Trending Market News

Meta Platforms raised its annual capital expenditure forecast to fund aggressive AI infrastructure investments while simultaneously pursuing cost savings through planned layoffs. The company reported daily active users rose 4% year-over-year to 3.56 billion across its apps. Meta is projected to surpass Alphabet as the world's largest online advertiser in 2026, with expected net ad revenue of $243.46 billion.

• Meta's Family Daily Active People (DAP) metric reached 3.56 billion users, representing 4% growth from the prior year
• Research firm Emarketer forecasts Meta will become the world's biggest online advertiser with $243.46 billion in net ad revenue, surpassing Alphabet's projected $239.54 billion
• The company is installing tracking software on U.S. employees' computers to capture mouse movements and clicks to build AI agents for autonomous work tasks
• China ordered Meta to unwind its investments in Chinese AI startups as Beijing intensifies scrutiny of domestic frontier technology companies

Amazon Web Services (AWS) reported first-quarter revenue of $37.6 billion, a 28% year-over-year increase that exceeded Wall Street's expectations of 25% growth. The strong performance was driven by enterprise demand for AI services, bolstered by recent partnerships with OpenAI and Anthropic that have pushed Amazon's stock up 14% this year.

• AWS revenue reached $37.6 billion in Q1, beating analyst estimates of $36.61 billion with 28% growth versus the expected 25.08% increase
• Amazon recently secured major AI partnerships: added all OpenAI models to AWS and committed up to $100 billion investment in Anthropic, which pledged over $100 billion in AWS spending over 10 years
• Amazon is targeting approximately $200 billion in capital spending this year as part of Big Tech's roughly $600 billion AI infrastructure investment in 2025, aiming to reassure investors of near-term returns

Qualcomm forecast third-quarter revenue and profit below Wall Street expectations due to memory chip shortages impacting consumer electronics demand. The company expects revenue of $9.2-10 billion versus estimates of $10.27 billion, though CEO Cristiano Amon believes the smartphone market has bottomed out and will rebound after the fiscal third quarter.

• Third-quarter revenue guidance of $9.2-10 billion falls entirely below analyst estimates of $10.27 billion, with adjusted profit forecast at $2.10-2.30 per share
• Global smartphone shipments declined 6% in Q1 amid memory chip shortages, which may persist until late next year according to Counterpoint Research
• Qualcomm is expanding into the data center chip market with three product categories (CPUs, inference accelerators, and custom ASICs) and plans to begin shipping before year-end

Chipotle Mexican Grill is set to report first-quarter earnings on Wednesday, with Wall Street expecting revenue of $3.07 billion. The company has experienced same-store sales declines in three of the last four quarters, and analysts project another decline this quarter. Chipotle's struggles are compounded by uncertain consumer trends and broader economic pressures including rising fuel prices from the U.S.-Iran conflict.

• Wall Street expects revenue of $3.07 billion for the first quarter, with same-store sales projected to decline again
• Chipotle projects flat same-store sales for 2026, though executives called this outlook 'conservative' due to unpredictable consumer trends
• Economic headwinds include spiking fuel prices from the U.S.-Iran conflict and weakening consumer sentiment, which already impacted sales in March

BP and Venezuela signed a memorandum of understanding to explore for gas in the offshore Loran area. The deal is part of Venezuela's broader effort to open its oil industry to foreign investment, having recently signed exploration agreements with companies including Italy's Eni and Spain's Repsol. BP's return signals Venezuela's push to rebuild international energy partnerships based on cooperation.

• BP will explore the Loran offshore gas area and pursue other projects including gas commercialization in Venezuela
• Venezuela has been signing multiple deals with international producers like Eni and Repsol as it opens its oil sector to foreign investment
• BP's executive VP characterized the partnership as based on 'respect, cooperation grounded in a win-win approach'

PayPal's new CEO Enrique Lores is reorganizing the company into three standalone segments, separating Venmo for the first time as the company faces takeover interest from potential buyers including Stripe. The restructuring aims to make business units easier to track or potentially sell, as PayPal's stock has fallen roughly 80% from its pandemic peak.

• Venmo, with nearly 100 million users, is considered PayPal's most valuable and acquirable asset; the company is recruiting a digital banking executive to run the new standalone segment
• Two senior executives are departing amid the changes, and a planned 15% headcount reduction initiated under former CEO Chriss remains in limbo following the leadership transition
• The three new segments include: a standalone Venmo unit, a PayPal-branded merchant and consumer business, and a payment services unit covering Braintree and crypto operations

The Federal Reserve held interest rates steady at 3.5%-3.75% but experienced its highest level of dissent since 1992, with a 8-4 vote split. Four members dissented for different reasons amid persistent inflation concerns and uncertainty surrounding Chair Jerome Powell's departure as Kevin Warsh awaits Senate confirmation as the next Fed chair.

• Four FOMC members dissented: Stephen Miran favored a quarter-point cut, while Cleveland's Hammack, Minneapolis's Kashkari, and Dallas's Logan objected to the statement's easing bias language amid inflation concerns
• The decision marks the third consecutive meeting holding rates steady following three cuts in 2025, with markets pricing no changes through 2027 as inflation remains elevated due to tariffs and energy prices
• Powell faces a decision whether to leave when his chair term ends in May or stay as governor for up to two more years, which would be the first time since 1948 a sitting chair remained on the Board after their leadership term

Seven OPEC+ members plan to meet Sunday to agree on an oil output increase for June, but will adjust the hike to exclude the UAE following its surprise exit from the group on Tuesday. Despite the planned quota increase, most members cannot actually boost production due to supply disruptions caused by the effective closure of the Strait of Hormuz amid the U.S.-Israeli conflict with Iran.

• The output target increase will be adjusted downward from the originally expected 206,000 barrels per day to account for the UAE's departure from OPEC+ effective May 1
• Few producers can actually raise output despite higher quotas due to the Strait of Hormuz being effectively closed to shipping because of the U.S.-Israeli war with Iran
• The planned June increase would repeat similar hikes implemented in April and May before the UAE's exit

Amazon is set to report first-quarter earnings after market close on Wednesday, with analysts expecting 14% revenue growth to $177.3 billion. Wall Street will focus on Amazon Web Services growth, projected at 26% year-over-year, and the company's massive AI infrastructure spending plans. The report comes amid supply chain disruptions from the U.S.-Iran conflict and Amazon's deepening investments in AI partnerships with OpenAI and Anthropic.

• AWS revenue expected to reach $36.92 billion, marking approximately 26% growth and building on its fastest expansion in three years during Q4
• Amazon projected 2026 capital expenditures will hit $200 billion, over $50 billion above analyst expectations, driven by AI data center buildouts and Project Kuiper satellite infrastructure
• Company announced 16,000 employee layoffs in Q1 and introduced a 3.5% surcharge for third-party sellers due to oil price increases from Middle East conflict

Ford Motor is scheduled to report first-quarter earnings after market close on Wednesday, with analysts expecting adjusted earnings per share and automotive revenue of $38.82 billion. The results would represent a 3.7% increase in automotive revenue and 35.7% increase in adjusted earnings compared to the prior year quarter.

• Wall Street will focus on impacts from tariffs, Iran war effects, production updates from aluminum supplier Novelis after two fires, and additional charges related to Ford's EV pullback
• Ford announced plans in December to record special restructuring charges including $7 billion in 2026-2027, with $5.5 billion in cash charges through 2027 being recorded mostly this year
• Ford's 2026 guidance includes adjusted EBIT of $8-10 billion (up from $6.8 billion in 2025), adjusted free cash flow of $5-6 billion, and capital expenditures of $9.5-10.5 billion

Universal Music Group announced it will sell half of its equity stake in Spotify, using proceeds primarily for share buybacks, and plans to expand its buyback program by an additional 500 million euros. The world's largest music company reported flat Q1 revenue of 2.9 billion euros in reported terms, though this represented 8.1% growth in constant currency, with results impacted by weak dollar exchange rates.

• Revenue was flat year-over-year at 2.9 billion euros ($3.4 billion) in reported terms but grew 8.1% in constant currency, demonstrating underlying business strength masked by foreign exchange headwinds
• Adjusted EBITDA fell 3.8% to 636 million euros in reported terms but increased 3.9% in constant currency, showing operational improvement despite currency pressures
• The company will monetize half its Spotify equity stake to fund share buybacks and intends to initiate an additional 500 million euro buyback program, signaling confidence in its valuation

Porsche reported a 22% decline in first-quarter operating profit to 595 million euros, increasing pressure on CEO Michael Leiters to implement cost cuts and boost sales. Despite the significant profit drop, the luxury automaker maintained a 7.1% operating margin, which fell at the upper end of its forecast range.

• Operating profit fell to 595 million euros ($696 million), down 22% year-over-year
• Operating margin of 7.1% remained at the upper end of the company's forecast range despite the profit decline
• The results add pressure on CEO Michael Leiters to execute cost-cutting measures and revive sales at the Volkswagen-majority-owned automaker

Uber announced a major expansion into travel services at its annual Go-Get event in New York, including hotel bookings through Expedia integration, AI-powered voice bookings using OpenAI models, and shopping features. The move positions Uber as an all-in-one super app and puts it in direct competition with travel platforms like Booking and Airbnb as the company continues diversifying beyond ridesharing.

• Uber will offer over 700,000 hotel booking options via Expedia partnership, with Vrbo home rentals coming later in 2024, plus Uber One members receive 20% hotel discounts and 10% credits
• New AI voice booking chatbot powered by OpenAI models allows users to book rides through conversational prompts, part of Uber's broader AI integration across its platform
• Additional travel features include international travel mode with rewards for Uber One members, hotel door delivery for forgotten essentials, and the ability to add Uber Eats pickups to Uber Black rides in select cities

U.S. crude oil inventories fell by 6.2 million barrels in the week ended April 24, significantly exceeding analyst expectations of a 231,000-barrel draw, according to the EIA. Gasoline and distillate stocks also declined more than anticipated, with drops of 6.1 million and 4.5 million barrels respectively. The larger-than-expected inventory drawdowns pushed oil futures up approximately 5%, with Brent crude reaching $116.85 per barrel.

• Crude inventories decreased to 459.5 million barrels, a draw nearly 27 times larger than the 231,000-barrel decline analysts had forecast
• Gasoline stocks fell by 6.1 million barrels versus expectations for a 2.1 million-barrel drop, while distillate inventories declined 4.5 million barrels against forecasts of a 2.2 million-barrel draw
• Net U.S. crude imports dropped by 1.97 million barrels per day, while refinery utilization rates increased by 0.5 percentage point

SpaceX's IPO filing reveals that Elon Musk has structured the company so that only he can vote to remove himself as CEO and chairman, through his control of super-voting Class B shares. This arrangement goes beyond typical dual-class structures where boards retain formal authority to remove executives. The company has warned prospective investors that this framework will severely limit their ability to influence corporate decisions.

• Musk can only be removed by a vote of Class B shareholders, which he controls, effectively giving him veto power over his own removal—a provision corporate governance experts say is uncommon
• SpaceX will adopt a dual-class stock structure with Class A shares for public investors and Class B super-voting shares, concentrating control with Musk and insiders
• The company is incorporated in Texas, following Tesla's move from Delaware after a court voided Musk's $56 billion compensation package

Estee Lauder is considering a takeover bid for Puig's Class B shares at 18-19 euros per share, according to sources. The potential deal, first announced in March, would create the world's largest premium beauty player by combining major brands including Tom Ford, Carolina Herrera, and Clinique. Negotiations continue with financial and governance issues still to be resolved.

• The proposed bid values Puig's Class B shares at 18-19 euros per share
• A merger would unite premium brands such as Tom Ford, Carolina Herrera, Rabanne, Jean Paul Gaultier, and Clinique under one company
• Financial and governance issues remain unresolved as negotiations between the two cosmetics companies continue

Wall Street opened lower on Wednesday, with the Dow falling 92 points and the S&P 500 down 0.18%, as investors awaited a Federal Reserve policy decision and major earnings reports from Big Tech companies including Amazon, Meta, Microsoft, and Alphabet. The cautious tone was amplified by surging oil prices above $104 per barrel amid escalating Iran tensions and questions about the sustainability of AI investments.

• The Fed's meeting is expected to keep rates unchanged and marks Chair Jerome Powell's likely final appearance before Kevin Warsh's succession, with markets watching for inflation commentary amid rising energy costs
• Oil prices surged over 4% (WTI above $104, Brent past $116) on reports of a US blockade on Iranian ports, adding pressure to inflation concerns
• Individual stock moves were sharp: Robinhood fell 12% on missed profit expectations, while NXP Semiconductors jumped 23% on strong guidance and Starbucks gained 6.1% after raising its annual profit forecast

AbbVie reported better-than-expected first quarter results on April 29, driven by strong sales of immunology drugs Skyrizi and Rinvoq, which are compensating for declining revenue from Humira following its 2023 patent expiration. The company raised its full-year earnings forecast as it successfully navigates the transition away from its former blockbuster drug.

• Skyrizi sales reached $4.48 billion (up 30.9% year-over-year) and Rinvoq sales hit $2.12 billion (up 23.3%), both exceeding analyst estimates, while Humira sales plunged 38.6% to $688 million due to biosimilar competition
• AbbVie's neuroscience portfolio revenue surged 26% to $2.88 billion, with Botox Therapeutic crossing $1 billion in quarterly sales for the first time
• The company raised its full-year adjusted earnings forecast to $14.08-$14.28 per share and reported Q1 revenue of $15 billion versus estimates of $14.72 billion

Regeneron Pharmaceuticals exceeded first-quarter profit and revenue estimates on April 29, driven by strong sales of its eczema drug Dupixent and cancer drug Libtayo. The results offset competitive pressures facing its blockbuster eye drug Eylea, which has encountered competition from cheaper alternatives and rival treatments.

• Dupixent sales surged 33% to $4.88 billion, beating analyst estimates of $4.59 billion, as the drug remains the highest prescribed biologic among U.S. dermatologists and pulmonologists
• Total Eylea sales fell 10% to $941 million due to competition, though the higher-dose Eylea HD version saw 52% growth to $468 million as Regeneron attempts to transition patients
• Total quarterly revenue reached $3.61 billion versus $3.49 billion expected, with adjusted profit of $9.47 per share, and the board authorized a new $3 billion share buyback program

Pfizer announced on April 29 that its blood cancer drug Elrexfio met the primary endpoint in a late-stage trial for multiple myeloma patients who received at least one prior treatment. The drug demonstrated clinically meaningful improvement in progression-free survival compared to standard care, potentially expanding its current FDA accelerated approval for more heavily pre-treated patients. Elrexfio generated $304 million in sales in 2025.

• Elrexfio currently has FDA accelerated approval for multiple myeloma patients with at least four prior treatment lines; the successful trial tested it in earlier-line patients (one or more prior treatments)
• The drug showed clinically meaningful improvement in progression-free survival versus standard care, though overall survival data was not yet available at interim analysis
• Multiple myeloma represents 1-2% of all cancers with over 32,000 new U.S. cases annually; Elrexfio recorded $304 million in 2025 sales