Here are the most important news items that investors need to start their trading day:
1. Tariff tumble continues
U.S. stocks were set to fall to start the week, continuing a slump sparked by President Donald Trump’s tariffs on key U.S. trading partners. The three major U.S. indexes have dropped in three of the last four weeks. During the most recent holiday-shortened trading week, the S&P 500 slid about 1.5%, while the Dow Jones Industrial Average and Nasdaq Composite both fell more than 2%. Investors will continue to monitor any potential progress in U.S. trade negotiations, along with threats to the Federal Reserve’s independence after Trump hinted at the “termination” of Fed Chair Jerome Powell. “The concurrent slump in stocks, the USD, and Treasuries suggests Trump’s trade war has set in motion an exodus from American financial assets that no amount of negotiating can reverse,” wrote Adam Crisafulli of Vital Knowledge in a note. Follow live market updates.
2. Reading the results
Tesla CEO Elon Musk wears a ‘Trump Was Right About Everything!’ hat, as he, U.S. Trade Representative Jamieson Greer and Central Intelligence Agency Director John Ratcliffe attend a cabinet meeting at the White House, in Washington, D.C., U.S., March 24, 2025.
Carlos Barria | Reuters
A spate of first-quarter earnings reports this week will also help to determine the path of markets. Companies across sectors will offer commentary on whether tariffs and accompanying concerns about a U.S. recession have affected spending by consumers and businesses. Tesla will be among the most closely watched reports, as its stock has fallen 40% this year amid the broader market rout and boycotts sparked by CEO Elon Musk’s role as a Trump advisor. Alphabet will also post results after tech stocks led the market lower last week. Here are the key reports to watch:
3. Views on Trump turn
U.S. President Donald Trump speaks as he meets with Italian Prime Minister Giorgia Meloni (not pictured) in the Oval Office at the White House in Washington, D.C., U.S., April 17, 2025.
Evelyn Hockstein | Reuters
Americans have grown more sour on Trump’s handling of the economy than at any point in his two terms as president, as tariffs and efforts to slash federal government spending hit sentiment, according to the latest CNBC All-America Economic Survey. Only 43% of respondents approve of how he is handling the economy, while 55% disapprove, the first time in a CNBC poll that Trump’s approval rating on the issue was net negative. More Americans now believe the economy will get worse than at any time since 2023, the poll found. “Donald Trump was reelected specifically to improve the economy, and so far, people are not liking what they’re seeing,” said Jay Campbell, partner with Hart Associates, the Democratic pollster on the survey.
4. China vows retaliation
Trump’s trade war with China – a key plank of his economic platform – continues to escalate and drag in other countries. Beijing promised to retaliate against any countries that work with the U.S. to isolate the Chinese economy. The warning followed reports that the U.S. aims to use tariff negotiations to pressure trading partners to limit their cooperation with China. “China firmly opposes any party reaching a deal at the expense of China’s interests. If this happens, China will not accept it and will resolutely take reciprocal countermeasures,” the Chinese Ministry of Commerce said, according to a CNBC translation.
5. Pope Francis dies
Pope Francis waves as he arrives to lead the weekly audience in Saint Peter’s Square at the Vatican September 16, 2015.
Tony Gentile | Reuters
Pope Francis, the first Roman Catholic pontiff from the Americas, has died at age 88, the Vatican said in a statement Monday. Taking over in 2013, he presided over the church during a period of global social change on issues like LGBTQ+ rights and abortion, along with the rise of right-wing populism and anti-migrant sentiment in Europe and the U.S. Â Francis, who hailed from Argentina, had a particular focus on helping poor and marginalized people, and emphasized the importance of combating climate change.
– CNBC’s Lisa Kailai Han, Sean Conlon, Steve Liesman, Evelyn Cheng, Marty Steinberg, Katrina Bishop and Sam Meredith contributed to this report.
