The S&P 500 Index is up +0.79% today, marking a new record high, alongside a +1.74% rise in the Nasdaq 100. The Dow Jones Industrial Average has increased by +0.14%. Positive corporate earnings are driving these gains, with 84% of the 425 S&P 500 companies that reported Q1 earnings outperforming estimates. The unemployment rate remains steady at 4.3% with April nonfarm payrolls rising by 115,000, surpassing expectations of 65,000.
Investor sentiment remains impacted by geopolitical tensions, particularly following Iran’s seizure of an oil tanker in the Strait of Hormuz and U.S. military actions targeting Iranian assets. This disruption has contributed to the drawdown of 500 million barrels from global crude stockpiles, with Goldman Sachs projecting this could reach 1 billion barrels by June. The current volatility has also kept bond prices elevated, leading to a mixed response in the T-note market.
In corporate news, notable movements include Micron Technology and Sandisk surging over +9%, while software stocks like Atlassian and Salesforce fell over -4%. WTI crude prices gained on the news of the tanker seizure as the situation in the Strait remains precarious, affecting over 20% of the world’s oil supply.
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