Another bank goes down, but the markets remain rangebound.

Let’s keep it concise.

Market Headlines 👀

• First Republic Bank (FSR) JP Morgan (JPM) is taking over First Republic Bank the latest bank to fall.

• SoftBank Group (SFTBY) chip design firm Arm Ltd files for a US IPO.

• US Treasury Secretary Yellen calls on Congress to raise or suspend debt limit or we could run out of cash by June 1st.

• US White House is probing how companies leverage AI to manage its workers.

• Apple (AAPL) is looking to have the biggest software upgrade to its watchOS since the company launched their smartwatch product in 2015.

• US April ISM Manufacturing Index comes in at 47.1; EST. 46.8.

• Facebook (META) is looking to raise $7b capital in a blue chip bond sale.

• OpenAI company behind ChatGPT closes a $300m raise backed by multiple VCs at a $27-29b valuation.

•  Eurozone GDP comes in at 0.1%; est 0.2%.

• Citigroup (C) CEO warns the debt ceiling debate could have major consequences.

• Federal Deposit Insurance Corp (FDIC) is laying out plans to improve deposit insurance system after the recent banking turmoil.

• Lordstown Motors (RIDE) may have to file for bankruptcy if Foxconn pulls put of production partnership.

Earnings 💸

• SoFi Technologies (SOFI)

  • EPS: $-0.05 beats (exp. $-0.09)

  • Revenue: $460.2m beats (exp. $441m)

• Norwegian Cruise Line (NCLH)

  • EPS: $-0.30 beats (exp. $-0.43)

  • Revenue: $1.82b beats (exp. $1.75b)

• MGM Resorts International (MGM)

  • EPS: $0.44 beats (exp. $0.10)

  • Revenue: $3.87b beats (exp. $3.51b)

S&P 500 Heap Map

Recap Around the Street 🧠

Big tech has been holding up the markets all year. Apple and Microsoft have hit a record high in the index weight they represent in the S&P 500 illustrated below along with the share performance of these names ytd.

Banking turmoil continues, brief summary on whats happened so far in 2023…

Market Preview 🎞️

• Tuesday, May 2nd: JOLTS job openings; Factory orders for March

• Tuesday earnings: Uber Technologies (UBER), Advanced Micro Devices (AMD), Ford (F), Starbucks (SBUX), Marriott International (MARR), and BP (BP)

• Wednesday, May 3rd: US Federal Reserve rate decision; ISM services PMI; ADP employment report; MBA mortgage applications

• Wednesday earnings: CVS Health (CVS), Estee Lauder (EL), Qualcomm (QCOM), Mercado Libre (MELI), HubSpot (HUBS), and Etsy (ETSY)

• Thursday, May 4th: ECB rate decision; Jobless claims

• Thursday earnings: Apple (AAPL), Datadog (DDOG), Shopify (SHOP), Block (SQ), Coinbase (COIN), DraftKings (DKNG), Peloton (PTON), Atlassian (TEAM), Lyft (LYFT), Moderna (MRNA), Booking Holding (BKNG), Royal Caribbean Cruises (RCL), and ConocoPhillips (COP)

• Friday, May 5th: Non-farm payrolls; Consumer credit

• Friday earnings: AMC Networks (AMC)

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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