Stocks

Stocks face headwinds as investors look forward to a big earnings week, a Fed meeting and state reopenings – CNBC

A masked pedestrian carrying water bottles walks past the Charging Bull statue in lower Manhattan on April 02, 2020 in New York City.

Bruce Bennett | Getty Images

The stock market is struggling to make headway, as a big week of events rolls around, including a Federal Reserve meeting, the first look at post-shutdown economic growth and earnings from more than a fifth of the S&P 500 companies.

It’s a busy week for earnings, and some of the biggest blue chips are likely to join the growing list of companies withdrawing guidance amid the uncertainty of how the  coronavirus and shutdowns are impacting their business. Apple, Microsoft, Amazon, Facebook, Boeing and McDonald’s are among about 140 S&P 500 companies reporting first quarter results.

Investors will also be watching the progress of the reopening of business activity in some states, like Georgia, Texas, Oklahoma and South Carolina. At the same time, President Donald Trump said he may extend social distancing guidelines into early summer. Many states, including the hardest hit, remain completely shut down.

Stocks were higher Friday, but the major indices had their first negative week in three as oil prices cratered and then steadied in the mid-teens. The S&P 500 has been trading on both sides of the key 2,800 level, as investors focused on murky corporate outlooks and uncertainty surrounding the timing of the reopening of the economy. Even though several states are resuming some activities, Trump said
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