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Market Headlines 👀 

• US consumer confidence comes in at 97.0; est: 104

• US Employment Cost Index (ECI) increased +1.2% for Q1, its biggest increase in a year.

• US Treasury Secretary Janet Yellen had a testimony in the front of the House today and made hawish comments ahead of the FOMC meeting tomorrow.

• Tesla (TSLA) announces more layoffs, including key executives in its charging unit.

• Walmart (WMT) introduces a new grocery brand called Bettergoods, which will include new chef-driven goods.

Earnings 💸

• Amazon (AMZN)

  • EPS: $0.98 beats (exp. $0.83)

  • Revenue: $143.3b beats (exp. $142.6b)

• Advanced Micro Devices (AMD)

  • EPS: $0.62 beats (exp. $0.61)

  • Revenue: $5.5b beats (exp. $5.45b)

• PayPal (PYPL)

  • EPS: $1.08 misses (exp. $1.20)

  • Revenue: $7.7b beats (exp. $7.5b)

• Super Micro Computer (SMCI)

  • EPS: $6.65 beats (exp. $5.95)

  • Revenue: $3.85b misses (exp. $4.1b)

• McDonalds (MCD)

  • EPS: $2.70 misses (exp. $2.73)

  • Revenue: $61.7b meets (exp. $61.7b)

• Pinterest (PINS)

  • EPS: $0.20 beats (exp. $0.14)

  • Revenue: $740m beats (exp. $700m)

• Starbucks (SBUX)

  • EPS: $0.68 misses (exp. $0.79)

  • Revenue: $8.6b misses (exp. $9.1b)

• 3M (MMM)

  • EPS: $2.39 beats (exp. $2.10)

  • Revenue: $7.7b beats (exp. $7.3b)

• Coca-Cola (KA)

  • EPS: $0.72 beats (exp. $0.70)

  • Revenue: $11.3b beats (exp. $11b)

Note From Ryse 📣

Missed out on Ring and Nest? Don’t let RYSE slip away!

Ring 一 Acquired by Amazon for $1.2B

Nest 一 Acquired by Google for $3.2B

If you missed out on these spectacular early investments in the Smart Home space, here’s your chance to grab hold of the next one.

RYSE is a tech firm poised to dominate the Smart Shades market (growing at an astonishing 55% annually), and their public offering of shares priced at just $1.50 has opened. 

They have generated over 20X growth in share price for early shareholders, with significant upside remaining as they just launched in over 100 Best Buy stores.

Retail distribution was the main driver behind the acquisitions of both Ring and Nest, and their exclusive deal with Best Buy puts them in pole position to dominate this burgeoning industry.

Secure your stake before the offer closes.

S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

Amazon earnings snapshot (contributed by Brad Freeman @Stockmarketnerd):

Following the hotter than expected ECI (Employment cost index) today, the bond market continues to claw back expectations of a rate cut before the election. The Fed pivots when the US consumer pivots when the labor market pivots.(Contributed by Benjamin Lavine, CIO at Freedom Investment Management).

Outside of tech, positive reactions to earnings have been muted except for unexpected surprises across hyper cyclicals (ie airlines). With tech attracting the lion’s share of flows, tech earnings have become the market’s earnings. (Contributed by Benjamin Lavine, CIO at Freedom Investment Management).

Market Preview 🎞️ 

• Wednesday, May 1st: MBA mortgage applications; ADP employment report; US Federal Reserve FOMC meeting; JOLTS job openings; ISM manufacturing index

• Wednesday earnings: Mastercard (MA), Qualcomm (QCOM), Pfsizer (PFE), Norwegian Cruise Line (NGL), and Etsy (ETSY)

• Thursday, May 2nd: Weekly jobless claims; EIA natural gas inventories

• Thursday earnings: Apple (AAPL), Coinbase (COIN), Cloudfare (NET), Block (SQ), DraftKings (DKNG), Peloton (PTON), and Moderna (MRNA)

• Friday, May 3rd: Non-farm payrolls data; Unemployment rate

Enjoy reading?👇

That’s all for today, folks! We’ll be back around the same time tomorrow with a curated list of important news, economic data and market highlights. 

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