Equity markets may be in for a turbulent week ahead following an announcement from President Trump that he plans to impose additional tariffs on China if a trade deal is not reached by the end of the week.

A host of corporate earnings beats and a better than expected headline figure for U.S. GDP growth in the first quarter helped fuel equity returns last week, driving the S&P 500 and NASDAQ Composite to new record-high closes.

Equity markets broadly moved sideways in a holiday-shortened trading week that was mostly absent of any notable directional drivers outside of a stream of first quarter corporate earnings reports.

U.S. equities closed out a choppy week of trading on a positive note following better than expected first quarter earnings reports from several large banks and a rebound in Chinese export data.

Equity markets continued to push higher in a quiet week from a headline perspective, outside of some solid U.S. employment data and signs of improving manufacturing activity in the U.S. and China.