The market rebounded by the closing bell, brushing off recession concerns after this morning's gross domestic product (GDP) reading showed the economy contracted in the first quarter. Both the S&P 500 and Dow logged their seventh consecutive wins, while the Nasdaq closed modestly in the red. For April, all three benchmarks logged a third consecutive monthly loss. Now, all eyes on Microsoft (MSFT) and Meta Platforms (META) earnings after the close.
Continue reading for more on today's market, including:
- Chip stock bull signal has never been wrong.
- A peek into next week's busy economic calendar.
- Plus, the top 25 stocks to own in May; behind SMCI's steep drop; and post-earnings trouble for two popular picks.
5 Things to Know Today
- Robert F. Kennedy Jr. is cutting more jobs at the Department of Health and Human Services. (CNBC)
- New Jersey transit officials suggests travelers stay home and work remote as threats of a union railway strike loom. (Bloomberg)
- How to trade the 'sell in May then go away' signal.
- Red-hot computer stock slammed after outlook update.
- Bear notes, earnings drag two popular stock picks.
Oil Logs Worst Month in 3 Years
Tensions regarding Saudi Arabia's output decisions and global trade crises sent crude to an April drop of 18% -- its worst monthly performance in over three years. For the session, June-dated West Texas Intermediate (WTI) crude fell $2.20, or 3.6%, to finish at $58.22 per barrel.
Though the safe haven asset managed to pare some of yesterday's losses, gold still finished markedly lower for the day. However, an April gain of 6% secured its fourth monthly win in the black. June-dated gold shed 0.5%, to settle around $3,318.50 an ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
