April 28, 2023

Markets:

U.S. stock futures fell Friday as investors digested the latest round of corporate earnings, including results from Amazon.

Amazon shares were down more than 3% after initially rising. The online retailer said its cloud business decelerated when reporting first-quarter results, though it did beat Wall Street’s expectations for revenue for the quarter.

Meanwhile, Snap tumbled 18% in extended trading following a revenue miss. Pinterest shares fell almost 14% after issuing disappointing second-quarter revenue growth expectations.

The earnings season has been better than expected. Of the 261 S&P 500 companies that have reported earnings, about 80% have reported positive surprises, according to FactSet data.

On the more positive side, Intel shares climbed more than 5% after the semiconductor firm beat estimates on the top and bottom lines.

On the economic front, traders will watch for the latest personal income and spending data, due out Friday before the open. Economists polled by Dow Jones are expecting core prices to have risen 0.3% in March from the prior month. That’s in line with the prior reading.

The final reading of the April consumer sentiment data is also set to be released Friday at 10 a.m. ET. It’s expected to show a reading of 63.5, which is the same as the previous readout. 

Portfolio:

We enter the last trading session of the week and the month (expect a volatile session) holding setups in ARRY, EDR, and BZH.  Very productive month and week.   Queue continues to ignite and we patiently wait for this market to technically break one way or another for MONSTER opportunity to explode.  Truly hope folks see what would occur if 4200 and higher breaks or if 3890 breaks on the lower side. Next week with the new month beginning should be exciting for trade set-ups.  Be ready!