Earnings Relief From Honeywell, Royal Caribbean

Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Tuesday, April 29, 2025.

State of Play

Stocks moved very little in yesterday’s session. Overnight there was news that the Trump administration is seeking to ease the pain from car tariffs, though that does not appear to have made much of a mark. As we eye or board of indicators for signs of direction at 0645, things are quiet:

• Stock index futures in the US aren’t doing much. Major indexes are within 0.2% of the break-even point;

• Commodities are mixed. WTI crude oil is down 1% to trade around $61/barrel but copper is up 1%. Gold and silver are taking a breather, down about 1% each;

• Cryptos are unchanged. Bitcoin is changing hands around $95,000;

• Bonds aren’t doing much either. The 10-year yields 4.23%.

Earnings

It’s a massive day for earnings. Today, tomorrow, and Thursday all are. So far this morning, we’ve already had:

• Honeywell (HON 0.00%↑) beat estimates and importantly raised its previous outlook and that stock, too, is rallying in the pre-market. Pretty impressively, actually, up 7% at the time of this writing;

• Royal Caribbean Cruises (RCL 0.00%↑) reported mixed results but appears to have raised guidance and is rising a bit in the pre-market;

• United Parcel Service (UPS 0.00%↑), a good gauge of e-commerce shopping in the US, beat estimates but canceled updating its full-year outlook “given the current macro-economic uncertainty.” The stock is still moving higher in the pre-market;

• Spotify (SPOT 0.00%↑) results were in line with estimates but that stock is dropping in the pre-market, down 7% at the time of this writing;

• General Motors (GM 0.00%↑) beat estimates and said it would reassess guidance due to tariffs. The stock is dropping in the pre-market;

• Pfizer (PFE 0.00%↑) results were mixed but the initial reaction from investors is to buy as the stock is inching upward.

Also out before the open are:

• Coca Cola (KO 0.00%↑)

• PayPal (PYPL 0.00%↑)

• JetBlue (JBLU 0.00%↑)

• Altria Group (MO 0.00%↑)

• Kraft Heinz (KHC 0.00%↑)

After the close at 1600 ET the main companies to report are Visa (V 0.00%↑) and Starbucks (SBUX 0.00%↑). Under-the-radar, but somewhat interesting for our purposes just because we covered it back in October is O-I Glass (OI 0.00%↑).

Today’s cover art by author via Grok AI