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Tesla edged up nearly 1% as the company denied reports of a CEO succession plan. General Motors rose 3%, despite trimming its 2025 forecast due to expected $4 billion in tariff-related costs. McDonald’s fell 1% following a miss on U.S. same-store sales, while Apple dropped 2% after being held in contempt of court over App Store violations. Eli Lilly slid more than 4% on lower forward guidance despite beating Q1 expectations.
Is the Labor Market Sending Warning Signals?
Weekly jobless claims rose to 241,000, far above the 225,000 expected, marking the highest level since February and stoking recession concerns. Continuing claims increased to 1.92 million, their highest since 2021. The data follows Wednesday’s GDP report showing a surprise 0.3% annualized contraction in Q1, attributed to pre-tariff import surges and weaker consumer spending.
What’s the Market Outlook as Tech Drives Momentum?
With mega-cap tech earnings delivering strong upside surprises, traders are increasingly focused on the resilience of the Nasdaq. The index ended April up 0.9%, outperforming the broader market and regaining ground lost earlier in the month during tariff-driven volatility. Solid performance from Microsoft, Meta, and Nvidia is reinforcing investor appetite for AI-related plays, which continue to show revenue strength despite broader economic uncertainty.
While Friday’s payrolls report remains on the calendar, market direction appears more tethered to tech leadership than traditional macro data. As long as earnings from high-growth names support future cash flow expectations, traders are likely to remain buyers on dips—particularly in semis, cloud infrastructure, and AI platforms.
More Information in our Economic Calendar.
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