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Big Tech earnings, EV prices in China, aid package: 3 Things

Yahoo Finance

Stock index futures (^DJI, ^IXIC, ^GSPC) are eager to shake off April sell-offs ahead of Big Tech earnings this week. The S&P 500 is back above 5,000 in Monday's pre-market trading.

Tesla (TSLA) and Chinese competitor Li Auto (LI) are both slashing prices on their electric vehicles in Chinese markets.

The US House of Representatives voted to pass its foreign aid package, which includes support for Israel, Ukraine, Taiwan, and the potential TikTok ban bill.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video transcript

- So let's get right to it with the three things that you need to at your roadmap for today's trading day. Yahoo Finance's Madison Mills, Pras Subramanian, and Rick Newman have more. Stock futures starting to tick into the green this morning as earnings season is ramping up.

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This week, we've got big tech earnings on deck, a big test for the market strength after that tech heavy NASDAQ dropping over 6% last week with that biggest sell off in the so-called magnificent seven since 2022. We're going to get quarterly reports from some of those companies. Those include Tesla, Apple, Microsoft, and Alphabet.

- Plus the EV price war is heating up again. Both Tesla and Li Auto slashing prices on their EVs in China to keep up with competition. Tesla also cutting prices in the US for the Model Y and the Model X as demand woes persist into Q2 with the stock hitting fresh new 52-week lows. Shares of Li Auto are also falling more than 7% on its round of new price cuts.

- And the house was busy over the weekend, passing for new bills. Lawmakers looking to authorize $95 billion to provide foreign aid to Ukraine, Israel, and Taiwan, while one bill would potentially ban TikTok in the United States. The bill that passed the House resembles an earlier version approved in March. All four bills now head to the Senate with votes expected to take place in coming days.