Weekly Chartstopper: Could 1, 2026

This week

Speak about a busy week!

• Five mega caps reported Q1 earnings – GOOG (+81% YOY), AMZN (+77% YOY), META (+63% YOY), MSFT (+23%), and AAPL (+19% YOY). (And sure, these numbers are appropriate!) Now, the Nasdaq-100® is on tempo for +51% YOY Q1 earnings progress. Additionally, the AI hyperscalers of the group (all however AAPL) are actually planning $725 billion in capex this yr.
• Q1 actual GDP grew at 2.0% annual tempo. About half of that got here from AI funding, whereas the buyer added 1.1 proportion factors, at the same time as spending grew at its slowest tempo in a yr.
• 22% year-over-year (YOY) progress in fuel costs pushed headline PCE inflation to three.5% YOY in March from 2.8% – that’s a virtually three-year excessive.
• U.S. oil costs have eased, however stay above $100 per barrel, as President Trump rejected Iran’s newest peace proposal, following reviews that President Trump is making ready for an extended blockade of the Strait of Hormuz and weighing one other spherical of attacks.
• Lastly, the Fed, which wants a number of bullet factors:
  • Fed left rates unchanged (3.50%-3.75%), as anticipated.
  • However three members dissented as a result of the assertion implies that the following transfer is a minimize, they usually consider a hike can also be doable.
  • IT was Powell’s final assembly as Fed Chair, however he’s staying on as governor a minimum oftill investigations into the Fed constructing renovations are “over with finality and transparency.”
  • Fed Chair nominee Kevin Warsh one step closer to confirmation after Senate Banking Committee superior his nomination to the complete Senate.

For the week, fairness markets appeared extra centered on robust earnings progress, with the Nasdaq-100® rising 1% to a brand new file excessive, whereas bond markets appeared extra involved about inflation, as 10-year Treasury yields rose over 5bp to 4.4%.

Subsequent Week

Listed here are the highest occasions I’m watching subsequent week:

• Tuesday: ISM and S&P Companies PMIs (Apr.), JOLTS Job Openings (Mar.), AMD Q1 Earnings
• Wednesday: ADP Personal Jobs (Apr.)
• Thursday: Productiveness (Q1)
• Friday: Nonfarm Jobs (Apr.), UMich Shopper Sentiment (Could Prelim.)