Key Economic Data and Earnings in Focus This Week
April 28, 2025
After weeks of U.S. trade policy dominating financial market headlines, key economic data and corporate earnings will likely return to center stage this week. Our first look at first-quarter gross domestic product (GDP) will be released on Wednesday,1 with U.S. economic growth expected to slow materially from 2024 levels. Economists expect first-quarter GDP to come in at 0.4%,2 marking the slowest growth rate since the second quarter of 2022.3
The Federal Reserve’s (Fed) favorite inflation gauge, personal consumption expenditures (PCE), will be released Wednesday along with March personal income and consumer spending measures. The S&P Global U.S. Purchasing Managers’ Index (PMI) data will be released Thursday morning, followed by the April employment report out Friday.4
Investors will also have plenty of corporate earnings announcements to digest this week. More than 40% of the S&P 500 Index companies by market capitalization, including the top two names by market capitalization: Apple and Microsoft, are set to report.5
Even though markets are pricing in a low probability of another interest rate cut during next week’s Fed meeting,6 Chair Powell is likely to suggest that rate cuts may arrive soon if this week’s economic growth and inflation come in below expectations.
Sources:
1,2,4,6MarketWatch – U.S. Economic Calendar; as of 4/28/25
3Trading Economics – United States GDP Growth Rate; as of 4/28/25
5Reuters – Wall St Week Ahead Big tech earnings, US jobs data highlight busy week for markets; 4/27/25
This blog post is for informational use only. The views expressed are those of the author(s), and do not necessarily reflect the views of Penn Mutual Asset Management. This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.
Any statements about financial and company performance of The Penn Mutual Life Insurance Company or its insurance subsidiaries (each, “Client”) made by the author is provided with a written consent from the Client. Penn Mutual Asset Management is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Opinions and statements of financial market trends that are based on current market conditions constitute judgment of the author and are subject to change without notice. The information and opinions contained in this material are derived from sources deemed to be reliable but should not be assumed to be accurate or complete. Statements that reflect projections or expectations of future financial or economic performance of the markets may be considered forward-looking statements. Actual results may differ significantly. Any forecasts contained in this material are based on various estimates and assumptions, and there can be no assurance that such estimates or assumptions will prove accurate.
Investing involves risk, including possible loss of principal. Past performance is no guarantee of future results. All information referenced in preparation of this material has been obtained from sources believed to be reliable, but accuracy and completeness are not guaranteed. There is no representation or warranty as to the accuracy of the information and Penn Mutual Asset Management shall have no liability for decisions based upon such information.
High-Yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in higher yielding, lower rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Treasury bonds and bills. Government securities offer a higher degree of safety and are guaranteed as to the timely payment of principal and interest if held to maturity.
All trademarks are the property of their respective owners. This material may not be reproduced in whole or in part in any form, or referred to in any other publication, without express written permission.
