30.04.2025
Jainam Mehta
Contributor
30.04.2025

S&P 500 price steadies below 5,600 as traders await inflation data and tech earnings

S&P 500 price steadies below 5,600 as traders await inflation data and tech earnings S&P 500 trades near resistance as investors await PCE inflation and major tech earnings reports

U.S. stock futures edged lower on Wednesday as investors braced for pivotal economic data and earnings reports from major technology companies. The S&P 500, which has logged six consecutive daily gains, hovered just below the 5,600 level—seen as a key resistance zone—amid anticipation surrounding the release of the March Personal Consumption Expenditures (PCE) Price Index and the initial estimate of Q1 GDP growth. 

These reports are expected to provide critical insights into the Federal Reserve’s policy path ahead.

S&P 500 price dynamics (December 2024 - April 2025) Source: TradingView.

Trade optimism and labor data shape sentiment

Tuesday’s session reflected cautious optimism, with the Dow gaining 0.75%, the S&P 500 rising 0.58%, and the Nasdaq climbing 0.55%. The rally was supported by remarks from Commerce Secretary Howard Lutnick, who said the U.S. is close to securing a trade agreement. President Donald Trump later confirmed that a deal with India could be finalized soon. Meanwhile, a soft JOLTs report showed job openings declining to 7.192 million in March from 7.48 million in February, raising expectations of further Fed rate cuts.

Earnings in focus as S&P 500 nears key breakout zone

Equity futures came under slight pressure in early trade after Super Micro Computer (SMCI) issued disappointing preliminary fiscal Q3 results in extended trading, triggering a sharp 15% drop in the stock. Investors are now shifting their focus to post-market earnings from Microsoft and Meta Platforms, which could set the tone for tech performance in the days ahead.

From a technical standpoint, the S&P 500 is consolidating near the 5,590–5,600 range. A decisive break above this level could see the index advance toward the 5,700–5,710 zone. With the Relative Strength Index (RSI) still below overbought levels, technicals suggest room for further upside if the PCE data and earnings prints meet or exceed expectations.

As previously discussed in our multi-session outlook, S&P 500 bullish momentum remains intact, supported by strong earnings sentiment and a potential shift toward looser monetary policy. However, traders should monitor inflation metrics closely, as a hotter-than-expected PCE print could revive concerns about Fed hawkishness.

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