In an impressive showing, the S&P 500 is on pace for its eighth straight day of gains, sending the ‘Sell in May’ adage out the window for the time being. Strong technology earnings from the likes of Meta Platforms (Nasdaq: META) and Microsoft (Nasdaq: MSFT) are the catalyst today as markets shift their attention from tariff uncertainty to tech tailwinds. The technology sector is leading the markets higher today, with a 3% gain as a group, while healthcare as a sector is down 2% on the day.
With the economic slowdown now apparent, the markets have further economic data to consider on Friday when April’s employment report is released. Economists are largely expecting the labor market stayed relatively steady, a slowdown from March levels notwithstanding. Today’s higher than expected weekly jobless claims throws a wrench into the outlook, but the markets remain in rally mode for now.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 307.64 (+0.76%)
Nasdaq Composite: Up 394.46 (+2.26%)
S&P 500: Up 72.53 (+1.3%)
Market Movers
Meta Platforms stock is adding 6% today in response to better-than-expected Q1 earnings results, including revenue that grew 16% year-over-year and an expectation for continued strength. Tariffs remain a wildcard but so far the tech giant’s ads business is withstanding the pressure.
Microsoft stock is climbing 9% higher on its impressive Q3 earnings report, as unsatiable AI demand around cloud helps to relieve the tariff headaches. Microsoft beat estimates across the board and guided higher. With today’s rally, Microsoft has muscled Apple (Nasdaq: AAPL) out of the way as the biggest company on the planet, marked by a market cap of $3.2 trillion.
Discount retailer Kohl’s (NYSE: KSS) has experienced an executive shakeup after the board of directors fired CEO Ashley Buchanan due to what the described as a conflict of interest. With an interim chief in place, the stock is tacking on 3% today.
McDonald’s (NYSE: MCD) experienced a sharp 3.6% decline in first-quarter same-store sales, its worst performance in about five years due to harsh weather and a skittish consumer.
General Motors (NYSE: GM) lowered its full-year 2025 guidance due to billions of dollars in tariff exposure.
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