U.S. stocks were a mixed bag Monday as investors followed earnings across sectors, from pizza to semiconductors and sanitation.
The Dow Jones Industrial Average climbed 114 points, or 0.3%, while the S&P 500 gained almost 4 points, or about 0.1%. The tech-heavy Nasdaq $NDAQ finished down 17 points, or 0.1%. All three were up during morning trading before falling throughout the afternoon and finishing close to even.
Tariff pause nears a critical point
Treasury Secretary Bessent made the rounds on television over the weekend, trying to project optimism that a path forward on tariffs could still emerge, especially regarding trade deals with nations across Asia. His remarks came as the U.S. moves deeper into a 90-day tariff pause — now about 20% complete — and economic damage is already mounting.
U.S. farmers warn that the agriculture sector is in a “full-blown crisis,” according to CNBC, with mass cancellations of pork, hay, lumber, and other exports to China driving deep financial losses and layoffs across the industry.
Adding to the pressure, S&P 500 companies mentioned “worse” or “weaker” far more often than “better” or “stronger” during first-quarter earnings calls, with optimism hitting its lowest ratio since 2008.
Huawei’s new AI chip puts pressure on Nvidia
Huawei is preparing to test a powerful new artificialintelligence chip aimed at replacing some high-end Nvidia $NVDA (NVDA) products. The Ascend 910D processor represents a fresh push by China’s tech sector to build a self-sufficient semiconductor industry despite U.S. sanctions.
Nvidia dropped as much as 4% in Monday trading before finishing the day down almost 2.1%.
Domino’s beats on earnings, slips on sales
Domino $DPZ’s Pizza (DPZ) missed expectations on revenue but topped earnings forecasts, reporting adjusted EPS of $4.33 against estimates of $4.07. Domino’s CEO Russell Weiner highlighted the company’s ability to “control what is under its control” in a “challenging macroeconomic environment,” and boasted about progress under the chain’s “Hungry for MORE” five-year growth initiative.
U.S. same-store sales declined 0.5% for the quarter, while international same-store sales rose 3.7%, excluding currency impacts. Global net store count fell by 8, reflecting 17 net openings in the U.S. and 25 net closures internationally.
Domino’s stock finished the day up about 0.6%.
More big names on deck
Waste Management $WM (WM) reports earnings after the bell, with analysts scrutinizing margins and pricing power amid inflationary pressures. NXP Semiconductors (NXPI) will offer an early glimpse into global chip demand, with a year-over-year earnings drop expected.
Cadence $CDNS Design Systems (CDNS) results could provide insight into how much R&D spending chipmakers are still willing to do in a tighter environment. On the real estate side, Welltower (WELL) will test investor appetite for healthcare REITs in a high-rate environment. Roper Technologies $ROP (ROP) rounds out the day’s lineup, with investors watching for signs of steady growth and M&A potential in the industrial software space.
Visa and Coca-Cola headline Tuesday’s slate
Tuesday brings results from Visa $V (V), Coca-Cola $KO (KO), Booking Holdings $BKNG (BKNG), and Novartis (NVS).
Visa is expected to post about 9% revenue growth to $9.55 billion, fueled by strong payment and cross-border volumes. While earnings are projected to come in slightly ahead of last year, investors will be watching closely for any signs of weakness in the outlook — particularly as new tariffs could weigh on consumer spending and international travel.
Big Tech’s moment arrives midweek
Later this week, Microsoft $MSFT (MSFT) and Meta $META (META) report after the bell Wednesday, giving investors a read on cloud growth, AI momentum, and digital ad trends. Amazon $AMZN (AMZN) and Apple $AAPL (AAPL) are on deck Thursday, while Berkshire Hathaway $BRK.B (BRK.A) is set to follow on Friday, capping one of the biggest earnings weeks of the year.