Stock Market Today: May 5th - 9th, 2025

Welcome to the trading week of May 5th!

Dow jumps 500 points, S&P 500 posts longest win streak in 20 years as stocks claw back tariff losses: Live updates



Stocks rose on Friday as Wall Street digested a better-than-expected nonfarm payrolls report for April, which eased recession fears and lifted the S&P 500 for its longest winning streak in just over two decades.

The S&P 500 advanced 1.47% and closed at 5,686.67. This marked the broad market index’s ninth consecutive day of gains and its longest winning run since November 2004. The Dow Jones Industrial Average jumped 564.47 points, or 1.39%, to end at 41,317.43. The Nasdaq Composite gained 1.51% and settled at 17,977.73. With Friday’s surge, the S&P 500 has now recovered its losses since April 2, when President Donald Trump announced his “reciprocal” tariffs. This comes a day after the tech-heavy Nasdaq accomplished the same feat.

Payrolls grew by 177,000 in April, above the 133,000 that economists polled by Dow Jones had anticipated. That figure was still down sharply from the 228,000 added in March but much better than feared after recession worries ramped up last month. The unemployment rate stood at 4.2%, in line with expectations.

“Markets breathed a sigh of relief this morning as the jobs data came in better than expected,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. “While recession fears are still simmering on the back burner, the buy-the-dip dynamic can continue – at least until the tariff pause runs out.”

Investors were already upbeat prior to the strong jobs report after China said that it is evaluating the possibility of starting trade negotiations with the U.S. Still, Chinese authorities reaffirmed their belief that the U.S. should remove all unilateral tariffs, saying in a statement that “if the U.S. wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs.” Later in the day, a report from The Wall Street Journal suggested that Beijing is open to trade talks.

The Street was also mulling over earnings reports from two “Magnificent Seven” members. Apple slid 3.7% after posting fiscal second-quarter revenue from its services division that fell short against analyst estimates. Additionally, the iPhone maker said it expects to add $900 million in costs in the current quarter due to tariffs. Amazon shares, meanwhile, were marginally lower after the company issued light guidance, highlighting “tariffs and trade policies” as factors.

“We’ve already seen how financial markets will react if the administration moves forward with their initial tariff plan, so unless they take a different tack in July when the 90-day pause expires, we will see market action similar to the first week of April,” Zaccarelli also said.

Stocks have made an incredible comeback since Trump announced last month that’s he’s temporarily reducing his new tariff rates for most countries to 10% for 90 days. The market has especially picked up steam lately, leading to the S&P 500′s winning streak, as solid earnings have come out.

All three major averages posted their second positive week in a row. The S&P 500 added 2.9%, sitting more than 7% below its February high after at one point being down nearly 20%. The Dow posted a 3% advance on the week, while the Nasdaq added 3.4%.

This past week saw the following moves in the S&P:


S&P Sectors End of Week:


Major Indices End of Week:


Major Futures Markets End of Week:


Economic Calendar for the Week Ahead:

 

S&P 500 performance after past 9-day or longer winning streaks mixed

Today (May 2) S&P 500 logged its first 9-day winning streak since November 2004. This will be just the 43rd time S&P 500 has been up nine days in a row or longer going back to 1930. Compared to past 9-day streaks, the current streak’s gain of 10.25% stands out as the largest. In fact, it is the largest gain of any streak, lasting nine or more trading days. Unfortunately, when the current daily winning streak comes to an end, S&P 500 performance over the next three months is not likely going to be as robust.

S&P 500 performance following the 42 previous 9-day and longer daily winning streaks tended to be weaker than average, especially during the following month. Past winning streaks appear to have pulled performance forward. One week after past streaks ended, S&P 500 was mixed with an average decline of 0.10%. Two weeks later there was modest improvement with gains occurring 57.1% of the time. S&P 500 performance continued to gradually improve over the next month, three months, and 1-year.

Getting Back to Even
Fri, May 2, 2025

It's been exactly a month since "Liberation Day" on April 2nd when President Trump announced massive reciprocal tariffs on the rest of the world. At its intraday low on April 8th, the S&P 500 ETF (SPY) was down 14.7% from its closing level on April 2nd. Since that low, SPY has now rallied 17.4%, and as of this morning, SPY has fully recovered all of its post-Liberation Day declines.



Below is a look at the performance of key index and sector ETFs since the close on Liberation Day (4/2). Technology (XLK) is now the best performing sector since 4/2 with a gain of 2.9%, followed by the Nasdaq 100 (QQQ), Semis (SMH), and Industrials (XLI). On the downside, the Energy sector (XLE) has been by far the biggest laggard with a decline of 12.7%.



We'd note that even though the stock market has fully recovered its post-Liberation Day drop, investor sentiment remains extremely bearish. This week marked a record 10th consecutive week where AAII Bearish Sentiment was above 50%. The prior record was seven straight weeks back in 1990. Will the bulls finally re-emerge next week? We won't find out until next Thursday when the weekly AAII numbers get posted.





Back in early 2023, we created the Bespoke AI Basket to track key stocks in the space. We broke the basket into two sub-groups: one for AI Infrastructure stocks and one for AI Implementation stocks. The AI Infrastructure basket contains stocks that power the AI Boom like NVIDIA (NVDA), while the AI Implementation basket contains stocks like Meta (META) that are implementing AI to boost the user experience and increase margins and productivity.

As shown below, the AI Implementation basket has outperformed the AI Infrastructure basket since the end of 2022 by quite a wide margin.



There have been periods of significant out- and underperformance for each basket, however. Below is a look at the ratio between the AI Infrastructure and AI Implementation baskets. When the line is rising, AI Infrastructure is outperforming, and vice versa.

The first half of 2024 saw AI Infrastructure outperform quite dramatically, but since mid-2024 for about the last year now, AI Implementation stocks have been outperforming. Are we now due for a reversal that sees AI Infrastructure start to bounce again?

Why We Think You Shouldn’t Sell in May


“The first principle is that you must not fool yourself—and you are the easiest person to fool.” Richard Feynman, American theoretical physicist

Buckle up, as the trigger points for one of the most well-known investment axioms, “Sell in May and go away,” is nearly here. This gets a ton of play in the media, as the six months starting in May are indeed the worst six consecutive months on the calendar historically. The S&P 500 has averaged only 1.8% over those six months and moved higher just over 65% of the time.



Let’s be clear, up 1.8% might not sound like much, but it is still an increase. Also, we do not advocate blindly selling due to the calendar. But it is worth being aware of this calendar effect, as you will hear a lot about it this week.

Let’s Dig Into May
Now here’s something that might be less well known. These “worst six months” have gained in eight of the last 10 years. In fact, we noted last year why Buying In May made more sense and those worst six months soared more than 13%.



Not to mention the month of May has been higher nine of the past 10 years, so maybe we should call it, “Sell in June and go away”?



Lastly, regarding May, post-election years tend to be strong, up 1.6% on average, which is the 4th best month of the year in a post-election year. Then again, April is usually strong and that clearly didn’t work this year, but we are well off the lows at least.



How Surprising Was the Early 2025 Weakness?
No, we didn’t expect the S&P 500 to be flirting with a bear market earlier this month, but we were on record that a 10-15% correction was quite likely this year and it could be a buying opportunity. The truth is the size of the tariffs announced on Liberation Day on April 2 were way more than we (and nearly anyone else) expected. That is why we had the two-day drop of more than 10%, pushing stocks much lower, and with it came historic confusion over what Washington’s goal exactly was (lower tariffs or better trade deficits, or even something else?).

We’ve shared the chart below quite often this year and it shows that early in a post-election year tends to be quite weak. Couple that with typical weakness early after 20% years and the first quarter the past two decades both being weak, and we can see that some weakness early this year wasn’t a huge shock, but the size of the weakness did catch us off guard. But as well discuss next, all hope isn’t lost.



Up Six Day in a Row Says Don’t Sell
So should you blindly sell for the next six months? We don’t think so, as there are always opportunities. We continue to be quite impressed with how the rest of the world (ex-US and India) have been doing. In fact, the German DAX is flirting with all-time highs again today. That isn’t something you’d expect to see if this was truly some global calamity like they keep telling us.

I noted many rare and potentially bullish buying thrusts in Houston, We Have A Zweig Breadth Thrust and Four More Bullish Developments, which all adds up to many reasons these next six months could be solid, especially with some good news on the trade front.

And here’s something to add to the list of potential bullish triggers. The S&P 500 is up six days in a row the first time this year. I looked at the past 20 years and there were only four years that didn’t have a six-day win streak: 2008, 2011, 2015, and 2022. Stocks were lower all four of those years, with 2008 and 2022 being two of the worst years ever. The flipside is looking at the 16 years that had at least one six-day win streak and stocks were higher 15 times and up more than 15% on average, with only 2018 being lower on the year. Not bad, not bad.



Digging a little deeper, this six-day win streak also saw stocks gain more than 7%, another rare, yet potentially bullish development. This has happened only eight other times and stocks were higher six months later seven times and never lower a year later, with substantially better than average forward returns going out a year.



I want to be clear, take any study that I share with a grain of salt, but to see multiple triggers over the past week or so has my attention that the lows are likely in and six months from now investors will be rewarded. Of course, that doesn’t mean it’ll be straight up and some back and forth would be perfectly normal and healthy. So we go all the way back down about 14% to re-test those recent lows? I don’t think so, but some giveback would be perfectly normal before another march higher.

May’s First Trading Day: Russell 2000 Best Higher 70.4% of the Time

The first trading day of May has had a bullish history over the past 27 years. DJIA, S&P 500 and NASDAQ have all averaged around 0.35% on the day. Russell 2000 has the best track record, up 19 times or 70.4% of the time since 1998. With an average gain of 0.22%, Russell 2000 is slightly weaker. NASDAQ bullishness fading recently, down 5 of the last 6 years. May’s first trading day’s worst loss was in 2020. DJIA and S&P 500 shed over 2.5% while NASDAQ and Russell 2000 dropped over 3%. In 2022, NASDAQ and Russell 2000 both gained over 1%.


Market Takeaways for Trump’s Next 100 Days Based on What We Saw in the First 100


Today is Day 100 of the second Trump administration (counting Inauguration Day as Day 1). We’ve learned a lot in the first 100 days, but if you’re a market person you’re aim is always to look ahead, not backwards. Carson’s global macro strategist Sonu Varghese did just that in his recent blog, “What’s Next? The Bull Case and the Bear Case.”

Today I look specifically at what happened in Trump’s first 100 days that changed expectations. Let’s start with a little history. President Trump, who likes superlatives, has earned one. No president, in my judgment, has had a greater direct impact on the global economy and markets in his first 100 days. The sole competition is FDR, who was the first to use a “first 100 days” benchmark, although it was more specifically what he wanted to accomplish in the first 100-day session of Congress. Roosevelt moved 15 major bills through Congress in 100 days, a much more difficult process than governing by executive order but perhaps the more extraordinary for it. Trump has signed five bills into law in his first 100 days, none of them major, but has signed 142 executive orders, topping FDR’s 99 in 1933.

No one can question the great energy Trump and his administration have exhibited in its first 100 days, but from an economic and market perspective, the outcome to date has been in the wrong direction so far. This is also a rare case where the responsibility lies almost entirely with the president. But keep in mind that there are 1,362 days to go and the Trump administration has framed this as current pain for future gain. But the level of uncertainty around getting anything like that remains high.



I’m not going to review the litany of sour consumer, business, and market sentiment indicators or anecdotes about how doing business has become more difficult to transact (especially for many small businesses). It’s enough to say the market’s judgment to date has been clear. After cheering Trump’s election on expectations of a more business-friendly environment based on his first term, the market’s take has reversed dramatically. But remember, markets are fickle and perfectly capable of reversing again (as we’ve seen of late).

So here’s what we’ve learned from the first 100 days that may provide some hints about what the next 100 may bring.

Tariffs Are Trump’s Signature Policy, but He Still Might Bend
Let’s not sugarcoat it. Trump’s aggressive tariff policy went well beyond what most analysts expected. That told us two things. First, Trump is deeply committed to his idiosyncratic views on tariffs. (I think it’s fair to call it idiosyncratic given we haven’t seen anything like it since Smoot-Hawley, and that didn’t end well.) Second, the near absence of establishment Republicans in Trump’s cabinet has given us a purer version of “Trumpism” this time around and when it comes to trade that’s been quite painful so far. By contrast, it highlights the larger role establishment Republicans played in Trump’s first administration (as well as a less compliant Congress). Missing that difference may have led many analysts to misread the policy direction of the president’s second term. That dynamic is not going to change—unadulterated Trumpism will be a signature of Trump’s second term.

At the same time, Trump has shown that there’s a level of pain he finds unacceptable, even to implement his most cherished policy. That includes what’s going on in markets (stocks but also rates and the dollar) but also input from business leaders and influential political doners. What I think doesn’t matter for Trump is polls, although that may change as midterms approach.

It’s important to recognize that markets did not respond to the 90-day tariff pause for dealmaking because tariff policy was pulled back to a manageable level. The average US tariff level after the pause is still over 20% and above what we had under Smoot-Hawley. Rather, markets responded to signs of flexibility and the hope that the final tariff policy would be moderate significantly from here.

The takeaway? The status quo on tariffs is probably not good enough yet to support a sustained market recovery. Market participants expect continued improvement toward a more moderate tariff policy. Whether we get there remains uncertain. The president instead may oscillate between more and less aggressive policy depending on the level of pain tariffs are causing at any point in time, and that in itself is not good for business.

The Fed Is Serious About Inflation and Willing To Risk a Recession To Contain It
How quickly we forget 2022 and 2023. Yes, inflation was generational, the highest we saw in 40 years, and far from where we are now. But after a slow start, the Fed showed a resolve in containing inflation that consistently surprised markets.

The Fed’s resolve to date, consistent with the past, is the main takeaway from Trump’s first 100 days because markets continue to be skeptical of the Fed’s commitment to fighting inflation and market direction is often about surprises. Based on fed fund futures, the current expectation is for four cuts in 2025, the first coming in June with just shy of one per meeting after that. Four more cuts would not mean a recession in ordinary times and it may not now. That’s really just the Fed working its way back to neutral. But it tilts recessionary in the current context given inflation concerns. Any additional downside to four cuts and the odds that we’re in a recession start to pick up quickly.

Unless we get a recession, Trump’s first 100 days tells us markets are probably not giving enough credence to the Fed’s resolve. The other side of that is when the Fed does cut rates it may be too late, but right now that’s a risk they are willing to take.

Some Damage to Businesses Is Already Done
Even if the president significantly moderates tariff policy, some of the damage we already are seeing in the economy cannot be undone, and these effects likely will build. Businesses are very good at adapting to different policy environments, but that doesn’t mean that some environments aren’t worse than others.

The economy is capable of absorbing some of these shocks. Household and business balance sheets remain fairly strong, employment levels are high despite some deterioration in labor markets, and there has been some more business-friendly policy to offset some tariff effects, especially around regulation, although the scale is still quite small relative to the tariff impact and the strain from higher-for-longer rates.

With tariffs still at historically high levels, expect to see more damage that begins to build on itself unless tariff policy moderates further. This may not break the economy, but the strain is rising.

Everything, Everywhere, All at Once
The other side of the Trump administration’s energy in the first 100 days is the difficulty, impatience, or indifference to exercising situational judgement while trying to work at scale. Granted, sometimes executing with energy is a more important priority, but that’s not always true. For example, we don’t have to fight a trade war with the whole world at once. it can help to have allies. While the US has the most powerful economy in the world, it’s not easy to make 200 trade deals, nor does it make sense to drive erstwhile allies closer to rivals. Similarly, DOGE’s aggressive culling of the federal workforce is likely to have downstream consequences, since in order to act quickly it also had a tendency to act indiscriminately.

Another aspect of this is that policy decisions that might mean little individually start to build collectively. The economy can absorb 200,000 lost federal jobs in isolation; or a large drop in tourism; or the workforce impact of immigration policy; or the loss or disruption of cutting-edge research due to a sudden loss of federal funding. But everything, everywhere, all it once could be a challenge.

The first 100 days highlighted the extent to which this approach will be part of Trump’s governing style. Expect the approach to expand rather than stabilize or contract.

The Fed Remains Independent, for Now
I did not think this one would come quite so quickly. In my previous policy update I wrote, “This one is unlikely to be a slow burn. If Trump oversteps, I would expect the market response to be unmistakable… I would consider this a very small risk, but with the consequences of a misstep potentially large.” Well, we did see the president begin to make more aggressive overtures to interfering with Fed independence. Markets responded negatively, and Trump backed off. (I had also written that jawboning that could be easily taken back did not pose an immediate risk.) But the risk remains and I don’t think this one is over.

The Fed’s May meeting, where the fed funds rates is expected to stay at its current level, is unlikely to cause problems outside of the garden variety Trump response on social media. But circle June 18 on your calendar. If the Fed does not cut then, especially if the economy is weakening, the challenge to Fed independence may escalate.

The “Big” Takeaway
Going big is part of Donald Trump’s personal and intellectual style. He may not be a great businessman but he is a master marketer (and also expert at bending the law to his favor, two skills that lend themselves well to real estate … and politics). If I had to summarize what we learned in Trump’s first 100 days it’s that he’s going big. Bigger than most expected. And I doubt that’s going to change. To the contrary, I think he’s not done yet. That doesn’t mean there aren’t checks or that he will never change course. We’ve already seen that. (And of course, where the president is correct, going big can be beneficial.) But in my view it likely means policy risks will persist for the next 1,362 days. But as with the first Trump administration, also expect to see some policy upside. Markets would have liked to have more of that in the first 100 days.

Last Day of April Bearish – NASDAQ & Russell 2000 Down 9 of Last 10

Over the last 21 years, the last trading day of April has come under increasing selling pressure. DJIA, NASDAQ, and Russell 2000 have all declined 15 times in 21 years. S&P 500 has one less loss. Average performance ranges from –0.39% by DJIA to –0.95% from Russell 2000. Since 2015, April’s last day has been hit even harder with NASDAQ and Russell 2000 down 9 of 10 while DJIA and S&P 500 have been down 8 of the last 10.

Thrust and Verify

Technicals are flashing green. Stocks should be higher a year from now, but we are not out of the woods yet. The V-Bottom/Zweig Breadth Thrust Scenario has a few hurdles to clear. The extreme volatility spike pushing VIX above 50 and then retreating below 30 is also encouraging. These abrupt changes in volatility and market breadth have a solid history of calling market bottoms. While these technical developments are quite constructive the nature of this decline and our other seasonal, post-election year and chart readings are keeping us skeptical.

S&P 500 is barely back above the 5500-resistance level. This is the bottom of that failed W-1-2-3 swing bottom at the beginning of April. It is also in line with the bottom of the gap from the April 2 tariff announcement to the open the next day on April 3. If we can clear this level that would be constructive and suggest this relief rally can continue. But until we can take back the declining 50-day moving average, the 200-day moving average and the election gap (orange circle) the market is likely to remain choppy through the summer.

Consumers Sour on Stocks
Tue, Apr 29, 2025

High-frequency sentiment surveys have consistently shown an overwhelming amount of bearish sentiment in recent weeks. For example, the AAII survey has registered more than 50% of responses as bearish for a record nine straight weeks per the latest release last Thursday. That negative stock market outlook is also showing up in consumer, rather than investor-focused data. Today's release of the Conference Board's reading on Consumer Sentiment saw broadly weaker than expected readings across categories (this will be discussed more in tonight's Closer). In November, readings showed peak positive sentiment when the percentage of respondents expecting higher stock prices in one year hit a record high of 57.2% versus only 21.7% expecting lower prices. Fast forward to today, 48.5% of responses expect lower prices in the next year, versus 36.1% expecting higher prices. While the index for higher prices is middling relative to its historical range, the level for those expecting lower stock prices is in the 98th percentile at the highest level since October 2011.

Taking a net reading, consumers expect stock prices to fall in the next year. However, the current level was even more depressed as recently as the 2022 bear market. What is more unprecedented is how rapid the shift has been towards those negative feelings. As shown in the second chart below, the four-month change in that net reading is the most pronounced decline on record. The only two four-month declines that even come close were those ending in October 1990 and July 2002.

May 2025 Almanac: Best Russell 2000 month in Post-Election Years

May has been a tricky month over the years, a well-deserved reputation following the May 6, 2010 “flash crash”. It used to be part of what we once called the “May/June disaster area.” From 1965 to 1984 the S&P 500 was down during May fifteen out of twenty times. Then from 1985 through 1997 May was the best month, gaining ground every single year (13 straight gains) on the S&P, up 3.3% on average with the DJIA falling once and NASDAQ suffering two losses.

In the years since 1997, May’s performance has been erratic; DJIA up fifteen times in the past twenty-seven years (four of the years had gains exceeding 4%). NASDAQ suffered five May losses in a row from 1998-2001, down –11.9% in 2000, followed by fifteen sizable gains of 2.5% or better and seven losses, the worst of which was 8.3% in 2010 followed by another substantial loss of 7.9% in 2019.

Post-election Year Mays have historically performed well, registering average gains on DJIA and S&P 500 of 1.3% and 1.6% respectively. DJIA and S&P 500 have advanced in every post-election year May beginning in 1985. Russell 1000 has been up eleven years straight in post-election year Mays. NASDAQ and Russell 2000 have also recorded impressive average gains of 3.0% and 3.6% respectively.

 

Here are the percentage changes for the major indices for WTD, MTD, QTD & YTD in 2024-



S&P sectors for the past week-

 

Here are the current major indices pullback/correction levels from 52WK highs as of week ending 5.2.25-


Here is also the pullback/correction levels from current prices


Here are the current major indices rally levels from 52WK lows as of week ending 5.2.25-

 

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Here are the upcoming IPO's for this week-

 

Stock Market Analysis Video for May 2nd, 2025
Video from AlphaTrends Brian Shannon
(VIDEO NOT YET POSTED.)

ShadowTrader Video Weekly 5/4/25
Video from ShadowTrader Peter Reznicek

 

StocksForumers! Come join us on our stock market competitions for this upcoming trading week ahead!-

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StocksForums Weekly Stock Picking Contest & SPX Sentiment Poll (5/5-5/9) <-- click there to cast your weekly market direction vote and stock picks for this coming week ahead!

Daily SPX Sentiment Poll for Monday (5/5) <-- click there to cast your daily market direction vote for this coming Monday ahead!

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It would be pretty sweet to see some of you join us and participate on these!

I hope you all have a fantastic weekend ahead!

 

And finally here is the most anticipated earnings calendar for this upcoming trading week ahead-
($PLTR $AMD $SMCI $HIMS $APP $CELH $UBER $TTD $CVNA $COIN $F $DIS $MARA $PTON $MELI $NET $RIVN $TGTX $TEM $SOUN $NVO $ARM $ANET $DDOG $ET $UPST $CLF $ALAB $SHOP $AXON $DKNG $BRK.B $DASH $WYNN $AFRM $WULF $COP $HUT $WOLF $QBTS $INOD $O $DIBS $LCID $BROS $CRON $BILL $FLWS $ON $VST)


If you guys want to view the full earnings post please see this thread here-

• Most Anticipated Earnings Releases for the week beginning May 5th, 2025 <-- click there to view!

 

Top of the morning StocksForumers! Happy Monday to all of you and welcome to the new trading week and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are over an hour into the US cash market open.

GLTA on this Monday, May the 5th, 2025!

 

Here are today's economic calendar events:

 

Here are today's analyst stock upgrades & downgrades:

 

Here are this morning's pre-market earnings results:

 

Morning Lineup - 5/5/25
Mon, May 5, 2025

The S&P 500 has quickly clawed its way back from post-Liberation Day losses, closing on Friday above pre-Trump Rose Garden levels.



The S&P enters the week on a nine-trading day win streak, which it hasn't done in more than 20 years! As shown in the second chart below, forward returns following prior nine-day win streaks have been weaker than average over the next week and month as well as longer-term over the next six and twelve months.

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Monday, May 5th, 2025.

 

Top of the morning StocksForumers! Happy Tuesday to all of you and welcome to the new trading day and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are over an hour into the US cash market open.

GLTA on this Tuesday, May the 6th, 2025!

 

Here are today's economic calendar events:

 

Here are today's analyst stock upgrades & downgrades:

 

Here are this morning's pre-market earnings results:

 

Morning Lineup - 5/6/25
Tue, May 6, 2025

After breaking a nine-day winning streak yesterday, the S&P 500 is trading down roughly 0.75-1.00% pre-market as the rally takes a breather. As shown below, 10-day advance/decline lines for many key sectors are at their most overbought levels of the past year, so downside mean reversion here should be totally expected.



While futures are lower, we'd note that it has been a strong week for earnings so far with thirteen companies raising guidance versus just three that have lowered guidance. There have also been nine triple plays already this week.

A few weeks ago we published a Chart of the Day that featured stocks that have consistently reported earnings triple plays in the past few years that also appear to be less exposed to tariffs. As shown below, many of the stocks that we highlighted have had very nice runs over the last week:

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Tuesday, May 6th, 2025.