The US major stock indices surged higher today led by the NASDAQ index which rose over 2.0%.

The catalyst was lower than anticipated core PCE data released by the Federal Reserve. That inflation measure is the favor measure of inflation by the Fed. Given the GDP day yesterday with the quarterly core PCE data higher than expectations, the fear was a surprise to the upside today. The MoM came in as expected 0.3%. There was rumblings of a +0.4 – +0.5% level after the data yesterday.

The final numbers today are showing:

• Dow Industrial Average average of 153.84 points or +0.40% at 38239.67.
• S&P index up 51.54 points or 1.02% at 5099.95.
• NASDAQ index up 316.14 points or 2.03% at 15927.90.

The small-cap Russell 2000 rose 20.8 points or 1.05% at 2001.99.

For the trading week, the S&P and NASDAQ indices had their best week since October 30, 2023.

• Dow Industrial average rose 0.67%
• S&P index rose 2.67%
• NASDAQ index rose 4.23%
• Russell 2000 rose 2.79%.

Gains today were led by:

• Snap, +27.46% after beating earnings
• Alphabet, +10.22% after its earnings
• Super Micro Computers +8.9%. They will announce earnings next week.
• Nvidia, +6.18%. Nvidia won’t announce until later in May.
• Broadcom, was 3.84%
• Amazon, +3.43% (Amazon will announce next week)

The big losers today included:

• Intel, -9.2% after disappointing earnings.
• Exxon Mobil -2.60%. It too missed on earnings
• Paramount -2.60%
• Ford Motor -2.07%
• American Airlines -1.77%

Next week, the following companies will announce their earnings (* after the close):

Monday, April 29

• Domino’s Pizza
• Phillips
• Paramount*
• Logitech*

Tuesday, April 30

• PayPal
• Lily
• 3M
• McDonald’s
• Coca-Cola
• Amazon *
• AMD*
• Super Micro Computers*
• Starbucks*
• Pinterest

Wednesday, May 1

• Pfizer
• CVS
• MasterCard
• Marriott
• Qualcomm *
• Carvana *

Thursday, May 2

• Peloton
• Moderna
• Apple *
• Coinbas *
• Block *
• DraftKings *
• Fortinet *

Friday, May 3

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