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Pre-market trading resumes April’s winning ways, climbing out of a shallow -0.60% hole from Tuesday’s session. An extended ceasefire in Iran helps soothe investors’ nerves, and market participants are looking past testimony of nominated Fed Chair Kevin Warsh on Capitol Hill yesterday. The Dow is +303 points at this hour, +0.61%, the S&P 500 +44 points, +0.63%, the Nasdaq +214, +0.80%, and the small-cap Russell 2000 +23, +0.85%.
Spot oil prices are up a bit, as the Strait of Hormuz remains blocked until further notice, but Q1 earnings season has performed about as well as reasonably expected. We see the results in the equities market with the Nasdaq leading once again — reviving the strong “AI trade” which advanced much of the stock market in 2025.
As far as the new Fed Chair goes, Warsh did not directly pledge allegiance to rate cuts. But until issues with current Fed Chair Jerome Powell are resolved — specifically Senator Thom Tillis’ (R-NC) insistence that the Department of Justice drop the probe into Powell’s handling of development funds — we expect to continue onward with Powell as Fed Chair, perhaps beyond next week’s FOMC meeting.
Q1 Earnings Results Ahead of the Bell: BA, GEV, CME
BoeingBA posted a big improvement on its bottom line in Q1 results this morning. Negative earnings per share of -$0.20 is much better than the -$0.95 in the Zacks consensus, on revenues of $22.22 billion in the quarter, +3.53% better than expectations and the $19.5 billion reported in the year-ago quarter. Commercial jet deliveries improved, and shares are up +4.7% in pre-market trading. For more on BA’s earnings, click here.
GE VernovaGEV — the equipment manufacturing and services firm spun-off from GE two years ago — posted strong numbers in its Q1 report this morning. Earnings of $1.98 per share outpaced the $1.84 anticipated, on $9.34 billion in revenues which narrowly outperformed expectations and a big improvement from $8.03 billion reported a year ago. Shares are up another +7% this morning, adding to the +51% gains year to date. For more on GEV’s earnings, click here.
Chicago-based CME GroupCME, on the other hand, missed on Q1 earnings by a penny to $3.36 per share this morning. Revenues of $1.88 billion were -1.78% lower than estimated, but up from $1.64 billion reported in the year-ago quarter. Shares are down -1.5% on the news, and still narrowly positive year to date. For more on CME’s earnings, click here.
What to Expect from the Market Today
We have no major economic reports either before or after today’s normal trading session, as we’re a week out from the Fed’s next interest rate decision (and may be Powell’s final meeting in his three-term tenure, but not definitely) and a day away from Weekly Jobless Claims. After the close today, TeslaTSLA, IBMIBM, Texas Instruments TXN, Southwest AirlinesLUV and ServiceNowNOW report quarterly earnings results.
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DuPont will gain from its investment in innovation and portfolio actions. Its cost and productivity initiatives should also support margins. DuPont also remains focused on driving shareholder value.
Large verified clinician network supports recurring subscription revenue, while workflow and AI adoption expand utility, though monetization remains early still.
Citigroup’s organizational overhaul, international consumer banking business exits to focus on core operations and rising NII will aid financials. Solid liquidity supports capital distributions.
Robust business servicing wins, rising custody and managed assets, synergies from strategic expansion plans, a global footprint, and solid balance sheet and liquidity positions will aid State Street.
Procter & Gamble faces mounting risks from tariffs, supply chain disruptions, and global instability, adding uncertainty to its fiscal 2026 outlook despite portfolio resilience.
Intensifying competition, headwinds pertaining to international exposure and high level of goodwill and intangible assets are major headwinds for Cadence.
Sherwin-Williams faces headwinds from a weak demand environment. The slowdown in housing markets may affect results. High interest expenses and input costs are also a concern.
American Eagle is well placed on cost-reduction efforts and brand progress. In the second half, the company expects to cycle tariffs and advertising investments.
Broadcom is a leading player in the semiconductor market based on its expanding product portfolio, multiple target markets, accretive acquisitions and strong cash flow.
Align Technology’s robust product line, balanced growth across all channels and consistent focus on international markets to drive growth bolster our confidence in the stock.
AbbVie’s Skyrizi and Rinvoq, are performing extremely well, bolstered by approval in new indications, which should support top-line growth in the next few years.
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