The highly anticipated tariff announcement from the White House, expected on Wednesday, will dominate headlines this week. President Donald Trump has said he'll announce reciprocal tariffs that day, but Wall Street is unclear if that is just the beginning of negotiations or the end.
The Friday jobs report is the other major economic event of the week. This will be the first employment report to fully capture the DOGE-related layoffs and tariff-related uncertainty that has led some companies to scale back hiring.
Only two S&P 500 companies release earnings: Conagra Brands and Lamb Weston Holdings on Thursday. First-quarter earnings season will kick off the following week, on April 11, with JPMorgan Chase, Morgan Stanley, and Wells Fargo announcing results.
Other economic data released this week include the Institute for Supply Management's March Manufacturing Purchasing Managers' Index on Tuesday along with the February Job Openings and Labor Turnover Survey report from the Bureau of Labor Statistics. ADP releases its Employment Report for March on Wednesday and ISM announces its Services PMI for March on Thursday.
Monday 3/31
Tommy Hilfiger parent PVH reports fourth-quarter fiscal 2024 earnings.
The ISM releases its Chicago Business Barometer for March. Consensus estimate is for a 45.5 reading, matching the February figure.
Tuesday 4/1
The BLS releases the JOLTS. Expectations are for 7.7 million job openings on the last business day of February, roughly even with the January figure.
The ISM releases its Manufacturing PMI for March. The consensus call is for a 49.5 reading, about one point less than in February. The Manufacturing PMI has had two consecutive monthly readings higher than the expansionary level of 50, following 26 straight months lower than 50.
Wednesday 4/2
BlackBerry and RH announce quarterly results.
ADP releases its National Employment Report for March. Economists forecast an increase of 119,000 in private-sector employment, after a 77,000 gain in February.
President Trump is expected to announce reciprocal tariffs focused on the "Dirty 15", the 15% of countries with the highest tariffs and trade imbalances with the U.S. These tariffs would likely be on top of what the White House has already announced, including a 25% levy on all imported aluminum, auto parts, steel, and vehicles.
Thursday 4/3
Conagra Brands and Lamb Weston Holdings release earnings.
The ISM releases its Services PMI for March. Consensus estimate is for a 53 reading, slightly less than the February figure.
Friday 4/4
The Labor Department releases the jobs report for March. Economists forecast a 138,000 increase in nonfarm payrolls, after a 151,000 gain in February. The unemployment rate is expected to remain unchanged at 4.1%.
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