📈 First-ever

Good morning.

The Fast Five → Alphabet announces first-ever dividend, GDP growth slowed well below expectations, Fed rate cuts dream slowly slipping away, FCC votes to restore net neutrality, and Huawei’s new phone sports latest made-in-China chip…

Calendar: (all times ET)

• Today: PCE index, 8:30a

  • Consumer Sentiment, 10:00a

Your 5-minute briefing for Friday, April 26:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks fell yesterday after latest GDP data pointed towards a slowdown in growth and persistent inflation

• US yields hit their highest in five-months, with the 2Y touching 5%

EARNINGS

• Lazard beat Q1 profit estimates buoyed by strength in North America deal making across healthcare, industrials, tech and financial institutions (link)

• Alphabet shares jumped ~12% after beating Q1 earnings and revenue estimates on soaring profits in its cloud division; it also announced its first-ever dividend (link)

• Microsoft shares rose ~4% after reporting better-than-expected Q3 earnings on the back of AI-driven cloud growth, although its Q4 revenue forecast was below expectations (link)

• Intel shares fall ~8% after missing on sales estimates and providing a weak Q2 forecast, which overshadowed its Q1 earnings beat (link)

• Snap Inc. shares soared ~25% on a surprise adjusted profit and better-than-expected revenue demonstrating a return to double-digit revenue growth (link)

• American Airlines posted a Q1 loss but topped estimates for Q2 forecast and reiterated FY earnings guidance (link)

• Newmont surged ~12% after beating Q1 profit estimates as the gold mining giant benefited from robust production and higher prices (link)

• Caterpillar shares slumped ~7% after reporting Q1 results that showed a YoY slowdown in machinery sales that are expected to continue into Q2 (link)

• What we're watching this week:

  • Today: ExxonMobil, Chevron, Abbvie

• Full calendar here

NEWS BRIEFING

Alphabet Announces First-Ever Dividend, Shares Soar

The Dream of Fed Rate Cuts Is Slipping Away

• GDP growth slowed to a 1.6% rate in the first quarter, well below expectations (link)

• Record $8.8B pulled from US sustainable funds in Q1 (link)

• US white-collar job growth stalls, even in Covid boomtowns (link)

• Bill Gross says stick to value stocks, avoid tech as US yields soar (link)

• S&P cut Boeing’s ratings outlook to negative (link)

• PIMCO expects BOJ to raise rates higher than markets expect (link)

• Room & Board to grant ESOPs to all workers (link)

• Huawei’s new phone sports latest version of made-in-China chip (link)

• Cboe to merge digital assets unit with derivatives and clearing arm (link)

• Rob Walton will retire from Walmart's board (link)

• FCC restored net neutrality (link)

• Argentina to offer new debt instruments to allow companies to send dividends abroad (link)

• US fertility rate is at its lowest ever recorded (link)

CRYPTO

• Sam Altman-founded Worldcoin is eyeing a partnership with OpenAI (link)

• Stripe brings back crypto payments (link)

• Daily inflows into BlackRock’s Bitcoin ETF dropped to effectively zero, ending its inflow boom (link)

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BULLISH BITES

🏎 Next level: Lamborghini tiptoes toward electric with new Urus Hybrid SUV.

📉 Losing luster: Plunging home prices, fleeing companies: Austin’s glow Is fading.

🥂 East end: Top places to eat, drink, and party in the Hamptons this summer.

🙊 Fallout: Gen Z is losing its political voice on social media.

DAILY SHARES

Keep the curation going! Buy the team a coffee ☕️