From Nasdaq: 2024-05-03 13:55:18

In a week filled with market activity, traders faced an interest rate decision, earnings reports, and jobs data. Wall Street started strong but ended April with its first monthly loss of 2024, following a red-hot employment cost index reading. Despite choppiness, all three indexes edged towards weekly wins by the end of the week.

Earnings reports dominated the headlines, with McDonald’s, Starbucks, CVS Health, DoorDash, and SoFi Technologies among the notable losers. On the winning side, Pinterest, Carvana, Block, Eli Lilly, and Intel posted positive results. Additionally, Tesla, Paramount Global, Tapestry, and Nvidia made headlines for reasons other than earnings.

Looking ahead, next week will bring consumer credit and sentiment data, budget updates, and more Fed commentary. The earnings calendar remains packed with reports from Airbnb, Foot Locker, Lucid Group, Palantir Technologies, Uber Technologies, Walt Disney, and Warner Bros. Discovery. Consider SPX support and resistance levels identified by Schaeffer’s Senior V.P. of Research Todd Salamone and keep an eye on election year market trends.



Read more at Nasdaq: Fed Fatigue Eases Amid Earnings-Heavy Week