The market is moving higher after a string of positive earnings reactions as well as comments from Secretary Bessent and President Trump indicating de-escalation with China. However, it has given back some gains over the morning.

The Ten-Year Treasury Yield (TNX) is recovering from its morning lows, but still down 2.1 basis points.

While Tesla (TSLA) stole much of the spotlight, several other notable reports came out positive such as AT&T (T), Philip Morris International (PM), and The Boeing Company (BA).

Data center and power plays are reacting positively to earnings beats from Vertiv Holdings (VRT) and GE Vernova (GEV).

Six sectors are heading higher. Technology (XLK) is in the lead with Amphenol (APH) at the top of the board after reporting solid earnings. Consumer Discretionary (XLY) is the runner up, getting a boost from Tesla (TSLA). Safe-haven sectors are lagging as investors rotate to more risk-on sectors.

Magnificent Seven names are all helping to lead the market higher.

Economic Data

The S&P Composite PMI fell to 51.2 in April from 53.5 in March. Manufacturing PMI rose to 50.7 from 50.2 and above expectations of 49.1. Services PMI fell to 51.4 from 54.4 and below forecasts of 52.5.

New Home Sales rose 7.4% M/M in March to an annualized 724K, accelerating from 674K in February and above estimates of 680K.

Comments

Thank you Charles. You are blessing me after a very hard year for me. Dennis Neier on 4/23/2025 1:52:40 PM

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