Afternoon Note
Major indices are moving higher following favorable earnings from Microsoft (MSFT) and Meta platforms (META).
Magnificent Seven names are leading the market higher, with Microsoft (MSFT) coming out as the frontrunner.
The Ten-Year Treasury Yield (TNX) is up 4.8 basis points and moving back above the 4.2% level.
Three sectors are in the red with Health Care (XLV) the worst performer, as Eli Lilly (LLY) slips after lowering earnings’ outlook. Technology (XLK) is the frontrunner and getting a boost from Microsoft (MSFT) as well as semiconductor names.
The Fear and Greed Index finally escaped fear territory.
ISM Manufacturing PMI fell to 48.7 in April from 49 in March and above estimate of 48. Notably, employment edged up to 46.5 from 44.7 while new orders rose to 47.2 from 45.2. These were partially offset by a decline in output to 44 from 48.3.
Construction spending fell 0.5% M/M in March, down from a 0.6% M/M increase in February and below expectations of a 0.2% rise. Private sector spending fell by 0.6%, driven by non-residential falling 0.8% and residential declining 0.4% .Furthermore, the Health Care segment was one of the largest negative contributors overall, losing 1.8%.
After the close, Amazon (AMZN) reports earnings. AI Capex and consumer spending are set to be the key aspects in the quarterly report.
The stock has reacted well to earnings over the past seven quarters, only declining twice.
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5/1/2025 1:31 PM | Big Tech Resilience |
5/1/2025 9:52 AM | MAMA SAID |
4/30/2025 1:35 PM | Midday Recovery |
4/30/2025 9:52 AM | BIG HITTERS ON DECK |
4/29/2025 1:49 PM | Fluctuating |
4/29/2025 9:48 AM | BUY SIGNALS & RECESSION TALK |
4/28/2025 1:22 PM | Earnings Angst |
4/28/2025 10:03 AM | BIG TEST |
4/25/2025 1:16 PM | Quiet Friday |
4/25/2025 9:57 AM | HYSTERIA TO HOPE |
4/24/2025 1:12 PM | Solid Session |
4/24/2025 9:35 AM | VIOLENT SWINGS AND THE RECOVERY |
4/23/2025 1:45 PM | Fears Ease |
4/23/2025 9:38 AM | FUNDAMENTALS & HOPE |
4/22/2025 12:42 PM | Tuesday Reputation |
4/22/2025 9:51 AM | SELF-INFLICTED WOUNDS |
4/21/2025 1:23 PM | Magnificent Seven Slide |
4/21/2025 9:44 AM | LONG WEEK |
4/17/2025 1:12 PM | Morning Recovery |
4/17/2025 9:38 AM | POWELL PUNT |
4/16/2025 1:16 PM | Semiconductor Shift |
4/16/2025 9:34 AM | AIRLINES TAKING OFF IN A RECESSION? |
4/15/2025 1:17 PM | Narrow Range |
4/15/2025 9:48 AM | TURN THOSE MACHINES BACK ON, MAYBE? |
4/14/2025 12:41 PM | Race to Reshore |
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