{"id":222105,"date":"2025-04-15T09:30:00","date_gmt":"2025-04-15T13:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=222105"},"modified":"2025-04-23T15:56:13","modified_gmt":"2025-04-23T19:56:13","slug":"tossing-and-turning-on-tariff-news-and-earnings-concerns","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/","title":{"rendered":"Tossing and turning on tariff news and earnings concerns"},"content":{"rendered":"\n<p><strong>Bank of America (BAC)<\/strong>&nbsp;and&nbsp;<strong>Citigroup (C)<\/strong>&nbsp;both exceeded Q1 consensus earnings estimates. Both stocks are trading higher in pre-market action, yet the futures for the major indices are trading lower.<\/p>\n\n\n\n<p>Currently, the S&amp;P 500 futures are down 11 points and are trading 0.2% below fair value, the Nasdaq 100 futures are down 14 points and are trading fractionally below fair value, and the Dow Jones Industrial Average futures are down 109 points and are trading 0.2% below fair value.<\/p>\n\n\n\n<p>These aren&#8217;t big moves, which is frankly nice to see, yet the lack of buying conviction despite the good earnings news out of Bank of America and Citigroup, as well as&nbsp;<strong>Johnson &amp; Johnson (JNJ)&nbsp;<\/strong>for that matter, is connected to the ongoing tariff\/trade war angst that has been captured in offsetting headlines this morning.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>Bloomberg<\/em>\u00a0reports that China has ordered airlines to stop accepting\u00a0<strong>Boeing (BA)<\/strong>\u00a0deliveries.<\/li>\n\n\n\n<li>The Department of Commerce has launched Section 232 investigations into imports of semiconductors, semiconductor manufacturing equipment, pharmaceuticals, and pharmaceutical ingredients.<\/li>\n\n\n\n<li>Germany&#8217;s ZEW Economic Sentiment Index for April plunged to -14.0 from 51.6.<\/li>\n\n\n\n<li>The IEA lowered the 2025 global oil demand growth forecast by 300 kb\/d, citing escalating trade tensions that have negatively impacted the economic outlook.<\/li>\n\n\n\n<li>The April Empire State Manufacturing Survey improved to -8.1 from -20.0 in March; however, the index for future general business conditions dropped 20 points to -7.4. The dividing line between expansion and contraction is 0.0.<\/li>\n<\/ul>\n\n\n\n<p>These are all reminders that the full-year earnings outlook is very much in flux and is being driven at this time by a downside bias. That understanding has curtailed the willingness to pay up for current earnings estimates because confidence is lacking in those estimates. Consequently, there is a proclivity to sell into strength.<\/p>\n\n\n\n<p>To that end, the market has been strong in recent sessions. The S&amp;P 500 is up nearly 12% from its April 7 low, and the Nasdaq Composite is up nearly 14%. Those moves were catalyzed by President Trump&#8217;s announcement of a 90-day pause on reciprocal tariffs for most countries, but the energy behind those gains has faded with &#8220;other&#8221; tariff actions still in play, China seemingly digging in for a trade war, and both the dollar and Treasury market exhibiting some skittish behavior.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>April 15, 2025 &#8211; <a href=\"https:\/\/www.briefing.com\/page-one\">Toss<\/a>i<a href=\"https:\/\/www.briefing.com\/page-one\">ng and turning on tariff news and earnings concerns<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America (BAC) and Citigroup (C) both exceeded Q1 consensus earnings estimates. Both stocks are trading higher in pre-market action, yet the futures for the major indices are trading lower.<\/p>\n","protected":false},"author":60,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[18,6,8,9,26,3],"tags":[267,6014,10995,199,7077],"contributors-categories":[13589],"class_list":{"0":"post-222105","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-macro","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-text-articles","11":"category-traders-insight","12":"tag-earnings","13":"tag-macroeconomics","14":"tag-market-volatility","15":"tag-tariffs","16":"tag-trade-policy","17":"contributors-categories-briefing-com"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tossing and turning on tariff news and earnings concerns<\/title>\n<meta name=\"description\" content=\"Bank of America (BAC) and Citigroup (C) both exceeded Q1 consensus earnings estimates. Both stocks are trading higher in pre-market action, yet the...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/222105\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tossing and turning on tariff news and earnings concerns | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Bank of America (BAC) and Citigroup (C) both exceeded Q1 consensus earnings estimates. Both stocks are trading higher in pre-market action, yet the futures for the major indices are trading lower.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-15T13:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-23T19:56:13+00:00\" \/>\n<meta name=\"author\" content=\"Patrick J. O\u2019Hare\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patrick J. O\u2019Hare\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/tossing-and-turning-on-tariff-news-and-earnings-concerns\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/tossing-and-turning-on-tariff-news-and-earnings-concerns\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Patrick J. O\u2019Hare\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/471100aa2d58a5f0ab685bbd889b3ebb\"\n\t            },\n\t            \"headline\": \"Tossing and turning on tariff news and earnings concerns\",\n\t            \"datePublished\": \"2025-04-15T13:30:00+00:00\",\n\t            \"dateModified\": \"2025-04-23T19:56:13+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/tossing-and-turning-on-tariff-news-and-earnings-concerns\\\/\"\n\t            },\n\t            \"wordCount\": 394,\n\t            \"commentCount\": 1,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"keywords\": [\n\t                \"earnings\",\n\t                \"macroeconomics\",\n\t                \"market volatility\",\n\t                \"tariffs\",\n\t                \"trade policy\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/tossing-and-turning-on-tariff-news-and-earnings-concerns\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/tossing-and-turning-on-tariff-news-and-earnings-concerns\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/tossing-and-turning-on-tariff-news-and-earnings-concerns\\\/\",\n\t            \"name\": \"Tossing and turning on tariff news and earnings concerns | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"datePublished\": \"2025-04-15T13:30:00+00:00\",\n\t            \"dateModified\": \"2025-04-23T19:56:13+00:00\",\n\t            \"description\": \"Bank of America (BAC) and Citigroup (C) both exceeded Q1 consensus earnings estimates. Both stocks are trading higher in pre-market action, yet the futures for the major indices are trading lower.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/tossing-and-turning-on-tariff-news-and-earnings-concerns\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/471100aa2d58a5f0ab685bbd889b3ebb\",\n\t            \"name\": \"Patrick J. O\u2019Hare\",\n\t            \"description\": \"Patrick has been with Briefing.com since 1997 and authors the Page One, The Big Picture, Fed Brief, and Market View columns. He also provides commentary on Live In Play.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/www.briefing.com\\\/\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/patrick-j-o-hare\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Tossing and turning on tariff news and earnings concerns","description":"Bank of America (BAC) and Citigroup (C) both exceeded Q1 consensus earnings estimates. Both stocks are trading higher in pre-market action, yet the...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/222105\/","og_locale":"en_US","og_type":"article","og_title":"Tossing and turning on tariff news and earnings concerns | IBKR Campus US","og_description":"Bank of America (BAC) and Citigroup (C) both exceeded Q1 consensus earnings estimates. Both stocks are trading higher in pre-market action, yet the futures for the major indices are trading lower.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/","og_site_name":"IBKR Campus US","article_published_time":"2025-04-15T13:30:00+00:00","article_modified_time":"2025-04-23T19:56:13+00:00","author":"Patrick J. O\u2019Hare","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Patrick J. O\u2019Hare","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/"},"author":{"name":"Patrick J. O\u2019Hare","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/471100aa2d58a5f0ab685bbd889b3ebb"},"headline":"Tossing and turning on tariff news and earnings concerns","datePublished":"2025-04-15T13:30:00+00:00","dateModified":"2025-04-23T19:56:13+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/"},"wordCount":394,"commentCount":1,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"keywords":["earnings","macroeconomics","market volatility","tariffs","trade policy"],"articleSection":["Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/","name":"Tossing and turning on tariff news and earnings concerns | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"datePublished":"2025-04-15T13:30:00+00:00","dateModified":"2025-04-23T19:56:13+00:00","description":"Bank of America (BAC) and Citigroup (C) both exceeded Q1 consensus earnings estimates. Both stocks are trading higher in pre-market action, yet the futures for the major indices are trading lower.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/tossing-and-turning-on-tariff-news-and-earnings-concerns\/"]}]},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/471100aa2d58a5f0ab685bbd889b3ebb","name":"Patrick J. O\u2019Hare","description":"Patrick has been with Briefing.com since 1997 and authors the Page One, The Big Picture, Fed Brief, and Market View columns. He also provides commentary on Live In Play.","sameAs":["https:\/\/www.briefing.com\/"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/patrick-j-o-hare\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/222105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=222105"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/222105\/revisions"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=222105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=222105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=222105"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=222105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}