the Middle East and the recipe is classic FUD (Fear, Uncertainty, Doubt).

Who would have guessed.

At the Close, Monday, April 14, 2025:
Dow: 40,524.79, +312.08 (+0.78%)
NASDAQ: 16,831.48, +107.03 (+0.64%)
S&P 500: 5,405.97, +42.61 (+0.79%)
NYSE Composite: 18,432.25, +212.60 (+1.17%)