Wall Street Closes April with Mixed Results as Eyes Shift to Big Tech and Economic Data
April came to a close on Wednesday with a volatile final session that reflected the broader uncertainty plaguing markets throughout the month. President Donald Trump’s aggressive tariff agenda dominated headlines, creating sharp swings across equities. As a result, both the S&P 500 and Dow Jones Industrial Average (DJIA) posted monthly losses, while the Nasdaq Composite managed to end the month higher—thanks in part to continued strength in tech.
Meta & Microsoft Deliver AI-Driven Beats
We entered Thursday riding a wave of strong earnings from Meta Platforms (META) and Microsoft (MSFT), both of which smashed expectations and reignited bullish sentiment in the tech sector.
- Meta not only delivered a first-quarter earnings beat but also issued upbeat forward guidance, driven by continued investment in artificial intelligence. Despite some pullbacks in ad spending from Asia-based e-commerce exporters (citing Trump’s tariffs), Meta’s massive global user base remains a magnet for advertisers.
- Microsoft crushed it too, with fiscal Q3 results showing Azure cloud growth of 33% YoY, beating analyst estimates of 30.3%. AI accounted for 16% of that growth, calming prior fears that data center investment pullbacks meant waning demand. MSFT’s forward guidance came in hotter than expected, reinforcing its leadership in enterprise AI.
Both stocks soared in pre-market trade Thursday, helping lift the broader $QQQ tech index, which closed Wednesday at 475.47. After hours, the index pushed as high as 482.48 and even topped 483 in overnight action. With the final resistance level now sitting at 485, bulls are hoping for a clean break and a move toward reclaiming the 200-day moving average near 490—a crucial level that could trigger aggressive upside squeezes.
Key support levels to watch:
- Primary: 470
- Secondary: 463
If either of these breaks, we could see a potential retest of the medium-term downtrend that began in late February.
Big Earnings Day: Eyes on Apple & Amazon
Thursday brings more heavyweight earnings reports with CVS Health (CVS), Eli Lilly (LLY), and McDonald’s (MCD)reporting before the bell. But all eyes are on Apple (AAPL) and Amazon (AMZN), both scheduled to report after the close.
Adding to the drama, The Wall Street Journal reported that Tesla’s board began searching for a new CEO earlier this year due to concerns over Elon Musk’s political entanglements and Tesla’s plummeting stock price. Tesla Chair Robyn Denholm swiftly denied the report Thursday morning, stating full confidence in Musk’s leadership. Still, Tesla continues to battle major headwinds in 2025: falling sales, an EV boycott in both the U.S. and Europe, and fierce competition.
Bank of Japan Holds Rates, Slashes Growth Forecast
Overnight, the Bank of Japan held interest rates steady at 0.5%, marking a second straight pause following a January hike. But the tone was far from optimistic. Policymakers slashed Japan’s 2025 GDP growth forecast to 0.4% (from 0.9%–1.1%) and trimmed inflation expectations. Much of this caution stems from the ripple effects of Trump’s tariff policy, which the BOJ warned could cause further global economic drag.
Crude Oil Continues Slide
Oil is under pressure again this week. As of early Thursday:
- Brent crude is down 0.9% to $60.50
- WTI crude is down 1.1% to $57.60
Both contracts are trading ~7% lower for the week on rising fears of slowing global demand, especially after U.S. Q1 GDP showed contraction. The full impact of Trump’s 145% tariffs on China isn’t even reflected in this data yet. If economic sentiment doesn’t recover soon, energy could remain under heavy pressure.
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