Yahoo Finance’s Dan Howley reports:

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Every now and then economists will start mentioning a less followed economic data point as key to the current market narrative.

Right now, as everyone patiently waits for the dour sentiment data to turn into actually bad readings on economic activity, economists are increasingly talking about shipments at the Port of Los Angeles.

As our Chart of the Day shows, Incoming shipments to the Port of Los Angeles are expected to be roughly 36% lower than the previous year in the week ending May 10.

While other key indicators of an economic slowdown, like weekly filings for unemployment benefits, haven’t ticked up yet, RSM chief economist Joe Brusuelas told Yahoo Finance he’s been watching the activity at the Port of Los Angeles. Brusuelas noted that the decline in activity is one of the first signs that US economic growth is set to cool.

“In June, what that means is there’ll be less goods on the shelves.” Brusuelas said. “Less goods equals higher prices. At a time when inflation goes up, that means less disposable income, less demand.”

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Crude prices tumbled more than 2% on Monday as economic uncertainty and worries of extra supply from OPEC weighed on the market.

West Texas Intermediate (WTI) crude, the US benchmark, hovered near $61 per barrel on Monday. Brent (BZ=F) crude oil, the international benchmark, sat below $65 a barrel.

Futures were under pressure as the trade war between the US and China showed no further developent of easing. However, Trump administration officials have signaled they are negotiating with different countries on tariffs.

Meanwhile US negotiations with oil producer Iran over its nuclear program, and worries of accelerating output hikes by the Organization of the Petroleum Exporting Countries and their allies (OPEC+) has also put pressure on futures.

“Crude sentiment has turned more bearish since our forecast last month with OPEC+s more aggressive unwind – and accompanying doubts about unity within the cartel – the key change. ” said BNP Paribas analyst Aldo Spanjer wrote in a note on Monday.

Gold (GC=F) prices inched higher on Monday, reversing a recent pullback. Futures gained more than 1% to hover near $3,350 per ounce.

The precious metal touched an all-time high just north of $3,500 last week before tumbling amid easing trade tensions and a rallying stock market.

Despite the pullback in price, most analysts are still bullish on the commodity.

Despite its slight decline, “it remains likely that it will continue its upward trajectory in the long term if global economic factors continue to exert pressure on the markets,” said Rania Gule, senior market analyst at XS.com.

Yahoo Finance’s Anjalee Khemlani reports:

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Yahoo Finance’s Brian Sozzi reports:

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Trump’s tariffs continue to crush sentiment across the business and consumer worlds.

New data out Monday morning from the Dallas Fed showed overall activity in its manufacturing survey fell to its lowest level since May 2020, as orders, utilization, shipments, and the outlook for business all plummeted.

The Dallas Fed’s survey also comes along with robust commentary from business leaders gathered by the bank’s staff, which shows how the uncertainty related to tariff policy is manifesting across industries.

“There is really no way to predict anything accurately six months out or even six weeks out now for our industry due to the tariff and trade uncertainty,” said an executive in the computer and electric manufacturing industry.

“Carve-outs for large electronics businesses (cellphones and laptops) leaves small business burdened to deal with tariffs on our own, which are likely to cause delays, cancellations and early product obsolescence on existing products and orders. We have already had to turn around and refuse shipments because customers cannot afford the tariffs, delaying our ability to build, which will eventually lead to job losses.”

In the food manufacturing industry, one executive said, “Tariffs and tariff uncertainty are wreaking havoc on our supply lines and capital spending plans.”

But it’s not only tariffs weighing on business outlooks. Another leader in food manufacturing added that, “DOGE without a follow-up plan does nothing for the domestic tranquility needed (stable arena for business to function within).”

And a comment from a leader in the machinery manufacturing industry said it best, encapsulating most of the concerns weighing on businesses and consumers right now.

“Nothing is easy,” this exec said.

“Forecasting is extremely challenging in this time of uncertainty. Committing to growth initiatives is anxiety-riddled. Helping our employees keep beans on their table and a roof over their heads is harder. We believe the direction the current administration is leading our country is on target, but the pain to get there may be longer and more intense than originally anticipated.”

Yahoo Finance’s Laura Bratton reports:

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Stocks mostly edged higher on Monday ahead of more Big Tech earnings this week, with a focus on tariff negotiations between the US and its trading partners.

The S&P 500 (^GSPC) rose more than 0.1%, while the Dow Jones Industrial Average (^DJI) also gained 0.2%. The Nasdaq (^IXIC) was little changed.

Wall Street is coming off a positive weekly run, as the S&P 500 gained over 4% last week. President Trump eased pressure on Federal Reserve Chair Jerome Powell. Trump administration officials have also hinted at easing trade tensions. Investors are hoping for the US to eventually strike a deal with China, though progress on that front is still unclear.

Investors await Big Tech earnings this week with Apple (AAPL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) all set to report in the coming days.

Yahoo Finance’s Brian Sozzi reports:

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Earnings: Domino’s Pizza (DPZ), MGM Resorts (MGM), Waste Management (WM), Welltower (WELL)

Economic data: Dallas Fed Manufacturing Activity (April)

Here are some of the biggest stories you may have missed over the weekend and early this morning:

April jobs report and Big Tech earnings on tap for the week ahead

US ports see demand drop as Walmart, Target face empty shelves

Student loan servicer MOHELA faces probe over payment errors

Big tech’s earnings problem is estimates may be way too high

Trump tariffs risk US electronics shortages: Taiwan’s Pegatron

Trump promised a boom. 100 days in, stocks have only taken a hit

US shoppers pay for Trump tariffs on Temu, doubling some prices

China shrugs off threat of US tariffs to economy, says it has tools to protect jobs

Bloomberg News reports:

Gold (GC=F) fell further from last week’s record high as easing trade tensions instill new risk appetite into global markets.

Bullion slid as much as 1.6% to touch $3,268, and has lost more than 5% since peaking above $3,500 on Wednesday.

Investors acted on signs of a thaw in US trade talks, after President Donald Trump on Friday suggested another delay to his higher “reciprocal” tariffs was unlikely. In this context, Asian nations may strike interim deals to stave off levies before the 90-day grace period ends in July. The Trump administration has drafted a framework to handle negotiations with about 18 countries.

Read more here.