S&P500 Forecast: Boeing and Progressive Rise, Tech Earnings and Trade Talks in Focus

Boeing shares climbed nearly 2% after Bernstein upgraded the stock, citing a more stable outlook post-crisis. Progressive also gained over 1% following a Bank of America upgrade, which pointed to attractive valuations after a recent pullback. On the downside, Domino’s Pizza fell nearly 3% after delivering mixed earnings results, and Eli Lilly dropped almost 2% following a downgrade from HSBC over valuation concerns. Meanwhile, On Holding rose 3% after Citi upgraded the stock, citing strong positioning in the retail sector.

What economic data should traders watch?

This week features critical releases that could shift market sentiment. First-quarter GDP and the Fed’s preferred inflation gauge are scheduled for Wednesday, setting the stage for Friday’s closely watched nonfarm payrolls report. These updates will offer fresh clues on growth prospects and the potential direction of Federal Reserve policy.

Market outlook

Although the S&P 500 has bounced off bear market lows seen earlier in April, it remains down 1.5% for the month, while the Dow lags with a 4.5% loss and the Nasdaq holds a modest 0.5% gain. Traders should stay alert for earnings surprises and macro headlines, especially with markets still struggling to break through key resistance levels.

More Information in our Economic Calendar.