The S&P 500 Index is up 0.27%, the Dow Jones Industrial Average is up 0.09%, and the Nasdaq 100 Index is up 0.55% as of today. Lower bond yields, particularly a drop in the 10-year T-note yield to 4.65%, and gains in semiconductor stocks are contributing to the market’s recovery from earlier losses.
US mortgage applications fell by 2.3% for the week ending May 1, with a 4.1% decline in purchase mortgage applications. The refinancing sub-index saw a slight decrease of 0.1%. The average rate for a 30-year fixed mortgage increased to 6.56%. In commodity markets, WTI crude oil prices dropped more than 2%, amid ongoing geopolitical tensions, affecting global oil supplies.
Earnings results have been positive, with 83% of the S&P 500 companies reporting Q1 earnings exceeding estimates. Q1 S&P 500 earnings are projected to increase by 12% year-over-year, with a notable expectation of an 80% sales increase from Nvidia, set to announce its earnings after the market closes today.
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