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Last Week’s Market Activity

Last week, we saw quite a bit of volatility within the markets, with Starbucks falling over 15% on worse-than-expected earnings and Apple jumping nearly 6% on the back of the largest share buyback in corporate history. Despite the volatility we saw, the market as a whole was up last week, with the S&P up 0.32%, the Dow up 0.88%, the Russell up 1.15%, and the Nasdaq up 1.24%.

Macroeconomic Indicators

Last week, we saw some significant downside misses on labor reports, which we haven’t seen in quite some time. The JOLTS report came in with 8.5 million job openings, compared to an expected 8.7 million. The U.S. Employment report came in with 175,000 jobs created in the past month, which was considerably below the expectation of 240,000 and March’s reading of 315,000. Lastly, the unemployment rate ticked up from 3.8% to 3.9%. These widespread misses may mean that the labor market is beginning to soften.

Upcoming Market Catalysts

This week will be relatively quiet in terms of economic data releases. We’ll start things off on Tuesday with consumer credit, which will give us a good idea of the health of the average consumer. Then we’ll follow up with initial jobless claims on Thursday and consumer sentiment on Friday. These metrics will also be important in telling us how the average consumer’s feelings about the current economic conditions are and how they are faring.

Notable Earnings Releases

This week, Q1 earnings season continues, as we have some incredibly influential companies reporting their earnings, such as:

05/06 – Palantir Technologies (PLTR), Microchip Technology (MCHP), Realty Income Corporation (O), The Williams Companies (WMB), Simon Property Group (SPG), Fidelity National Information Services (FIS), International Flavors & Fragrances (IFF), BioNTech (BNTX), Tyson Foods (TSN)

05/07 – Walt Disney Company (DIS), BP (BP), UBS AG (UBS), Arista Networks (ANET) Ferrari (RACE), Duke Energy (DUK), Transdigm Group (TDG), McKesson Corporation (MCK), Occidental Petroleum (OXY), Suncor Energy (SU), Sempra (Sre), Datadog (DDOG), Coupang (CPNG), Kenvue (KVUE), Electronic Arts (EA), Rockwell Automation (ROK), GlobalFoundries (GFS)

05/08 – Toyota Motor (TM), Uber Technologies (UBER), Anheuser-Busch (BUD), Airbnb (ABNB), Arm Holdings (ARM), Shopify (SHOP), Emerson Electric (EMR), Energy Transfer (ET), The Trade Desk (TTD), Ambev (ABEV), Li Auto (LI), HubSpot (HUBS)

05/09 – Brookfield Corporation (BN), Honda Motor Company (HMC), Constellation ENergy (CEG), Takeda Pharmaceutical (TAK), Mettler-Toledo International (MTD), Roblox (RBLX), Warner Bros Discovery (WBD)

05/10 – Enbridge (ENB), CRH (CRH)

Now that the Megacaps have reported their earnings, it’s time for mid-sized and large companies to shine this week. All eyes will be focused on ARM this week, as the chip designer that has skyrocketed (and then plummeted) in value over the past few months reports their earnings. Their commentary will likely be very indicative of what NVIDIA has to say about their earnings, so everyone will be eagerly waiting to hear what they have to say.

There’s also going to be quite a bit of interest in what large-tech companies, like UBER, ABNB, and SHOP have to say about the previous quarter. Depending on what they have to say, there is bound to be some volatility in this space.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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