The Week That Was, The Week Ahead: Macro and Markets, April 5

Markets closed the week with a cautious tone as oil, rates, and risk all moved higher. The S&P 500 (SPX) reached 6,582, while the Nasdaq (NDX) and the Dow Jones (DJIA) showed mixed moves. At the same time, the U.S. 10-year yield climbed to 4.345%, and mortgage rates rose to 6.46%, marking a fifth straight weekly gain.

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This shift in rates came as oil prices (CM:CL) moved above $110, driven by war risk in the Middle East. As a result, investors began to reduce risk and rotate into value and commodity stocks.

Meanwhile, crypto prices slipped. Bitcoin (BTC-USD) traded near $66,800, while Ethereum (ETH-USD) and XRP (XRP-USD) also moved lower, showing weaker risk appetite across markets.

Rotation, Credit Stress, and Big Tech Moves

First, signs of stress appeared in private credit. Blue Owl Capital (OWL) limited withdrawals after requests surged well above fund limits. The firm capped redemptions at 5% despite demand reaching as high as 40.7% in one fund. This reflects rising concern in less liquid parts of the market.

At the same time, money managers began to shift positions. Wells Fargo (WFC) trimmed its S&P 500 outlook, while investors moved toward energy, value, and hedges as oil and rates climbed.

In tech, Microsoft Corporation (MSFT) stood out with a $10 billion AI investment in Japan. The company is working with local firms to expand data centers and AI capacity. This move shows that large tech firms continue to spend heavily on AI despite market pressure.

On the other hand, Meta Platforms (META) announced job cuts in California, reducing the number of roles by nearly 200. This reflects ongoing cost control across big tech.

In addition, Tesla Inc. (TSLA) missed delivery estimates. The company delivered 358,023 vehicles in Q1, down 14% from the prior quarter. Shares fell sharply after the report.

Elsewhere, OpenAI expanded its media reach by purchasing TBPN. The firm said it will keep editorial independence, aiming to grow public engagement with AI.

Finally, SpaceX filed for a potential IPO that could value the company at nearly $1.5 trillion. If completed, this could become one of the largest listings ever.

Winners and Losers Reflect Market Shift

This week’s top gainers showed a clear tilt toward industry and special situations. Raspberry Pi (RPBPF) surged 67.1% after strong results and pricing power. Alcoa Corporation (AA) gained 22.46% as aluminum prices rose after supply disruptions.

Snap Inc. (SNAP) also jumped 17.81% after a new activist investor took a stake and pushed for changes.

On the downside, consumer and debt-heavy names struggled. Nike Inc. (NKE) fell 13.98% despite beating earnings, as a weak outlook weighed on shares. Sysco Corporation (SYY) dropped 13.01% after announcing a large debt-funded deal. Unilever PLC (UL) also declined as investors raised concerns about a planned merger structure and regulatory risk.

The Week Ahead

Looking ahead, oil and rates will remain the main drivers. If crude stays above $100, inflation risk may rise and keep pressure on stocks.

At the same time, bond yields will be key. A continued rise in the 10-year yield could weigh on housing and growth stocks.

In addition, investors will watch for further signs of stress in credit markets after the Blue Owl update. Any spread in redemption limits could quickly shift sentiment.

Upcoming Earnings and Ex-Dividend Announcements

The second week of April brings a focused set of earnings and dividend events. Large consumer, financial, and industrial names will report results, while a wide group of global firms will trade ex-dividend. Investors will watch for signals on demand, pricing, and margins, while income-focused traders will track payout timing and yield levels.

Earnings Preview

On Tuesday, April 8, Delta Air Lines (DAL) is set to report earnings of $0.60 per share on revenue of nearly $14.00 billion. Constellation Brands (STZ) will also release results with expected earnings of $1.71 per share, offering insight into consumer demand trends. In addition, RPM International (RPM) is expected to report earnings of $0.35 per share, which may reflect activity in the industrial and housing sectors.

On Wednesday, April 9, Progressive Corporation (PGR) reported earnings of $4.583 per share, slightly below the $4.82 estimate, with revenue of $22.738 billion also coming in just below forecasts. Seven and I Holdings (SVNDY) is also scheduled to report, with expected earnings of $0.19 per share and revenue near $14.94 billion.

On Thursday, April 10, BlackRock Inc. (BLK) will report earnings of $12.16 per share on revenue of nearly $6.61 billion. Investors will watch for trends in asset flows and fee growth.

Ex-Dividend Dates This Week

Several large firms across the finance, tech, telecom, and industrial sectors will trade ex-dividend during the week.

On Monday, April 6, JPMorgan Chase & Co. (JPM) will trade ex-dividend with a $1.50 payout due in about 25 days. Banco Bradesco SA (BBD) will offer about $0.01 next month, while Roper Technologies (ROP) plans to pay $0.91 in about 17 days. Quest Diagnostics (DGX) will also trade ex-dividend with a $0.86 payout, and OGE Energy (OGE) will pay $0.42 in about 19 days.

On Tuesday, April 7, Dollar General Corporation (DG) will trade ex-dividend with a $0.59 payout due in about 16 days. Bank of Nova Scotia (BNS) will offer $0.79 in about 23 days, while Edison International (EIX) plans to pay $0.88 in about 25 days. Deutsche Telekom AG (DTEGY) will also trade ex-dividend with a $1.13 payout, while Smithfield Foods (SFD) will pay $0.31 in about 16 days.

On Wednesday, April 8, Banco Bradesco SA (BBD) will trade ex-dividend again, with a $0.04 payout due in about seven months. KE Holdings Inc. (BEKE) will offer $0.23 in about 19 days, while ZTO Express (ZTO) plans to pay $0.38 in about 24 days. Millicom International Cellular (TIGO) will also trade ex-dividend with a $2.00 payout, and Swire Pacific (SWRAF) will offer $0.32 next month.

On Thursday, April 9, Salesforce Inc. (CRM) will trade ex-dividend with a $0.44 payout due in about 18 days. Oracle Corporation (ORCL) will offer $0.50 in about 19 days, while Mastercard Incorporated (MA) plans to pay $0.87 next month. Intuit Inc. (INTU) will also trade ex-dividend with a $1.20 payout, and Accenture plc (ACN) will offer $1.63 next month.

On Friday, April 10, AT&T Inc. (T) will trade ex-dividend with a $0.28 payout due in about 26 days. Verizon Communications Inc. (VZ) will offer $0.71 in about 26 days, while Marvell Technology Inc. (MRVL) plans to pay $0.06 in about 25 days. General Dynamics Corporation (GD) will also trade ex-dividend with a $1.59 payout next month, and General Mills Inc. (GIS) will pay $0.61 in about 26 days.

In addition, Darden Restaurants Inc. (DRI), Intercontinental Hotels Group (IHG), and Volvo AB (VLVLY) are scheduled to trade ex-dividend, rounding out a steady week for income investors.

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