The Magnificent 7 begin their descent into the earnings confessional
The market rebounded by the closing bell, brushing off recession concerns after this morning's gross domestic product (GDP) reading showed the economy contracted in the first quarter. Both the S&P 500 and Dow logged their seventh consecutive wins, while the Nasdaq closed modestly in the red. For April, all three benchmarks logged a third consecutive monthly loss. Now, all eyes on Microsoft (MSFT) and Meta Platforms (META) earnings after the close.
Continue reading for more on today's market, including:
- Chip stock bull signal has never been wrong.
- A peek into next week's busy economic calendar.
- Plus, the top 25 stocks to own in May; behind SMCI's steep drop; and post-earnings trouble for two popular picks.
5 Things to Know Today
- Robert F. Kennedy Jr. is cutting more jobs at the Department of Health and Human Services. (CNBC)
- New Jersey transit officials suggests travelers stay home and work remote as threats of a union railway strike loom. (Bloomberg)
- How to trade the 'sell in May then go away' signal.
- Red-hot computer stock slammed after outlook update.
- Bear notes, earnings drag two popular stock picks.
Oil Logs Worst Month in 3 Years
Tensions regarding Saudi Arabia's output decisions and global trade crises sent crude to an April drop of 18% -- its worst monthly performance in over three years. For the session, June-dated West Texas Intermediate (WTI) crude fell $2.20, or 3.6%, to finish at $58.22 per barrel.
Though the safe haven asset managed to pare some of yesterday's losses, gold still finished markedly lower for the day. However, an April gain of 6% secured its fourth monthly win in the black. June-dated gold shed 0.5%, to settle around $3,318.50 an ounce.