Monday, March 31, 2025

On the last trading day of calendar Q1, major indexes were mixed. The Dow, which first tested a 6-month bottom, finished up exactly +1.00%, or +417 points — resulting in a more than 900-point swing. Big Tech closed its worst quarter in 3 years, with the Nasdaq dipping another -23 points, -0.14%. The S&P 500 was +0.55% and the small-cap Russell 2000 finished -0.50%.

Year to date, the blue-chip Dow has done the best job so far bouncing back from near-term lows, with companies like Chevron (CVX Quick QuoteCVX - Free Report) noticing +15% gains since the start of the year. The “Mag-7” trade continues to unravel, and we’re even seeing NVIDIA (NVDA Quick QuoteNVDA - Free Report) -adjacent stocks like CoreWeave (CRWV Quick QuoteCRWV - Free Report) dropping -7% in only its second day as a publicly traded company.

PVH Outperforms in Q4

One of the late (early?) reporting companies for the quarter is the parent of Calvin Klein and Tommy Hilfiger, PVH (PVH Quick QuotePVH - Free Report) , formerly known as Phillips-Van Heusen. Earnings for the specialty apparel retailer came in 8 cents ahead of estimates to $3.27 per share, with revenues of $2.37 billion also improving above the $2.34 billion in the Zacks consensus.

Check out the updated Zacks Earnings Calendar here.

Next-quarter earnings guidance came in slightly below current estimates, but revenues are expected to perform a bit better. The company also announced a $500 million share repurchase program, which will likely be discussed in more detail during tomorrow morning’s earnings call. Shares are up +11% on the news in late trading.

What to Expect from the Stock Market Tuesday

Tomorrow, we’ll get our first installment for a new Jobs Week: the Job Openings and Labor Turnover Survey (JOLTS) report for February. Expectations for 7.7 million openings would basically be in line with the previous month, which was off the recently highs north of 8 million last seen in November, and above the 12-month low of 7.1 million in September of 2024.

Construction Spending, also for February, comes out tomorrow after the opening bell, too. We are expected to see a sewing back to the positive, +0.3%, from a -0.2% posted for the prior month. Construction spending has been positive more than not over the past three years, although we have seen volatility increase since last fall. 

ISM Manufacturing for March will also hit the tape later tomorrow morning, and is expected to slip below the 50 threshold (which depicts growth versus deceleration) for the first time since December. Estimates for 49.5% would be 80 basis points (bps) below the 50.3% reported for February, which was the highest level since October of 2022.

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