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Thursday, April 30

Noteworthy macro moves today: USD/JPY -2.1%. Nasdaq 100 Index (US) +1.3%. US Dollar Index -0.5%. Noteworthy US mega-cap moves today: Meta Platforms Inc (META) -8.1%. Alphabet Inc (GOOGL) +7.1%. Alphabet Inc (GOOG) +7.0%.

Global equity markets are trading higher following the release of stronger-than-expected U.S. economic data this morning, which included initial jobless claims falling to 189,000—well below forecasts of 215,000—and a notable increase in personal income by 0.6%. This positive labor market signal has bolstered investor confidence amid ongoing inflation concerns and geopolitical tensions.

In Europe, the European Central Bank (ECB) maintained its key interest rates unchanged at their latest meeting while highlighting intensified risks to inflation due to rising energy prices linked to the Middle East conflict. The ECB's cautious stance reflects broader economic uncertainties that have contributed to mixed market reactions across the region.

Meanwhile, in Japan, the yen has strengthened against major currencies as officials signaled potential intervention in foreign exchange markets amid rising oil prices and economic pressures from geopolitical developments. This comes as Japanese consumer confidence has declined further, indicating growing concerns about domestic economic conditions amidst external challenges.

Invesco Currencyshares Japanese Yen Trust (FXY) [+2.4%]
Invesco Currencyshares Japanese Yen Trust is trading significantly higher in pre-market hours, reflecting a notable upward movement since Wednesday's close. This increase occurs amidst a backdrop of rising global equity markets, particularly following the Bank of England's decision to maintain interest rates steady at 3.75%. This decision was influenced by concerns over inflation, driven in part by geopolitical tensions in the Middle East, which have also impacted energy prices. The asset is notably above its 20-day moving average and near the upper end of its one-month range, suggesting a strong performance relative to recent trading patterns.

United States Oil Fund LP (USO) [-2.7%]
Iran's Supreme Leader has asserted that the Persian Gulf will experience a "future without America," coinciding with President Trump's consideration to extend the blockade of Iranian ports, which has reportedly curtailed Iran's capabilities. Amid these geopolitical tensions, crude oil prices have dipped, with WTI futures declining. This backdrop is further complicated by California gasoline prices exceeding $6 per gallon for the first time this year, signaling rising fuel costs. These developments contribute to a bearish outlook for the United States Oil Fund LP, which has seen its price drop significantly in pre-market trading. Additionally, social media discussions highlight tightening supply dynamics, with notable reductions in U.S. diesel and gasoline inventories, as well as a drawdown in the strategic reserve, suggesting potential implications for oil prices moving forward.

GOOGL | +7.3% | +340.2B
Alphabet Inc | Interactive Media & Services
Alphabet Inc. reported robust first-quarter earnings, significantly surpassing analyst expectations with earnings per share of $5.11, compared to a consensus estimate of $2.62. Revenue reached $109.9 billion, exceeding the anticipated $106.93 billion, driven by a remarkable 63% year-over-year increase in Google Cloud revenue to $20 billion. Additionally, net income surged 81% to $62.58 billion, bolstered by Google advertising revenue of $77.2 billion. The company also noted a rise in paid subscriptions to 350 million, attributed to platforms like YouTube and Google One. Following these results, several analysts raised their price targets for Alphabet, reflecting confidence in its AI-driven growth trajectory and increased capital expenditure guidance for 2026, now set at $180 billion-$190 billion. In pre-market trading, shares are notably higher since Wednesday's close, reflecting strong investor interest following the earnings announcement.

AMZN | +3.4% | +95.8B
Amazon.com Inc | Broadline Retail
Amazon.com Inc reported robust first-quarter results, with net sales reaching $181.52 billion, surpassing analyst expectations of $177.30 billion, and earnings per share of $2.78, significantly exceeding the consensus estimate of $1.66. The company's Amazon Web Services (AWS) segment experienced a remarkable 28% year-over-year growth, generating $37.6 billion, marking its fastest growth in 15 quarters. Looking ahead, Amazon anticipates second-quarter sales between $194 billion and $199 billion, well above the consensus estimate of $188.87 billion. Analysts have responded positively, raising price targets for the stock amid a favorable profit outlook. Despite these strong figures, the stock saw a decline in after-hours trading. Concerns about high capital expenditures impacting free cash flow were noted, as the company reported negative free cash flow of $(18) billion for the quarter, which may have contributed to the mixed sentiment surrounding its performance.

META | -8.6% | -132.9B
Meta Platforms Inc | Interactive Media & Services
Meta Platforms Inc is facing significant downward pressure, attributed to multiple analyst downgrades and increased capital expenditure forecasts. Morgan Stanley and JPMorgan have both reduced their price targets to $775 and $725, respectively, down from $825. BMO Capital has lowered its target to $720, while Guggenheim adjusted it to $800. The company's CFO announced that capital expenditures for 2026 are now projected between $125 billion and $145 billion, a rise from previous estimates. This comes despite Meta's recent earnings report, which showed revenues of $56.31 billion and an EPS of $10.44, exceeding expectations. However, concerns linger regarding the sustainability of this spending amidst ongoing losses in its Reality Labs division, which reported a $4 billion operating loss. As a result, shares are trading sharply lower in pre-market hours.

LLY | +6.0% | +51.8B
Eli Lilly and Co | Pharmaceuticals
Eli Lilly and Company reported robust first-quarter results, significantly exceeding analyst expectations, which has led to an upward revision of its full-year guidance. The earnings report revealed adjusted earnings per share of $8.55, surpassing the consensus estimate of $6.97, while revenue reached $19.8 billion, exceeding projections of $17.6 billion and marking a 56% year-over-year increase. This growth was primarily driven by a 65% increase in volume from its diabetes and weight-loss medications, particularly Mounjaro and Zepbound, which saw revenues rise 125% and 80%, respectively. Following this announcement, Eli Lilly raised its full-year revenue forecast to between $82 billion and $85 billion, up from a previous range of $80 billion to $83 billion. In pre-market hours, shares are trading higher, reflecting this positive earnings outcome.

QCOM | +10.3% | +19.8B
Qualcomm Inc | Semiconductors
Qualcomm's stock is trading significantly higher in pre-market hours, driven by its recently reported Q2 results, which exceeded analyst expectations with revenue of $10.60 billion and adjusted earnings per share of $2.65. The automotive segment notably achieved record revenues of $1.33 billion, reflecting a robust 38% year-over-year growth. Despite guidance for Q3 indicating a potential revenue decline to between $9.2 billion and $10 billion, the company anticipates a recovery in handset revenues from China starting in Q4. Additionally, Qualcomm is entering the custom silicon market, with initial shipments expected in December 2026. The announcement of a new $20 billion share buyback program and an increase in the quarterly dividend from $0.89 to $0.92 per share further underscores the company's confidence in its future prospects.

KLAC | -5.9% | -13.5B
KLA Corp | Semiconductor Materials & Equipment
KLA Corporation reported third-quarter results exceeding analyst expectations, with adjusted EPS of 9.40 and revenue of 3.415 billion. Despite these positive figures, shares fell significantly, attributed to a decline in free cash flow, which dropped to 622.3 million from 990 million year-over-year. For the upcoming fourth quarter, KLA projected non-GAAP EPS between 8.87 and 10.87, slightly below consensus expectations of 9.83, while revenue guidance ranged from 3.38 billion to 3.78 billion, aligning with market forecasts. The company also announced a dividend increase to 2.30 per share and authorized a 7 billion stock repurchase program. In pre-market trading, KLA shares are down nearly 5% since Wednesday's close, reflecting a notable decline in sentiment following the earnings report.

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