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Asia Markets

US Equity Indexes Scale New Peaks This Week Amid Lift From Mega-Cap Earnings, Crude Oil

US equity indexes jumped this week as communications services and energy topped sector charts in a broad-based rally, reflecting the positive impact of mega-cap earnings and crude oil.* The S&P 500 closed at 7,230.12 on Friday versus 7,153.06 a week ago. The Nasdaq Composite stood at about 25,114.44, compared with 24,774.11 a week earlier. The Dow Jones Industrial Average ended at 49,499.27, versus 49,153.47 at the end of last week.* All but one sector, basic materials, rose this week. The top five sectors included financials, consumer defensive, and real estate, which shows a broadening of leadership to value-oriented areas.* Three Magnificent-7 stocks ended the week lower -- Meta Platforms (META), Nvidia (NVDA), and Microsoft (MSFT), according to data compiled by Finviz. Of the remaining four mega-caps, Alphabet (GOOG, GOOGL) led the pack with a gain of almost 12%. Except for Nvidia, all Mag-7 companies have so far reported quarterly results, with four of the six firms trading higher this week.* Among companies with a market capitalization of more than $200 billion, the top gainer was Intel (INTC), whose strong quarterly results translated into a weekly gain of almost 21%.* Brent crude oil futures soared to a four-year high this week before retreating, and West Texas Intermediate futures remained above the psychologically important $100 mark.* On Friday, Iran handed Washington a new proposal for ending the war, offering hints of compromise, The Wall Street Journal reported. The two sides remain far apart, however, on substantive issues of reopening the Strait of Hormuz and Iran's nuclear program, people familiar with the matter told the WSJ.* "They want to make a deal but I'm not satisfied with it," Trump told reporters at the White House Friday, according to Bloomberg. "We just had a conversation with Iran. Let's see what happens. But I would say that I am not happy."

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$INTC$META$MSFT$NVDA
Wire

Apple's iPhone Supercycle, Strong Outlook Drive Momentum, Wedbush Says

Apple's (AAPL) iPhone 17 "supercycle" continues to gain momentum across nearly every major geography, supported by stronger-than-expected results and robust guidance for the June quarter, Wedbush Securities said in a Friday research note.The company reported strong quarterly results, with revenue, iPhone sales and services all exceeding expectations, the firm said.The company's guidance for the June quarter exceeded Street expectations. It bakes in continued supply constraints across several Mac models. Supply and demand balance is expected to take several months to materialize, according to the note.Analysts said the Worldwide Developers Conference at Apple Park in early June is highly consequential. Updates are expected on personalized Siri and expanded Apple Intelligence capabilities. Additional details on the collaboration with Alphabet's (GOOG) Google Gemini are also expected, they said.The firm also highlighted a leadership transition, with John Ternus expected to take on a larger role, signaling continuity in strategy.Wedbush raised its 2026 earnings estimate for Apple to $8.64 a share from $8.50. Analysts polled by FactSet expect $8.66.The firm reiterated its outperform rating on the stock with a $350 price target.Price: $283.99, Change: $+12.64, Percent Change: +4.66%

$AAPL$GOOG
Wire

Top Midday Stories: Apple Tops Fiscal Q2 EPS, Revenue Estimates, Raises Dividend; Pentagon Strikes Deals With 7 AI Companies

All three major US stock indexes were up in late-morning trading Friday, as The Street looks to close out a tumultuous week of trading on a high note.In company news, Apple (AAPL) reported fiscal Q2 earnings late Thursday of $2.01 per diluted share, up from $1.65 a year earlier and above the FactSet consensus of $1.95. Fiscal Q2 revenue was $111.18 billion, up from $95.36 billion a year ago and above the FactSet consensus of $109.46 billion. Apple's board raised its quarterly dividend by a cent to $0.27 per share, payable May 14 to stockholders of record as of May 11. The board also authorized an additional program to repurchase up to $100 billion of common shares. Apple shares were up 4.5% around midday.The US Department of Defense said Friday it has entered into agreements with seven of the largest artificial intelligence companies to deploy their AI capabilities on its classified networks. The Pentagon said it reached deals with Alphabet's (GOOG, GOOGL) Google, Nvidia (NVDA), Microsoft (MSFT), Amazon's (AMZN) Amazon Web Services, SpaceX, OpenAI and Reflection. Alphabet's Class C and Class A shares were down 0.1% and up 0.1%, respectively. Shares of Nvidia, Microsoft and Amazon were down 0.3%, up 1.7% and up 1.7%, respectively.Exxon Mobil (XOM) reported Q1 adjusted earnings Friday of $1.16 per diluted share, down from $1.76 a year earlier but above the FactSet consensus of $0.98. First-quarter revenue and other income was $85.14 billion, up from $83.13 billion a year ago and above the FactSet consensus estimate of $81.13 billion. Exxon Mobil shares were down 0.8%.Chevron (CVX) reported Q1 adjusted earnings Friday of $1.41 per diluted share, down from $2.18 a year earlier but above the FactSet consensus of $0.97. First-quarter revenue and other income was $48.61 billion, up from $47.61 billion a year ago but below the FactSet consensus of $51.86 billion. Chevron shares were down 1.2%.SanDisk (SNDK) reported fiscal Q3 adjusted earnings late Thursday of $23.41 per diluted share, up from a loss of $0.30 a year earlier and above the FactSet consensus of $14.62. Fiscal Q3 revenue was $5.95 billion, up from $1.70 billion a year ago and above the FactSet consensus of $4.72 billion. For fiscal Q4, the company said it expects adjusted EPS of $30 to $33 on revenue of $7.75 billion to $8.25 billion. Analysts polled by FactSet expect $23.38 and $6.62 billion, respectively. SanDisk shares were down 0.5%.Price: $284.89, Change: $+13.54, Percent Change: +4.99%

$AAPL$AMZN$CVX$GOOG$GOOGL$MSFT$NVDA$SNDK$XOM
US Markets

S&P 500, Nasdaq Notch New Peaks, Log Best Month Since 2020

The S&P 500 and the Nasdaq Composite hit new closing highs on Thursday, with the two equity indexes recording their biggest monthly gains since 2020.The S&P 500 rose 1% to 7,209, while the Nasdaq climbed 0.9% to 24,892.3, both logging record closing highs. The Dow Jones Industrial Average jumped 1.6% to 49,652.1. Barring technology, all sectors were in the green, led by communication services' 4% jump.This month, the Nasdaq jumped 15.3%, logging its best monthly performance since April 2020. The S&P 500 gained 10.4%, the biggest monthly gain since November 2020. The Dow climbed 7.1%.In company news, Alphabet's (GOOG, GOOGL) first-quarter results exceeded Wall Street's estimates late Wednesday as revenue for Google's cloud and services businesses climbed. Alphabet increased its 2026 capital expenditure guidance to up to $190 billion. Shares climbed 10%.Caterpillar (CAT) surged 9.9%, the best performer on the Dow. The heavy equipment manufacturer raised its full-year sales outlook as its first-quarter results exceeded market expectations.Eli Lilly (LLY) lifted its full-year outlook, while the drugmaker reported first-quarter results above market estimates. The stock advanced 9.8%.Meta Platforms (META) shares plunged 8.6%, among the steepest declines on the S&P 500. The Facebook parent late Wednesday raised its full-year capital expenditure guidance mainly due to higher component pricing.Microsoft (MSFT) shares declined 3.9%, the second-worst performer on the Dow, as the tech giant said late Wednesday its capital expenditure will be about $190 billion in 2026. The company's aggressive capital expenditure will likely keep free cash flow under pressure in the near term, Truist Securities said in a note.Brent crude fell 3.3% at $114.09 per barrel, having topped $126 earlier in the day. West Texas Intermediate fell 1.8% to $105.01.On Wednesday, the Federal Reserve kept its benchmark lending rate steady, saying the Iran war is fueling uncertainty around the US economic outlook.The most recent policy statement had an implied easing bias, but that could soon be removed amid a growing divide among policymakers over the direction of interest rates, Stifel said in a note Thursday.US Treasury yields were lower, with the 10-year rate down 2.4 basis points at 4.41% and the two-year rate falling 7.8 basis points to 3.89%.US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures that economists said will likely keep consumers under pressure."The core of the economy remained solid in (the first quarter), driven by the (artificial intelligence) buildout and the tax cuts beginning to feed through," Oxford Economics Chief US Economist Michael Pearce said in remarks emailed to. "Those factors will continue to drive growth over the rest of the year, but the jump in energy prices will take some of the shine off what would otherwise have been a strong year for the economy."Separate official data showed that US inflation, as measured by the personal consumption expenditure price index, accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring."Inflationary pressures continued to percolate," Ksenia Bushmeneva, economist at TD Economics, said in a report. "The situation around the energy crisis remains uncertain and gas prices are likely to remain elevated for some time."Gold rose 1.6% at $4,635 per troy ounce, while silver advanced 2.9% to $74.18 per ounce.

Dow JonesNasdaq CompositeS&P 500$CAT$GOOG$GOOGL$LLY$META$MSFT
International

US Equity Indexes Jump as Tech Earnings, Q1 Economic Growth Help Trigger Broad-Based Rally

US equity indexes rose in a broad-based rally as the impact of artificial intelligence showed in corporate earnings, and a preliminary Q1 economic growth estimate helped investors put ongoing geopolitical tensions on the back burner.The Dow Jones Industrial Average surged 1.6% to 49,652.14, with the S&P 500 up 1% to 7,209.01 and the Nasdaq Composite higher by 0.9% to 24,892.31 on Thursday. Communication services, industrials, and utilities led the gainers, while technology emerged as the sole decliner.Alphabet (GOOG, GOOGL) shares jumped 10%, among the leaders on the Nasdaq, after the company late Wednesday reported Q1 earnings and revenue above market expectations. Qualcomm's (QCOM) shares soared 15%, among the top performers on the S&P 500 and the Nasdaq, after the firm posted better-than-expected fiscal Q2 adjusted earnings and sales. Caterpillar (CAT) raised its full-year sales growth outlook as Q1 results exceeded consensus. Its shares soared 9.9%, the Dow's leader.Meta Platforms' (META) shares sank 8.6%, among the worst performers on the S&P 500 and the Nasdaq, after the company overnight raised its forecast for 2026 capital expenditures, overshadowing its Q1 earnings and revenue beat.Microsoft (MSFT) said Wednesday that it expects capital expenditures of $190 billion for the 2026 calendar year, including roughly $25 billion from higher component pricing. Shares were down 3.9%, among the steepest decliners on the Nasdaq and the Dow.In economic news, gross domestic product rose by 2.0% annualized in Q1 following a 0.5% gain in Q4, according to an advance estimate of economic growth, slower than the 2.3% increase expected in a survey compiled by Bloomberg.Non-residential investment was "very strong overall, driven by investment in information processing equipment, software, and R&D, overwhelming declines in both residential and non-residential structures," Thomas Simons, Jefferies Chief US Economist, said in a note. "The impact of AI infrastructure investment is clearly evident in the data, driving growth beyond the strength of the consumer."The personal consumption expenditures price index increased by 0.7% in March, as expected, lifting the year-over-year rate to 3.5% from 2.8%. The price index increased by 0.4% month-over-month in February. The core PCE price index increased by 0.3%, as forecast, following a 0.4% gain in February. The year-over-year rate accelerated to 3.2%, in line with expectations, from 3.0% in the previous month.Initial jobless claims fell to 189,000 in the week ended April 25 from an upwardly revised 215,000 in the previous week, compared with expectations for an increase to 212,000 in a survey of analysts compiled by Bloomberg. The four-week moving average declined by 3,500 to 207,500.In geopolitics, US President Donald Trump will hear about updated military options for Iran from Pentagon officials on Thursday, as a possible way of forcing Tehran into an agreement, CNN reported. Trump's current strategy is to inflict economic pain on Iran.Iran's new supreme leader gave a rare statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported. Iran will "guard" its "advanced technologies" like it does its own borders, Mojtaba Khamenei was cited as saying in a written statement. It will "secure the Persian Gulf region and dismantle the hostile enemy's exploitation of this waterway," he added, referring to the strait.Nevertheless, West Texas Intermediate crude oil futures fell 1.4% to $105.41, and Brent crude futures dropped 3.4% to $114.01.Most US Treasury yields declined, with the 10-year down 3.8 basis points to 4.38%, and the two-year slumped 5.9 basis points to 3.87%.In precious metals, gold futures climbed 1.5% to $4,629.3, and silver futures jumped 3.1% to $73.81.

Dow JonesNasdaq CompositeS&P 500$CAT$GOOG$GOOGL$META$MSFT$QCOM
International

US Equity Indexes Jump as Earnings Help Trigger Broad-Based Rally

US equity indexes surged in a broad-based rally led by communication services and industrials ahead of the close on Thursday, whistling past a worsening geopolitical environment.The Dow Jones Industrial Average jumped 1.8% to 49,733.1, with the S&P 500 up 1.1% to 7,216.5 and the Nasdaq Composite higher by 1% to 24,923.8. Technology was the sole decliner, but was off session lows in the final leg of trading.Alphabet's (GOOG, GOOGL) shares jumped 7%, among the leaders on the Nasdaq, after the company overnight reported higher Q1 earnings and revenue that topped market expectations. Qualcomm's (QCOM) shares soared 14%, the top performer on the S&P 500 and the Nasdaq, after the company posted better-than-expected fiscal Q2 adjusted earnings and revenue late Wednesday. Caterpillar (CAT) raised its full-year sales growth outlook as Q1 results exceeded market expectations. Its shares soared 8.7%, the Dow's leader.US President Donald Trump will hear about updated military options for Iran from Pentagon officials on Thursday, as a possible way of forcing Tehran into an agreement, CNN reported. Trump's current strategy is to inflict economic pain on Iran.Iran's new supreme leader gave a rare statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported. Iran will "guard" its "advanced technologies" like it does its own borders, Mojtaba Khamenei was cited as saying in a written statement. It will "secure the Persian Gulf region and dismantle the hostile enemy's exploitation of this waterway," he added, referring to the strait.Nevertheless, West Texas Intermediate crude oil futures fell 1.6% to $105.22, and Brent crude futures dropped 3.4% to $114.01.In economic news, the US core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations. Core PCE climbed 0.3% month-over-month, as expected, but down from the 0.4% reported in February.Most US Treasury yields dropped, with the 10-year down 3.2 basis points to 4.38%, and the two-year slumped 5.3 basis points to 3.88%.

Dow JonesNasdaq CompositeS&P 500$CAT$GOOG$GOOGL$QCOM
Wire

Uniti's Kinetic Launches YouTube TV Bundle With Monthly Discount

Uniti's (UNIT) business unit Kinetic said Thursday it is offering eligible residential customers a $10 monthly discount for a year when they pair Alphabet's (GOOGL, GOOG) YouTube TV with its fiber internet service.Price: $11.61, Change: $+0.40, Percent Change: +3.57%

$GOOG$GOOGL$UNIT
International

US Equity Indexes Rise as Communication Services Tops Sectors Amid Iran's Retaliation Warning Shots

US equity indexes rose after midday Thursday as investors weighed mega-cap corporate earnings and a warning from Iran's new supreme leader that Tehran won't give up its nuclear stockpile.The Dow Jones Industrial Average jumped 1.4% to 49,552.2, with the S&P 500 up 0.5% to 7,170.3. The Nasdaq Composite rose 0.1% to 24,700.5. All sectors except technology and consumer discretionary rose. Communication services, industrials, and health care led the gainers.Alphabet's (GOOG, GOOGL) shares jumped 7%, among the leaders on the Nasdaq, after the company overnight reported higher Q1 earnings and revenue that topped market expectations. Qualcomm's (QCOM) shares soared 14%, the top performer on the S&P 500 and the Nasdaq, after the company posted better-than-expected fiscal Q2 adjusted earnings and revenue late Wednesday. Caterpillar (CAT) raised its full-year sales growth outlook as Q1 results exceeded market expectations. Its shares soared 8.7%, the Dow's leader.Meta Platforms' (META) shares sank 9%, among the worst performers on the S&P 500 and the Nasdaq, after the company overnight raised its forecast for 2026 capital expenditures, overshadowing its Q1 earnings and revenue beat. Microsoft (MSFT) said Wednesday that it expects capital expenditures of $190 billion for the 2026 calendar year, including roughly $25 billion from higher component pricing. Shares were down 4.6%, among the steepest decliners on the Nasdaq and the Dow.Meanwhile, US President Donald Trump will hear about updated military options for Iran from Pentagon officials on Thursday, as a possible way of forcing Tehran into an agreement, CNN reported. Trump's current strategy is to inflict economic pain on Iran.Iran's new supreme leader gave a rare statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported. Iran will "guard" its "advanced technologies" like it does its own borders, Mojtaba Khamenei was cited as saying in a written statement. It will "secure the Persian Gulf region and dismantle the hostile enemy's exploitation of this waterway," he added, referring to the strait.West Texas Intermediate crude oil futures fell 2.2% to $104.49, and Brent crude futures dropped 3.3% to $114.09.In precious metals, gold futures climbed 1.3% to $4,621.5, and silver futures jumped 2.1% to $73.07.Most US Treasury yields dropped, with the 10-year down 1.8 basis points to 4.4% and the two-year slumped 4.3 basis points to 3.89%.In economic news, the personal consumption expenditures price index increased by 0.7% in March, as expected, lifting the year-over-year rate to 3.5% from 2.8%. The price index increased by 0.4% month-over-month in February. The core PCE price index increased by 0.3%, as expected, following a 0.4% gain in February. The year-over-year rate accelerated to 3.2% from 3.0% in the previous month.US economic growth, measured by gross domestic product, rose by 2.0% in Q1 after a 0.5% gain in Q4, slower than a 2.3% increase expected in a survey compiled by Bloomberg.US initial jobless claims fell to 189,000 in the week ended April 25 from an upwardly revised 215,000 in the previous week, compared with expectations for an increase to 212,000 in a survey of analysts compiled by Bloomberg. The four-week moving average declined by 3,500 to 207,500.

Dow JonesNasdaq CompositeS&P 500$CAT$GOOG$GOOGL$META$MSFT$QCOM
Wire

Alphabet's Q1 Highlights Search, Cloud Strength While Costs Climb, UBS Says

Alphabet's (GOOG, GOOGL) Q1 search and cloud results point to a stronger revenue contribution from generative AI, while rising investment costs and valuation concerns are shifting attention to margins, UBS Securities said Thursday in a report.UBS raised ad-revenue estimates by about 1% for 2027 and 2% for 2028 and increased cloud revenue projections by 23% for 2027 and 7% for 2028. As growth expectations reset, the focus is turning to costs, with Google expecting 2027 to be another heavy investment year, the report said."It may take several quarters for the right level of 2027 capital expenditure to be added to estimates as Google does not generally give outer-year guidance, and that leaves potential for earnings per share print risks going forward," the report said. Given Google's elevated valuation, better risk-reward opportunities are seen in other internet megacap names, UBS said.The firm raised GAAP diluted earnings-per-share estimates to $3.07 from $3 for Q2, to $3.07 from $3.06 for Q3, to $14.42 from $12.05 for 2026, to $15.78 from $13.96 for 2027, and to $16.70 from $16.15 for 2028.UBS boosted its price target on Alphabet stock to $410 from $375 and maintained its neutral rating.Price: $376.19, Change: $+28.88, Percent Change: +8.32%

$GOOG$GOOGL
International

US Equity Indexes Mixed Following Big-Tech Earnings, Iran's Retaliatory Warning

US equity indexes traded mixed at midday Thursday as investors weighed mega-cap corporate earnings and a warning shot from Iran's new supreme leader amid declining crude oil prices after midday Thursday.The Dow Jones Industrial Average jumped 1.5% to 49,591.6, with the S&P 500 up 0.5% to 7,169.1. The Nasdaq Composite was slightly down at 24,673.1. All sectors except technology and consumer discretionary rose. Industrials, health and communication services led the gainers.Alphabet's (GOOG, GOOGL) shares jumped 7%, among the leaders on the Nasdaq, after the company overnight reported higher Q1 earnings and revenue that topped market expectations. Meta Platforms' (META) shares sank 9%, among the worst performers on the S&P 500 and the Nasdaq, after the company overnight raised its forecast for 2026 capital expenditures, overshadowing its Q1 earnings and revenue beat.Meanwhile, US President Donald Trump will hear about updated military options for Iran from Pentagon officials Thursday, as a possible way of forcing Tehran into an agreement, CNN reported. Trump's current strategy is to inflict economic pain on Iran.Iran's new supreme leader gave a rare statement Thursday, vowing not to give up the country's nuclear or missile technologies and signaling Tehran would keep control of the Strait of Hormuz, Bloomberg reported.In economic news, the core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations. It climbed 0.3% month-over-month, down from the 0.4% reported in February.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$META
Wire

Top Midday Stories: Tech Giants' Earnings Top Estimates, Reactions Mixed; Eli Lilly Lifts Outlook After Estimate-Beating Q1 Earnings

All three major US stock indexes were up in late-morning trading Thursday, as investors digest a slew of earnings reports from the giant tech companies as well as the Federal Reserve's decision Wednesday to leave interest rates unchanged.In company news, Meta Platforms (META) reported Q1 earnings late Wednesday of $10.44 per diluted share, up from $6.43 a year earlier and above the FactSet consensus analyst estimate of $6.67. Meta Q1 revenue was $56.31 billion, up from $42.31 billion a year ago and above the FactSet consensus of $55.56 billion. For Q2, Meta said it expects revenue of $58 billion to $61 billion, compared to the FactSet consensus of $59.48 billion. Full-year 2026 capital expenditures are expected to be between $125 billion and $145 billion, up from the prior outlook of $115 billion to $135 billion, Chief Financial Officer Susan Li said on a call with analysts. The daily active people average for March was 3.56 billion, up 4% year over year but down slightly quarter over year due to internet disruptions in Iran and WhatsApp restrictions in Russia, the company said. After the earnings report, Meta commenced a US investment-grade bond sale in as many as six parts through which it is looking to raise up to $25 billion. Meta shares were down 9.5% around midday.Alphabet (GOOG, GOOGL) reported Q1 earnings late Wednesday of $5.11 per diluted share, up from $2.81 a year earlier and above the FactSet consensus estimate of $2.63. Alphabet Q1 revenue was $109.9 billion, up from $90.2 billion a year ago and above the FactSet consensus of $106.96 billion. The tech giant raised it quarterly cash dividend to $0.22 per share from $0.21 per share, payable June 15 to shareholders of record as of June 8. Alphabet's Class C and Class A shares were up 7.2% and 7.3%, respectively.Amazon (AMZN) reported Q1 earnings late Wednesday of $2.78 per diluted share, up from $1.59 a year earlier and above the FactSet consensus of $1.63. Amazon Q1 revenue was $181.52 billion, up from $155.67 billion a year ago and above the FactSet consensus of $177.28 billion. For Q2, the company said it expects revenue of $194 billion to $199 billion, above the FactSet consensus of $188.96 billion. Amazon shares were down 1.2%.Microsoft (MSFT) reported fiscal Q3 adjusted earnings late Wednesday of $4.27 per diluted share, up from $3.54 a year earlier and above the FactSet consensus of $4.05. Fiscal Q3 revenue was $82.89 billion, up from $70.07 billion a year ago and above the FactSet consensus of $81.40 billion. Microsoft shares were down 4.5%.Eli Lilly (LLY) reported Q1 non-GAAP earnings Thursday of $8.55 per diluted share, up from $3.34 a year earlier and above the FactSet consensus of $6.97. Lilly Q1 revenue was $19.80 billion, up from $12.73 billion a year ago and above the FactSet consensus of $17.82 billion. For full-year 2026, the company said it expects adjusted EPS of $35.50 to $37.00, up from its previous guidance of $33.50 to $35.00 and above the FactSet consensus of $34.51. Full-year revenue is expected to be between $82 billion and $85 billion, up from its previous outlook of $80 billion to $83 billion and compared to the FactSet consensus of $82.07 billion. Eli Lilly shares were up 8.1%.Qualcomm (QCOM) reported fiscal Q2 adjusted earnings late Wednesday of $2.65 per diluted share, down from $2.85 a year earlier but above the FactSet consensus of $2.56. Fiscal Q2 revenue was $10.60 billion, down from $10.97 billion a year ago but above the FactSet consensus of $10.69 billion. For fiscal Q3, the company said it expects adjusted EPS of $2.10 to $2.30, below the FactSet consensus of $2.42. Fiscal Q3 revenue is expected to be between $9.20 billion to $10 billion, below the FactSet consensus of $10.19 billion. CFO Akash Palkhiwala said on the company's earnings call that the company expects shipments to Chinese Android customers to recover after inventory corrections. Qualcomm also said it has secured a "multi-generation engagement" with a leading hyperscaler, with initial shipments expected to begin later this year. Qualcomm shares were up 18.0%.Caterpillar (CAT) reported Q1 adjusted profit Thursday of $5.54 per share, up from $4.25 a year earlier and above the FactSet consensus of $4.65. Total Q1 sales and revenue were $17.42 billion, up from $14.25 billion a year ago and above the FactSet consensus of $16.53 billion. For full-year 2026, the company said it expects low double-digit sales and revenue growth, higher year-over-year free cash flow in its primary operating segment of machinery, power and energy, and adjusted operating profit margin near the bottom of the target range. Caterpillar shares were up 8.6%.Mastercard (MA) reported Q1 adjusted earnings Thursday of $4.60 per diluted share, up from $3.73 a year earlier and above the FactSet consensus of $4.41. Net Q1 revenue was $8.40 billion, up from $7.25 billion a year ago and above the FactSet consensus of $8.26 billion. Mastercard shares were down 3.6%.Stellantis (STLA) reported Q1 adjusted earnings Thursday of 40.21 per diluted share, upf rom $0.04 a year earlier and above the FactSet consensus of $0.19. Net Q1 revenue was $38.13 billion, up from $25.81 billion ay ear ago but below the FactSet consensus from four analysts of $44.95 billion. For full-year 2026, the company said it expects mid-single-digit net revenue growth. Stellantis shares were down 4.9%.Price: $606.15, Change: $-62.97, Percent Change: -9.41%

$AMZN$CAT$GOOG$GOOGL$LLY$MA$META$QCOM$STLA
Wire

Alphabet Seen Delivering Strong AI Driven Growth and Margins, BofA Says

Alphabet (GOOG, GOOGL) reported a strong Q1, with upside in Search and Cloud pointing to artificial intelligence driven growth and higher margins, BofA Securities said in a Thursday note.BofA said Q1 net revenue of $94.7 billion and EPS of $5.11 beat street estimates, while search revenue rose 19% year over year and cloud revenue was 63% higher.Cloud backlog grew 90% quarter over quarter to $462 billion, with about 50% expected to be recognized over the next 24 months, the firm said.BofA raised its 2026 revenue estimate to $424.12 billion from $407.92 billion and its 2027 revenue estimate to $521.99 billion from $474.86 billion.The firm also raised its 2026 EPS estimate to $14.43 from $11.45 and said the growing mix of recurring and higher durability cloud revenue supports a higher valuation multiple.BofA reiterated its buy rating on Alphabet and raised its price objective to $430 from $370.Price: $369.78, Change: $+22.47, Percent Change: +6.47%

$GOOG$GOOGL
Wire

Oppenheimer Adjusts Price Target on Alphabet to $425 From $360, Maintains Outperform Rating

Alphabet (GOOG) has an average rating of buy and mean price target of $408.49, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $365.22, Change: $+17.91, Percent Change: +5.16%

$GOOG$GOOGL
Wire

Roth Capital Partners Adjusts Price Target on Alphabet to $435 From $395, Maintains Buy Rating

Alphabet (GOOGL) has an average rating of buy and mean price target of $407.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $368.64, Change: $+18.70, Percent Change: +5.34%

$GOOG$GOOGL
Wire

BofA Securities Adjusts Price Target on Alphabet to $430 From $370, Maintains Buy Rating

Alphabet (GOOGL) has an average rating of buy and mean price target of $407.88, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $369.35, Change: $+19.41, Percent Change: +5.55%

$GOOG$GOOGL
Wire

BNP Paribas Lifts Alphabet Price Target to $420 From $390, Maintains Outperform Rating

Alphabet (GOOGL, GOOG) has an average rating of buy and mean price target of $406.36, according to analysts polled by FactSet.Price: $368.02, Change: $+18.08, Percent Change: +5.17%

$GOOG$GOOGL
Sectors

Sector Update: Tech Stocks Advance Premarket Thursday

Technology stocks were advancing premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.7% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.5%.Alphabet (GOOG, GOOGL) shares were up 6.9% after the company reported late Wednesday higher Q1 earnings and revenue that also topped market expectations.Meta Platforms (META) stock was down more than 8% after the company raised its forecast for 2026 capital expenditures, overshadowing its Q1 earnings and revenue beat.Viavi Solutions (VIAV) shares were up about 31% after the company posted higher fiscal Q3 non-GAAP earnings and net revenue, and issued fiscal Q4 outlook above analysts' expectations.

$GOOG$GOOGL$META$VIAV$XLK$XSD
Asia Markets

Big Tech Earnings, Fed Rate Decision Lift US Equity Futures Pre-Bell

US equity futures were higher pre-bell Thursday as traders absorbed the latest round of financial results, including those of big tech, amid the Federal Open Market Committee maintaining its target rate.Dow Jones Industrial Average futures were 0.6% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 0.7% higher.Alphabet (GOOG, GOOGL), Amazon (AMZN), and Meta Platforms (META) all reported higher earnings and revenue for Q1, while Microsoft (MSFT) posted an increase in fiscal Q3 adjusted earnings and revenue. Apple (AAPL) is expected to publish its fiscal Q2 financial results after-market.The Federal Open Market Committee maintained the target range for its federal funds rate at 3.50% to 3.75%, as expected, but the level of dissent was reportedly the highest since 1992, with four officials dissenting.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.7% at $109.72 per barrel and US West Texas Intermediate crude 1.2% lower at $106.61 per barrel.In other world markets, Japan's Nikkei closed 1.1% lower, Hong Kong's Hang Seng ended 1.3% lower, and China's Shanghai Composite finished 0.1% higher. Meanwhile, the UK's FTSE 100 was up 1.4%, and Germany's DAX index was 0.9% higher in Europe's early afternoon session.The March core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, released at 8:30 am ET, gained 0.3%, lower than 0.4% in the prior month and meeting estimates compiled by Bloomberg.Initial jobless claims declined to 189,000 in the week ended April 25 from an upwardly revised 215,000 level in the previous week, compared with expectations for a decrease to 212,000. Q1 GDP growth was recorded at a 2.0% annual rate, compared with expectations for 2.3%.In equities, Alphabet and Amazon shares rose 7.3% and 3.4%, respectively, after the companies reported their Q1 financial results. Eli Lilly (LLY) stock was up 6.1% after the company posted Q1 non-GAAP earnings and revenue that surpassed analysts' consensus and boosted its full-year 2026 guidance.On the losing side, Meta Platforms shares were 8.4% lower, a day after the company said it raised its 2026 capital expenses outlook and reported a decline in its daily active users on a quarter-over-quarter basis. Stellantis (STLA) stock was down 2.6% after the company reported Q1 net revenue that fell short of analysts' estimates. Microsoft shares were down 0.9% despite the company posting a fiscal Q3 adjusted earnings and revenue beat.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$GOOG$GOOGL$LLY$META$MSFT$STLA
Sectors

Sector Update: Tech

Technology stocks were advancing premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.7% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.1%.Alphabet (GOOG, GOOGL) shares were up more than 7% after the company reported higher Q1 earnings and revenue that also topped market expectations.

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Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday Amid Big Tech Earnings, Economic Data

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.5% in Thursday's premarket activity, amid optimistic big tech earnings reports and a deluge of economic data.US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.6%, and Nasdaq futures gaining 0.5% before the start of regular trading.Reports releasing at 8:30 am ET include the Q1 gross domestic product (GDP) from Washington, the personal consumption expenditures (PCE)-core inflation report for March, the weekly jobless claims bulletin, and the Q1 Employment Cost Index.The April Chicago PMI posts at 9:45 am, followed by the February leading indicators report at 10 am, and the weekly natural gas stocks at 10:30 am ET.In premarket action, bitcoin was down by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% higher, Ether ETF (EETH) advanced 1.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was up 1.9%.Willis Towers Watson (WTW) shares were down more than 9% pre-bell after the company reported higher Q1 adjusted earnings and revenue.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 1.2%, the Vanguard Health Care Index Fund (VHT) was 1.1% higher, while the iShares US Healthcare ETF (IYH) was up 0.7%. The iShares Biotechnology ETF (IBB) gained 0.2%.Eli Lilly (LLY) stock was up more than 7% premarket after the company reported higher Q1 non-GAAP earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained by 0.4%, and the iShares US Technology ETF (IYW) was 1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) rose 2%, while the iShares Semiconductor ETF (SOXX) advanced by 1.3%.Alphabet's (GOOG, GOOGL) shares were up 7% in Thursday's premarket activity after the tech giant reported overnight Q1 earnings and sales above market expectations.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, while the Vanguard Industrials Index Fund (VIS) was up 1.6% and the iShares US Industrials ETF (IYJ) gained 0.4%.Caterpillar (CAT) stock was up more than 5% before the opening bell after the company reported higher Q1 adjusted profit and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.2% lower, and the iShares US Consumer Staples ETF (IYK) retreated 0.1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) was up 0.6%. The VanEck Retail ETF (RTH) gained 0.03%, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.6%.Unilever (UL) shares were up more than 2% pre-bell after the company said its Q1 underlying sales grew by 3.8%.EnergyThe iShares US Energy ETF (IYE) was down 0.9%, while the State Street Energy Select Sector SPDR ETF (XLE) declined by 1.1%.ConocoPhillips (COP) stock was down more than 2% before the opening bell after the company reported lower Q1 adjusted earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil fell by 2.3% to $104.44 per barrel on the New York Mercantile Exchange. Natural gas retreated by 1.4% to $2.61 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2.6%, while the United States Natural Gas Fund (UNG) was 1.5% lower.Gold futures for May were up by 1.8% to $4,641.80 an ounce on the Comex. Silver futures rose by 2.6% to $73.96 an ounce. SPDR Gold Shares (GLD) was 1.9% higher, and the iShares Silver Trust (SLV) gained by 2.7%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CAT$COP$EEM$EETH$EXI$FAS$FAZ$GLD$GOOG$GOOGL$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LLY$PMR$QQQ$RTH$SLV$SOXX$SPY$UL$UNG$USO$VDC$VHT$VIS$WTW$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

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