LIVE MARKETS-Earnings season's hot topic: Trump's trade war

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EARNINGS SEASON'S HOT TOPIC: TRUMP'S TRADE WAR

As uncertainty about President Donald Trump's global trade war whipsaws Wall Street, it's no surprise that it is also top of mind for shareholders focused on earnings as first-quarter reporting season kicks into gear.

More than 90% of the 66 or so S&P 500 companies that have reported earnings this month are talking about tariffs, according to transcripts crunched by Reuters. That's more than double the chatter we heard last quarter, when markets were riding high on optimism about tax cuts and deregulation under a second Trump term.

Medical device maker Intuitive Surgical ISRG.O mentioned tariffs an eye-popping 28 times on its conference call on Tuesday. Executives are concerned that tariffs will throw a wrench into their operations in China and potentially blunt their competitive edge in contract talks with hospitals.

Another company leading the tariff talk this quarter is industrial supplier Fastenal FAST.O. They've seen customers stockpiling fasteners and supplies to beat potential tariff hikes - panic buying, if you will. But there's a twist: The same tariff uncertainty is making businesses think twice about big investments in sectors such as construction, potentially hitting other parts of Fastenal's business, the company warned.

Fastenal's stock is up 6% since their April 11 earnings report, where "tariff" appeared roughly 19 times during the conference call.

Johnson & Johnson's JNJ.N CEO Joaquin Duato also weighed in last week, warning that tariffs could mess with pharmaceutical supply chains. He said tax incentives would work better than tariffs to boost U.S. manufacturing of drugs and medical devices.

Other companies talking about tariffs on their recent conference calls include Genuine Parts Co GPC.N, Enphase Energy ENPH.O and 3M MMM.N. Trade tensions aren't just Wall Street headlines - they're reshaping how American businesses operate.

(Noel Randewich)

FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:

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NASDAQ COMPOSITE BREADTH/MOMENTUM GETS A BOOST - CLICK HERE

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WE'RE NOT YET PRICING A RECESSION - CLICK HERE

STOXX AT THREE-WEEK HIGH, VOLATILITY DOWN - CLICK HERE

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