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Market Headlines 👀 

• US Treasury Secretary Scott Bessent, suggested today updates on new trade deals will be coming soon.

• WalMart (WMT) has notified its Chinese suppliers to resume shipment of goods which were on hold.

• CrowdStrike (CRWD) revealed new agentic AI techniques to be integrated across its suit of cyber security modules.

• International Business Machines (IBM) says they will invest $150b into the US over the next five years.

• Meta Platforms (META) company will be hosting its first ever LlamaCon event around AI tomorrow, heres what to expect.

• xAI is in talks to raise a funding round of $20b at a potential valuation of $120b.

Earnings 💸

• Dominoes (DPZ)

  • EPS: $4.33 beats ($4.00)

  • Revenue: $1.11b misses (exp. $1.13b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

The S&P 500 has staged a sharp bounce back from its tariff woe-lows, nearly trading back to pre-Liberation Day levels. This is leaving investors to question if “it was all a dream”, meaning is this the resumption of the prior uptrend (a vshaped recovery) or a counter trend rally that could soon reverse into renewed weakness. With deterioration in trend and momentum, earnings revisions lower, and still-high valuations, we expect further volatility, but do not rule a further rally in the near term due to light positioning and washed out sentiment (the pain trade is higher).(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

As long-term rates, and thus Treasuries, remain elevated, it is likely to continue to weigh on housing activity. Also watch mortgage delinquency rates, as consumers who bought in recent years, hoping for rate relief, could come under increasing pressure. Note the vast majority of mortgages still enjoy low, locked in rates (the average effect mortgage rate is still just 4%, while the current mortgage rate is 6.9%).(Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Tuesday, April 29th: Consumer confidence; Advanced retail inventories

• Tuesday earnings: Sofi Financial (SOFI), Visa (V), Spotify (SPOT), Starbucks (SBUX), Grab Holdings (GRAB), and United Postal Service (UPS) 

• Wednesday, April 30th: MBA mortgage applications; ADP employment report; Personal Income and spending (PCE); Pending home sales

• Wednesday earnings: Meta Platforms (META), Microsoft (MSFT), Robinhood (HOOD), and Qualcomm (QCOM) 

• Thursday, May 1st: Weekly jobless claims; Ism manufacturing index

• Thursday earnings: Apple (AAPL), Amazon (AMZN), Airbnb (ABNB), Reddit (RDDT)and Mastercard (MA) 

• Friday, May 2nd: Non-farm payrolls; Unemployment rate data; Factory orders

Enjoy reading?👇

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

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