Market Movements: Trump’s 100 Days, Big Tech Struggles & Oil Under Pressure
- NexxtGen Markets
- Apr 29
- 4 min read
Here's your latest update from the team at NexxtGen Markets here in the City of London 🇬🇧
As we hit the 100-day mark of Trump's second term, markets remain highly sensitive to geopolitical developments, with tariff fears, recession concerns, and earnings reports shaping investor sentiment. Global stocks have been in turmoil, but the FTSE 100 has managed to extend its 11-day winning streak, jumping +0.025%. This marks its best run since 2019, though underlying concerns persist, especially with tensions surrounding the U.S.-China trade war.
FTSE 100 vs. Global Markets
The FTSE 100 may have extended its winning streak, but global markets aren’t following suit. The S&P 500 dipped slightly by -0.042%, while the Nasdaq dropped -0.56% as Big Tech stocks such as Nvidia and Tesla led losses. Despite the overall market pullback, positive earnings beats remain strong, with 73% of S&P 500 companies exceeding Q1 estimates. However, caution is mounting as future guidance remains influenced by tariff fears and a slowing global economy.
Oil Prices Slide Amid Tariff Tensions
Oil took a hit on Monday, dropping nearly 2%, as concerns over weakening demand intensified. With escalating U.S.-China tariff tensions and ongoing progress in the Iran nuclear talks, the market is bracing for a potential surge in supply. Brent crude fell to $65.80 and WTI to $62.02. The pullback reflects macroeconomic uncertainty and geopolitical risks, as concerns mount over global oil supply dynamics.
Key Focus: Watch for a breakout from the oil price downtrend; a move out of consolidation zones could signal the next major shift.
Movers & Shakers: Resilience in Tech Amid Market Weakness
In the midst of market volatility, certain stocks are showing notable resilience. Netflix, Take-Two Interactive, and VeriSign all reached fresh all-time highs on Monday, defying broader market weakness and indicating strength in select tech and media sectors. Meanwhile, Deliveroo (ROO.L) saw a 15% surge to £170, as it continues to gain momentum in the competitive food delivery space.
Earnings Season: What to Watch
A number of key companies are reporting their earnings this week, which could set the tone for the remainder of the market:
Pfizer is expected to face a year-over-year decline in both EPS and revenue as it grapples with R&D challenges and debt concerns. Despite this, its 7.6% dividend yield remains attractive for income-focused investors.
Coca-Cola reports Q1 results on Tuesday, with investors eager to see if pricing power can hold up in the face of a slowing global economy. While Coke remains a classic defensive play, rising input costs could squeeze margins.
Starbucks, releasing earnings after the bell, will be under scrutiny for signs of slowing traffic in key markets like the U.S. and China. Investors are keen to gauge the impact of rising wages and cautious consumer spending.
General Motors (GM) will report Q1 results, with Wall Street expecting adjusted EPS of $2.74 and revenue of $43.05B. Despite headwinds from rising auto tariffs, GM’s strong guidance keeps investors optimistic.
Battle of the Fintechs: PayPal, Affirm, and Block Under Pressure
The fintech space is facing turbulence, with PayPal kicking off earnings season for the sector. Amid tariff fears and weaker consumer spending, fintech stocks have struggled in 2025.
PayPal is expected to post slim revenue growth to $7.85B, but macroeconomic worries persist. Meanwhile, Affirm and Block have been hit even harder, with PayPal and Affirm down around 24% year-to-date. However, a small recovery in April may signal a potential opportunity ahead of earnings.
Key Focus: Keep an eye on PayPal’s earnings report—could this be an opportunity before the next major move?
The Impact of Trump's First 100 Days
Trump’s second term is off to a rough start, with markets facing some of the worst stock market performance since the Nixon administration. The S&P 500 is down 7.9%, and the Nasdaq has fallen 11.5% since Inauguration Day, reflecting trade war concerns and economic uncertainty. Despite the volatility, small-cap stocks in the Russell 2000 have been hit hardest, down 13.6% year-to-date.
What’s Next for the Market?
With earnings season in full swing and concerns about tariffs, demand, and inflation weighing on investor sentiment, the next few weeks could be crucial for the markets. Investors are closely watching oil prices, tech earnings, and geopolitical developments as they position themselves for the next major move.
Market Movers & Watchlist
Nvidia (NVDA): Down -2.53% amid fears of increased competition from Huawei’s AI chip.
Deliveroo (ROO.L): +15% surge, showing resilience in the food delivery sector.
Toyota (TM): +3% after Akio Toyoda’s proposed $42B buyout to take the company private.
HSBC (HSBC): Reported strong earnings, but warned of growing macro risks from tariffs.
Deutsche Bank (DB): +0.19% after a strong Q1 profit boost, despite tariff concerns.
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