- President Donald Trump on Sunday announced a trade agreement with the European Union.
- It’s the busiest week of the earnings season.
- The S&P 500 finished every session at a record high last week.
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Days before the deadline on Friday, President Donald Trump announced a trade deal with the European Union on Sunday. Ursula von der Leyen, president of the European Commission, stated that certain products, such airplanes and specific chemicals, would be exempt from the 15% import tax that Trump claimed would apply to the majority of goods, including automobiles. The baseline 15% rate is more than the 10% tax that the EU first hoped for, but it is significantly lower than the 30% level that Trump previously demanded on the biggest trading partner of the United States. Stated differently, it appeared like both sides made concessions. The U.S. and China are scheduled to continue trade talks on Monday, which could mean more positive news for investors.
The busiest week of the earnings season is here, so buckle up. Quarterly results are expected to be released by about 30% of the S&P 500. With Microsoft, Meta, Amazon, and Apple all on the schedule, Big Tech is the week’s main attraction. The docket also includes a number of other well-known businesses, including Boeing, Ford, and Starbucks. Despite modest expectations before the season began, corporate America is doing better than anticipated, according to the findings thus far. According to FactSet as of Monday morning, over 82% of the more than 30% of the S&P 500 that had completed reporting surpassed Wall Street’s projections. An unique Earnings Playbook is available to CNBC Pro subscribers to help them prepare for the week.
Last week, the S&P 500 ended each session at a record high. It remains to be seen if these positive market sentiments can last during what CNBC’s Yeo Boon Pingincisively dubbed the “Olympics for market watchers.” In addition to the barrage of earnings and the approaching trade deadline, there will be a Federal Reserve policy meeting and the release of highly anticipated inflation and labor market data. The action-packed week began with a rise in stock futures on Monday; you can follow real-time market updates here.Let’s just say you should have your TVs on and your news alerts turned on during this week.
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The last several weeks have seen a pleasant increase in movie theater attendance. This weekend, both “Superman” and “F1” crossed the $500 million box office mark. In addition, Marvel and Disney’s most recent “Fantastic Four” film made over $200 million worldwide on its first weekend of release. Two of those three are, in fact, superhero films. CNBC’s Sarah Whitten noted that “F1,” the odd man out of this group, has been Apple’s best movie to yet.
Do you recall the pandemic’s complaints regarding QR code menus? It turns out that the scannable link’s worst-case scenario wouldn’t be that. According to cybersecurity firm NordVPN, more than 26 million Americans have been sent to dangerous websites by scanning the codes.The Federal Trade Commission and other organizations issued warnings to customers about the prevalence of scams linked to QR codes, a trend that has been dubbed “quishing.” Scammers appear to be expecting that people are too busy to verify the legitimacy of QR codes before using them for routine tasks like paying an energy bill or parking meter.
Sarah Whitten, Tanaya Macheeland, Sophie Kiderlin, Sean Conlon, Yeo Boon Ping, and Erin Doherty This report was contributed to by Kevin Williams.
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