The Daily Breakdown takes a closer look at the week ahead, including Bitcoin’s multi-month high, Meta’s charts, and a big jobs report.
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What’s Happening?
Big Oil, Big Tech, and the big banks have all reported earnings — so what’s left? As it turns out, plenty.
The earnings action starts Monday with Palantir. On Tuesday morning, PayPal and Ferrari will report before Advanced Micro Devices, Super Micro Computer, and Strategy report after the close. Other key reports this week include Uber, Disney, IonQ, McDonald’s, Rocket Lab, and SoundHound.
And if earnings weren’t enough, investors will also get a major update on the labor market. Tuesday brings the JOLTS report, which covers job openings and layoffs. Then on Friday, we’ll get the monthly jobs report, including the latest unemployment rate and how many jobs were added or lost last month.
⚡ Crypto Corner
Bitcoin charged toward the $80K mark last week as the Bitcoin Las Vegas conference took place, one of the largest gatherings for crypto enthusiasts. Although BTC climbed to its highest level since late January, bulls are still looking for a stronger improvement in sentiment and momentum around the world’s largest cryptocurrency. The recovery from the February lows has been slow but steady, though BTC remains well below its record highs near $126K.
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The Setup — Meta
Meta did not trade well last week despite reporting better-than-expected earnings, tumbling toward $600. Now technical analysts are taking a closer look at the charts.
Over the last six months, the $600 area has been a notable support level for Meta — with one major exception in March. When that level failed, the stock tumbled all the way to the $520 area. While the stock ultimately recovered $600 just a few weeks later, it was still a meaningful breakdown. Now investors are watching that same level again to see whether it holds as support — or folds under pressure.
Options
As of April 30th, the options with the highest open interest for META stock — meaning the contracts with the largest open positions in the options market — were the January 2027 $800 calls.
Investors who are bullish could consider calls or call spreads as one way to speculate on further upside, while bearish investors could consider puts or put spreads to speculate on a further move to the downside. For options traders, it may be advantageous to have adequate time until the option’s expiration.
To learn more about options, consider visiting the eToro Academy.
What Wall Street’s Watching
SPX500
Major S&P 500 ETFs like SPY, VOO, and IVV climbed to new record highs last week, despite Q1 GDP coming in below expectations, PCE inflation hitting a multi-year high, and oil prices surging. For now, earnings have taken center stage — and they’re driving the market narrative. Despite rallying in five straight weeks, the index is up a modest 5.6% so far for the year.
GOOG
Alphabet was the best-performing Magnificent 7 stock last week, rising 12%. Earnings powered the move, with the stock climbing almost 10% on Thursday after the company delivered a top- and bottom-line beat. It marked the stock’s fifth consecutive weekly rally, with shares up 40% in that stretch. Dig into the fundamentals for GOOG.
SMH
Last week, we took a closer look at the massive move in semiconductor stocks, including the strong rally in the SMH ETF and the 18-day winning streak in the SOXX ETF. When it comes to trading volume and assets under management, SMH is the larger of the two ETFs. However, both funds have been major beneficiaries of the rally in memory stocks, semiconductors, and chipmakers. Check out the chart for SMH.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.