OP Wire 4/24 (OP – Lite)

By Steve

Market Rallies as Trump Softens Stance on Tariffs and Fed — Eyes Now on Alphabet Earnings and $QQQ Levels

Wall Street delivered strong gains Wednesday as a combination of tariff de-escalation hopes and toned-down Fed criticism from President Trump gave traders something to cheer about. The rally sets a positive tone heading into a heavy earnings lineup and crucial economic data releases.

S&P 500 finished up +1.7%
NASDAQ Composite surged +2.5%
Dow Jones Industrial Average gained +1.1%

While all three major averages pulled back slightly from intraday highs, they remain solidly on track for weekly gains, with the Nasdaq leading the pack at +2.6% for the week so far.

Trump’s Comments Reignite Optimism — But Be Cautious of Whiplash

President Trump hinted at a willingness to ease his 145% tariffs on China — but only if Beijing returns to the negotiating table. His softened tone was enough to boost sentiment, especially after Treasury Secretary Scott Bessentalso acknowledged the trade exchange was “unsustainable” and forecasted eventual de-escalation.

However, Bessent clarified there was no unilateral U.S. offer to reduce tariffs yet — a comment that sparked late-session volatility. China, for its part, is still showing little interest in coming to the table, having imposed retaliatory tariffs of 125% on U.S. goods earlier this month.

Fed Fears Eased, For Now

Trump also walked back his public feud with Fed Chair Jerome Powell, stating he has no intention to fire him. This helped calm broader market jitters, particularly within rate-sensitive sectors. Expect further volatility based on upcoming Fed commentary.

Spotlight: Earnings Season Heats Up

Strong corporate earnings this week have kept the bulls energized. Today, the spotlight shifts to Alphabet (GOOGL) as it reports Q1 results after the bell. The market will zero in on:

AI spending plans
Cloud growth
Ad revenue stability

Other notable names reporting Thursday include:

Procter & Gamble (PG)
T-Mobile (TMUS)
PepsiCo (PEP)
Gilead Sciences (GILD)
Comcast (CMCSA)

Meanwhile, IBM dropped premarket despite a beat on revenue and earnings after it maintained its full-year guidance. And Southwest Airlines (LUV) tumbled after pulling earnings guidance and cutting its flight schedule for H2 2025.

$QQQ: Where We Stand Technically

The tech-heavy $QQQ index saw a wild ride — jumping to an intraday high of 463.38, then fading to close at 454.56after Bessent’s tariff comments. Here’s what we’re watching now:

Support Levels:

450 (short-term)
445 (critical for bulls)

Resistance Levels:

465 (key breakout level)
468 (short-term top)
480 (psychological barrier)
490 (200-day MA — major trend reversal zone)

Thursday’s Economic Lineup (All Times ET):

8:30 AM – Initial Jobless Claims
8:30 AM – Durable Goods Orders (Mar)
8:30 AM – Core Durable Goods Orders (Mar)
8:30 AM – Continuing Jobless Claims
10:00 AM – Existing Home Sales (Mar)
1:00 PM – Atlanta Fed GDPNow (Q1)
1:00 PM – 7-Year Note Auction
4:30 PM – Fed’s Balance Sheet
5:00 PM – FOMC Member Kashkari Speaks

This data batch could significantly shift sentiment heading into Friday, especially if inflationary signs appear or growth projections are revised.

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Key Takeaway:

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