S&P steady in Asia

S&P 500 futures were little changed in early Asian trading on Monday, April 13, as investors weighed tariff headlines against the start of first-quarter earnings season. (ad-hoc-news.de) The cautious tone followed a choppy stretch for United States stocks, with market commentary describing a narrow rally and investors waiting for a heavier run of company results this week. (seekingalpha.com) Large banks are due to set the pace on Tuesday, April 14, with JPMorgan Chase, Wells Fargo, Citigroup and BlackRock on the earnings calendar before the opening bell. (earningswhispers.com) Analysts entered the reporting period expecting the S&P 500 to post 13.2% year-over-year earnings growth for the first quarter, which would be the sixth straight quarter of double-digit profit growth. (factset.com) FactSet said on April 10 that 20 companies had reported through that date, 80% had beaten earnings-per-share estimates, and the aggregate surprise was 15.7% above estimates. (factset.com) Trade policy remained a second force on prices. J.P. Morgan said President Donald Trump announced new global tariffs of 15% on February 22 under Section 122 after earlier tariff measures were struck down, while new Section 301 investigations covering 60 trading partners began on March 16. (jpmorgan.com) The Budget Lab at Yale said the 2025 tariffs had raised an estimated $214.7 billion in inflation-adjusted customs revenue above the 2022-2024 average as of February 2026, and it found imported core goods prices had risen during 2025 through January. (budgetlab.yale.edu) That left investors balancing two short-term tests at once: whether companies can defend margins as costs shift, and whether executives change their forecasts as tariff rules keep moving. (jpmorgan.com) For now, the flat start in Asia pointed to a market waiting for hard numbers. By this time next week, bank results and management guidance should give traders a clearer read than weekend futures did. (cnbc.com)