US EQUITY OPEN: Tech-heavy NDX outperforms after stellar MSFT/META earnings ahead of AMZN/AAPL after the bell

Analysis details (14:56)

OPEN: US indices opened with gains as the Nasdaq 100 (+1.8%) outperforms, and buoyed by stellar MSFT (+9%) and META (+4%) earnings last night, with the latter lifting capex guidance also supporting NVDA (+4%). Of course, there has been a slew of other earnings, but those two have been the highlights ahead of AAPL and AMZN after-hours today. In data, Challenger layoffs plunged to 105.44k in April from 275.24k in March, while initial jobless claims rose above expectations to 241k (exp. 224k, prev. 223k). ISM Mfg. PMI is at the top of the hour, and ahead of this the S&P Global Mfg. PMI was revised lower to 50.2 from 50.7. Sectors opened predominantly in the red with Technology and Communication Services atop of the pile, with Health the clear laggard and weighed on by earnings from LLY (-8%). The Dollar Index is firmer and while it breached back above 100.00, it is back beneath the round level. In G10 FX, JPY is the clear G10 laggard post-BoJ and Ueda. Treasuries are curve steepening, with short-end gaining and long-end noticing marginal weakness. WTI and Brent are up USD 0.40/bbl and off session lows, and paring some of the weakness seen on Wednesday.

STOCK SPECIFICS:

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  Microsoft (MSFT): All major metrics beat; Strong next Q outlook.


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  Meta Platforms (META): EPS & rev. topped; Raised FY capex view which is supporting NVDA +4.3%


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  Qualcomm (QCOM): Next Q guidance underwhelms despite solid prior Q metrics


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  KLA (KLAC): Profit missed, but rev. beat, raised div & authorised $5bln increase in share buyback prog.


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  Albemarle (ALB): Shallower loss per shr. than expected.


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  Estee Lauder (EL): Top & bottom line beat w/ strong FY EPS view


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  General Motors (GM): Cuts outlook; said tariff exposure is $4-5bln


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  CVS Health (CVS): EPS & rev. topped; Lifts FY25 profit guide; Caremark partners w/ NVO to increase use of Wegovy


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  Eli Lilly (LLY): Cut FY EPS guidance & reaffirmed rev.


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  McDonalds (MCD): Rev. short, US comp. sales declined more than exp. & global unexpectedly fell.


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  Roblox (RBLX): EPS, op. income, pre-tax profit, and net income all reported a shallower loss per shr. than exp. Next Q bookings view topped exp.


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  Mastercard (MA): EPS beat.


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  Kohl's (KSS): Terminates CEO Ashley Buchanan for cause; Michael Bender appointed interim CEO of Kohl's. Q1 25 EPS view -0.24 to -0.20 (exp -0.52).

01 May 2025 - 14:55- EquitiesData- Source: Newsquawk