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Market Headlines 👀 

• US Treasury Secretary Scott Bessent spoke at the Milken conference today.

• S&P 500 (SPX) stocks have a down day after nine straight green sessions ahead of the US Fed FOMC meeting this week.

• Berkshire Hathaway (BRK.B) company CEO Warren Buffet announces at its annual meeting he will be stepping down from current role by year end.

• Alphabet (GOOGL) rolls out AI mode to enhance the search experience.

• Ford (F) reports a top and bottom line beat, but suspends full year guidance anticipating $1.5b+ hit from tariffs this year.

• Him and Hers Health (HIMS) hires former Amazon executive Nader Kabbani as their new COO.

• Amazon (AMZN) founder Jeff Bezos plans to sell 25 million shares over the next year worth about $4.8b.

• OpenAi announces it will remain a non-profit business.

Earnings 💸

• Palantir Technologies (PLTR)

  • EPS: $0.13 meets ($0.13)

  • Revenue: $884m beats (exp. $863m)

• Him & Hers Health (HIMS)

  • EPS: $0.20 beats ($0.12)

  • Revenue: $586m beats (exp. $538.9m)

• Ford (F)

  • EPS: $0.14 beats ($0.02)

  • Revenue: $15.2b beats (exp. $14.63b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

The S&P 500 staged a huge 9 day, 10% rally, reversing all the “Liberation Day” losses. The index is now near resistance at 5700 and by some measures is overbought. This would suggest that the index could take a breather in the near term, but given how much this is getting flagged by investors we have to be open minded that the index could do what is least expected of it (like the honey badger). We think the risk reward is getting increasingly less attractive, but do not rule out a short term break above the 200 day driven by positioning. (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

The swoon in Big Growth has resulted in its relative valuation vs. the market derating significantly. The biggest question is what the “E” in this PE ratio does. The E may grow slower than the extraordinary post-pandemic period. (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Him and Hers Health earnings snapshot (contributed by Brad Freeman @Stockmarketnerd):

Market Preview 🎞️ 

• Tuesday earnings: Datadog (DDOG), SuperMicro Computer (SMCI), Tempus AI (TEM), Coupang (CPNG), Advanced Micro Devices (AMD), Digital Ocean (DOCN) and Rivian (RIVN) 

• Wednesday, May 7th: MBA mortgage applications; Consumer credit; US Federal Reserve FOMC Rate decision;

• Wednesday earnings: Uber Technologies (UBER), Arm (ARM), Carvana (CVNA), Novo Nordisk (NOVO)and Walt Disney (DIS) 

• Thursday, May 8th: Weekly jobless claims; Wholesale inventories

• Thursday earnings: Coinbase (COIN), Mercado Libre (MELI), The Trade Desk (TTD), Sea Limited (SE), Cloudfare (NET), Draftkings (DKNG), Afirm (AFRM), and Peloton (PTON) 

Enjoy reading?👇

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

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