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Wednesday, April 30

Noteworthy macro moves today: Copper -6.1%. Nasdaq 100 Index (US) -1.3%. S&P 500 Index (US) -1.0%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) -3.9%. NVIDIA Corp (NVDA) -3.8%. Broadcom Inc (AVGO) -2.7%. 

The U.S. economy unexpectedly contracted at an annualized rate of 0.3% in the first quarter of 2025, marking its first decline since early 2022 and falling short of market expectations for growth. This downturn was primarily driven by a significant surge in imports as businesses stockpiled goods ahead of anticipated tariff increases from the Trump administration, alongside reduced government spending that further weighed on GDP.

In Canada, preliminary estimates indicate that GDP increased by 0.1% month-over-month in March but faced challenges due to declines in manufacturing and wholesale trade sectors following earlier gains this year; if confirmed, it suggests modest expansion overall for Q1 despite mixed performance across various industries including mining and retail trade.

European markets reacted positively with Germany's economy growing by 0.2%, matching forecasts after recovering from previous contractions amid improved consumer confidence linked to stable governance post-coalition talks; however, France’s economic growth fell below expectations at just +0.1%. The Eurozone also reported better-than-expected quarterly GDP growth rates amidst ongoing concerns about global tariffs impacting business investment decisions moving forward.

SPDR Gold Shares (GLD) [-0.9%]
Gold prices have decreased significantly, reflecting a drop attributed to easing U.S. auto tariffs and a more optimistic trade outlook, which has diminished safe-haven demand. Concurrently, silver and copper have also seen notable declines, with silver down sharply and copper falling considerably. Economic indicators reveal mixed results, with U.S. job openings falling short of expectations and a widening goods trade deficit signaling increased import demand. Additionally, the Conference Board's Consumer Confidence Index has dropped to its lowest level since April 2020, indicating a decline in consumer sentiment. This context of economic data and shifting market sentiment is contributing to the downward pressure on gold prices. In related news, notable investors have shifted their focus toward gold ETFs amid market uncertainties, which may influence discussions surrounding SPDR Gold Shares (GLD).

Invesco QQQ Trust Series I (QQQ) [-1.0%]
The Invesco QQQ Trust Series I has experienced a decline of 1.0% amid rising market volatility and trade tensions, coinciding with a 6.82% drop in the Nasdaq-100, which QQQ tracks. Jim Cramer criticized both major political parties for neglecting investor interests, highlighting that 4.8% of 401(k) account holders have taken hardship withdrawals this year, more than double pre-pandemic levels. Social media discussions reflect mixed sentiments; while some users noted a positive trend for QQQ earlier this month, others expressed concerns about a potential downturn. Significant contributors to QQQ's performance include NVIDIA Corp, Amazon.com Inc., Meta Platforms Inc., Apple Inc., and Broadcom Inc., all of which faced declines. Recent macroeconomic data showed a contraction in GDP growth and stable wage growth, contributing to the complex economic landscape affecting QQQ. Additionally, the Dow Jones Index's decline of 0.44% may also be influencing QQQ's price movement.

SNAP | -14.1% | -1.8B
Snap Inc | Interactive Media & Services
Snap Inc reported its first-quarter financial results, revealing a narrower loss than expected. Revenue reached $1.36 billion, slightly above estimates, while adjusted EBITDA was $108 million, surpassing expectations. Daily active users increased to 460 million, exceeding forecasts. Nonetheless, the company reported an EPS loss of -$0.08, missing the anticipated -$0.03. Notably, Snap has opted not to provide guidance for the second quarter due to uncertainty regarding macroeconomic conditions. This decision has led to significant declines in share price, with analysts responding by lowering their price targets; Guggenheim reduced its target from 11 to 9, Rosenblatt from 12 to 9, and Truist from 14 to 11. The lack of guidance and concerns over macroeconomic challenges, particularly affecting advertising revenue, have generated negative sentiment surrounding Snap's stock performance.

FSLR | -12.5% | -1.6B
First Solar Inc | Semiconductors
First Solar Inc. has faced notable downward pressure, with several analysts revising their price targets. Mizuho reduced its target slightly, while JPMorgan made a more substantial cut. Oppenheimer downgraded the stock, and KeyBanc moved to an Underweight rating with a significantly lower price target. Susquehanna also lowered its target while maintaining a Positive rating. The company reported Q1 earnings of $1.95 per share, missing estimates, and adjusted its full-year EPS guidance downwards. Revenue for the quarter was reported at $844.6 million, exceeding expectations, but full-year revenue guidance was also lowered. The impact of tariffs on revenue and earnings was highlighted as a significant concern. Social media discussions reflect strong reactions to these earnings reports and guidance adjustments, with many expressing concerns about the company's outlook.

SBUX | -9.6% | -8.3B
Starbucks Corp | Restaurants
Starbucks Corp has experienced significant downgrades from major financial institutions. Goldman Sachs downgraded the stock from Buy to Neutral, lowering its price target from 103 to 85. JEFF maintained a Hold rating with a reduced price target of 76, cutting its earnings estimate to 0.41 and operating margin forecast to 8.2%, both below market expectations. TD Securities retained a Buy rating but adjusted its price target from 102 to 90. This follows disappointing Q2 financial results, where the company reported an adjusted EPS of 0.41, missing the expected 0.50, and revenues of 8.76 billion, falling short of the 8.86 billion estimate. Global comparable store sales declined by 1%, with CEO Brian Niccol noting ongoing transformations within the company. The shares dropped significantly in after-hours trading following these results.

BKNG | -3.4% | -5.5B
Booking Holdings Inc | Hotels, Resorts & Cruise Lines
Booking Holdings Inc's stock has declined significantly in pre-market trading, down nearly 3% following a 4.5% drop in after-hours trading. The company's Q1 2025 earnings report, released yesterday, showed revenue of $4.76 billion, surpassing estimates, alongside gross bookings of $46.7 billion and an adjusted EBITDA of $1.09 billion. Room nights sold reached 319 million, exceeding expectations as well. Despite these positive metrics, the CEO expressed concerns about "uncertainty in the market." Concurrently, Royal Caribbean Cruises Ltd experienced a decline of over 2%, attributed to a downgrade by Susquehanna, which may also influence perceptions surrounding Booking Holdings. Social media discussions reflect mixed sentiment among users, with some expressing bearish views on Booking compared to other travel stocks.

WDC | +8.4% | +1.2B
Western Digital Corp | Technology Hardware, Storage & Peripherals
Western Digital Corp reported its fiscal third quarter 2025 financial results, revealing an increase in earnings per share (EPS) to $1.36 from $0.63 year-over-year, surpassing the analyst consensus estimate of $1.13. Revenue for the quarter was $2.29 billion, slightly below expectations of $2.36 billion. The company declared a quarterly cash dividend of $0.10 per share, effective June 18, 2025, for shareholders of record as of June 4, 2025. Additionally, Western Digital provided guidance for Q4 adjusted EPS between $1.25 and $1.65, with revenue projected at $2.3 billion to $2.6 billion. Following the earnings announcement at 8:00 AM NY, the stock experienced a notable price increase of approximately 10%. In related market movements, Seagate Technology Holdings PLC saw a price rise of over 6%, suggesting a correlated response within the data storage sector.

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