The major averages were mostly higher near noon, with Nasdaq the lone decliner, as markets were buoyed by optimism over potential U.S.-China trade negotiations and anticipation of the Federal Reserve’s interest rate decision. Planned trade talks between the U.S. and China are following a set of stimulus measures announced in China, which include interest rate cuts and a major liquidity injection.
Meanwhile, investors are closely watching the Federal Reserve’s interest rate announcement later today, with expectations that the Fed will maintain rates between 4.25% and 4.5%. Market participants will be analyzing the Fed’s commentary for hints on future rate cuts.
Looking to commodities, the price of gold has slipped below $3,400 following several days of sharp gains. Oil prices are also trading lower near noon.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Chinese authorities announced a series of stimulus measures as U.S. Trade Representative Greer has been confirmed to meet with China’s counterpart for trade talks later this week
- Disney (DIS) reported better-than-expected Q2 earnings and revenue, provided its outlook for FY25 and announced plans for a new theme park and resort in Abu Dhabi
- Uber (UBER) reported mixed Q1 results, with gross bookings up 14% year-over-year
- AMD (AMD) reported upbeat Q1 earnings and revenue and provided revenue guidance for Q2
- Rivian Automotive (RIVN) reported better-than-expected Q1 results and provided its FY25 adjusted EBITDA outlook
2. WALL STREET CALLS:
- AMD (AMD) upgraded to Buy at BofA after “strong” Q2 sales outlook
- Truist upgrades Constellation (STZ) to Buy on bottoming investor sentiment
- HSBC upgraded Electronic Arts (EA) to Buy after and “all around beat,” while MoffettNathanson downgraded EA and recommends a “more cautious stance”
- BofA upgraded Wynn Resorts (WYNN) to Buy
- Cantor Fitzgerald downgraded Marvell (MRVL) to Neutral
3. AROUND THE WEB:
- Ford (F) is raising prices on three of its vehicles produced in Mexico effective May 2, becoming one of the first major automakers to adjust sticker prices following U.S. President Donald Trump’s tariffs, Reuters says
- Novo Nordisk (NVO) CFO Karsten Munk Knudsen is skeptical that President Trump’s executive order to reduce the time it takes to approve manufacturing plants in the country will significantly change timelines for the pharmaceutical industry, Reuters reports
- Charles River (CRL) has reached a deal with activist investor Elliott Investment Management, and the pharmaceutical will add four new directors to its board and launch a strategic review of the business as a result, Reuters says
- Geely Automobile (GELYF) plans to privatize its Zeekr (ZK) brand, almost a year after its initial U.S. public offering, WSJ reports
- Instacart (CART) is launching a new app, Fizz, focused on group orders of drinks and party snacks, with a flat $5 delivery fee and a rewards program for brands, Bloomberg says
4. MOVERS:
- Angi (ANGI) gains after reporting Q1 results and announcing the approval of a new 5M share repurchase authorization
- Shares of Alphabet (GOOGL) were under pressure after an Apple (AAPL) executive said the iPhone maker was exploring adding AI search to its Safari browser
- Oscar Health (OSCR) and Eos Energy (EOSE) higher reporting quarterly results
- Vestis (VSTS) falls after reporting Q2 results, eliminating its dividend, and announcing it would not be providing guidance for FY25
- Myriad Genetics (MYGN) and B&G Foods (BGS) lower in New York after reporting quarterly results
5. EARNINGS/GUIDANCE:
- Electronic Arts (EA) reported Q4 results and provided guidance for Q1 and FY26
- Klaviyo (KVYO) reported Q1 results and raised its guidance for FY25
- BuzzFeed (BZFD) reported Q1 results, with CEO Jonah Peretti commenting, “”This quarter reflects the strength of our core publishing business and the momentum we’re building with AI-assisted tools”
- Flex (FLEX) reported Q4 results, with EPS and revenue beating consensus
- Sabre (SABR) reported Q1 results and provided guidance for Q2 and FY25
INDEXES:
Near midday, the Dow was up 0.61%, or 250.54, to 41,079.54, the Nasdaq was down 0.23%, or 41.33, to 17,648.33, and the S&P 500 was up 0.18%, or 9.82, to 5,616.73.
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