The S&P 500 Index is currently up 0.78%, the Dow Jones Industrial Average is up 0.75%, and the Nasdaq 100 Index is up 1.24%, marking a recovery from earlier losses. This shift follows a dip in the 10-year T-note yield to 4.62%, down 5 basis points, as inflation expectations ease alongside a more than 3% decline in WTI crude oil prices, which is particularly benefiting airline and cruise line stocks.
In the semiconductor sector, Nvidia’s shares rose over 1% ahead of its earnings report, with Q1 sales projected to be up 80%. Overall, earnings reports indicate that 83% of S&P 500 companies that reported have exceeded estimates, with Q1 earnings anticipated to grow 12% year-on-year, according to Bloomberg Intelligence.
US MBA mortgage applications dropped by 2.3% in the week ending May 1, alongside a rise in the average 30-year fixed mortgage rate to 6.56%. Meanwhile, Goldman Sachs warns that current market disruptions may reduce global crude stockpiles by as much as 1 billion barrels by June, contributing to ongoing volatility in crude oil prices.
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