The roller-coaster ride the stock market has been on is unlikely to end next week, with earnings ramping up in an environment where investors, companies and consumers have absolutely no certainty as to what will happen next with trade. Wall Street is about to wrap up one of its wildest weeks of trading ever, that on Wednesday resulted in the S & P 500 posting its biggest one-day gain since 2008 , and its third-largest advance in post-WWII history. That followed a four-day losing streak for stocks, in which the broad market index tumbled 12% in a bout of selling not seen since the depths of Covid-19 pandemic. The bond market is in turmoil, with the 10-year benchmark U.S. Treasury yield surging past 4.5% at one point this week in a confounding move for investors, one that many speculated led to Trump’s tariff reversal. The CBOE Volatility Index , known as Wall Street’s fear gauge, topped 50 this week. That volatility is unlikely to end. Even with Trump’s turnaround this week, offering a 90-day reprieve on high tariff rates for a slate of nations, investors have no clarity yet on what will happen with China, the U.S.’ third-largest trading partner, at a time when companies are expected to give guidance on future earnings growth. “What I want is certainty, and I’m not going to get it,” said Komal Sri-Kumar, president of Sri-Kumar Global Strategies. “I want the certainty of economic policy — and even setting the tariff rate at a high level, but not changing it.” The lack of certainty for companies are likely to result in some ugly surprises. Already, this week, it caused Delta Air Lines to hold off on reaffirming its full-year guidance , a rare occurrence during earnings season, as Trump’s shifting trade policies resulted in disappointing bookings for the company. Elsewhere, Walmart scrapped its first-quarter operating income outlook . .SPX 5D mountain S & P 500 On Friday, JPMorgan Chase CEO Jamie Dimon said he expects S & P 500 earnings estimates to fall and for more companies to withdraw their outlooks. “Some [companies] have taken away their guidance,” Dimon said. “I expect to see more of that.” “We are really grabbing our chair arms tightly for earning season,” said Mark Malek, investment chief at Siebert Financial. “We expect some more down surprises than upside surprises, not in actual performance, as much as forward guidance.” Still, on Friday, the stock market was headed for a surprising week of gains. The Dow Jones Industrial Average was up nearly 5%. The S & P 500 and Nasdaq Composite was higher by more than 5% and 7%, respectively. Earnings guidance Earnings guidance often matters more than earnings results in any given reporting season. However, it’s expected to matter more for the first quarter. Corporate earnings are expected to grow 10.7% in 2025, and 14.1% in 2026, according to FactSet’s John Butters. However, if CEOs are forced to withdraw their guidance, lower it, or even issue a wider range of outcomes than is typical, that could materially affect the stock market outlook. “A earnings recession, to us, is more important than a recession recession … because that’s what really drives stocks. That’s what drives the stock market is earnings are accelerating,” said Ken Mahoney, CEO of Mahoney Asset Management. “And it looks like earnings, from we can see, are decelerating, and that’s why we can end up lower for the year. Very possible.” Delta refraining from updating its full-year guidance is especially notable as it is rare for companies to do so. According to Butters, companies pulling their guidance on a widespread basis has only occurred three times in the past decade, or three quarters out of 40. Those three times were in the first quarter of 2020, when companies were dealing with the coronavirus pandemic, and in the third and fourth quarters of 2022. “That’ll be something to watch,” Butters said. — CNBC’s Yun Li contributed to this report. Week ahead calendar All times ET. Monday, April 14 Earnings: Goldman Sachs Group , M & T Bank Tuesday, April 15 8:30 a.m. Export Price Index (March) 8:30 a.m. Import Price Index (March) 8:30 a.m. Empire State Index (April) Earnings: J.B. Hunt Transport Services , United Airlines , Omnicom Group , Citigroup , Bank of America , PNC Financial Services Group , Johnson & Johnson Wednesday, April 16 8:30 a.m. Retail Sales (March) 9:15 a.m. Capacity Utilization (March) 9:15 a.m. Industrial Production (March) 9:15 a.m. Manufacturing Production (March) 10 a.m. Business Inventories (February) 10 a.m. NAHB Housing Market (April) Earnings: Kinder Morgan , CSX , Travelers , U.S Bancorp , Citizens Financial Group , Prologis , Abbott Laboratories , Progressive Thursday, April 17 8:30 a.m. Building Permits preliminary (March) 8:30 a.m. Continuing Jobless Claims (04/05) 8:30 a.m. Housing Starts (March) 8:30 a.m. Initial Claims (04/12) 8:30 a.m. Philadelphia Fed Index (April) Earnings: Netflix , Truist Financial , State Street , American Express , Snap-On , KeyCorp , Fifth Third Bancorp , Regions Financial , UnitedHealth Group , Charles Schwab , Huntington Bancshares , D.R. Horton , Marsh & McLennan Cos. 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