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S&P breaks 5,000 for the first time ever!

Market Headlines 👀 

• US weekly jobless claims come in at 218k; est: 220k.

• US Senate rejects latest foreign funding bill, citing immigration clauses they don’t agree with.

• Alphabet (GOOGL) rebrands its AI chatbot from Bard to Gemini and announces a new subscription plan for its AI tools.

• Tesla (TSLA) per an internal company memo managers were asked which jobs are critical, signaling potential layoffs looming for the company.

• Arm holdings (ARM) Softbank backed chipmaker sees a 48% surge in shares after strong forecasts.

• S&P 500 (SPX) hits the 5,000 mark for the first time every intraday today.

Earnings 💸

• Cloudfare (NET)

  • EPS: $0.15 beats (exp. $0.12)

  • Revenue: $362.5m beats (exp. $353m)

• Expedia (EXPE)

  • EPS: $1.72 beats (exp. $1.67)

  • Revenue: $2.89b beats (exp. $2.87b)

• Pinterest (PINS)

  • EPS: $0.53 beats (exp. $0.51)

  • Revenue: $983.1m misses (exp. $990.18m)

• Affirm (AFRM)

  • EPS: $-0.54 beats (exp. $-0.72)

  • Revenue: $591.1m beats (exp. $522m)

• Dynatrace (DT)

  • EPS: $0.32 beats (exp. $0.28)

  • Revenue: $365m beats (exp. $357.3m)

A Note From The Rundown  

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SPX Heatmap 🔥 

Recap Around the Street 🧠

Further S&P advances relying on narrower contribution from a handful of names. The top 10 have effectively become the market from a systematic risk standpoint. (Contributed by Benjamin Lavine, CIO at NewEdge Wealth.).

Market Preview 🎞️

• Friday earnings: PepsiCo (PEP)

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

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