It is a snap back day after an over-reacting Fed Day move. Notably, the sectors that the Street said could be affected are higher today: Technology (XLK) and Consumer Discretionary (XLY). Microsoft (MSFT) is leading the technology gains after delivering outstanding quarterly results. Meta Platforms (META) is pushing the Communication Services (XLC) to the bottom of the list.

Growth and core are leading the charge this afternoon.

A key technical to watch is the S&P, which is still below yesterday’s open and its 50-day moving average

Situational Awareness

The Hedge Fund run by ex-OpenAI employee, Leopold Aschenbrenner, sustained large losses as bets on high beta companies turned sharply negative amid the recent weakness. The fund lost all of its holdings and engaged an unidentified buyer for all remaining assets, according to recent reports.

After the Bell

Amazon (AMZN) is the next hyperscaler reporting today and facing the Street scrutiny on its capital expenditures and cloud business. 

Apple (AAPL) reached intraday highs and is at the top of the Mag Seven leaderboard which weighs how much upside the stock can hold. All eyes are on iPhone demand growth and the company’s plans on AI and price increases under new chief executive John Ternus.