The Daily Breakdown examines markets as AMD, chipmakers, and memory stocks power the Nasdaq’s surge to record highs.
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What’s Happening?
Markets roared again on Wednesday, with tech leading the way. It was the top-performing S&P 500 sector on the day, while the Nasdaq 100 (QQQ) gained more than 2% in the session. All major US indices climbed more than 1%, while Bitcoin helped lead a broad crypto rebound.
👀 S&P 500 Spotlight
Advanced Micro Devices was the star of the show, rallying more than 18% and hitting record highs in the process. AMD’s market cap swelled to $687 billion after the surge, with the stock now up 95% so far this year. Nvidia, Oracle, and Intel also notched strong gains on the day.
Energy and materials were Wednesday’s downside leaders, with Dow Inc. slipping 5.6%, followed by Exxon Mobil, Chevron, and ConocoPhillips, which each fell almost 4%
⚡ Crypto Corner
Ondo keeps heating up, with prices up more than 10% this morning. It’s going for its seventh straight daily gain, with Ondo currently up more than 35% over that stretch and trading at its highest level since January 23.
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The Setup — McDonald’s
McDonald’s is trading slightly higher this morning after the company beat on first-quarter earnings and revenue expectations. After a tough slide from record highs in March, MCD looks to be finding support near its 200-week moving average — something we discussed in our recent Technical Analysis Boot Camp. From here, bulls want to see the recent lows near $285 hold as support.
What Wall Street’s Watching
UBER
Shares of Uber hit a three-month high yesterday after the stock jumped 8.5% on its Q1 results. Non-GAAP earnings — which exclude a $1.5 billion hit tied to the revaluation of equity investments — came in at 72 cents a share, ahead of estimates of 70 cents. Revenue grew 14% to $13.2 billion, slightly missing analysts’ estimates of $13.3 billion. Instead, the rally was fueled by better-than-expected mobility revenue and a stronger-than-expected gross bookings outlook for Q2. Revisit our Uber Deep Dive here.
DIS
Disney stock jumped 7.5% on Wednesday after the company beat earnings and revenue expectations and reiterated a strong outlook. It was the first earnings report with Josh D’Amaro serving as CEO, and management pointed to a strong and resilient consumer despite high gas prices. Dig into the fundamentals for DIS.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.