US stocks stage Herculean comeback to finish positive

It's the biggest intraday loss the benchmark US stock index has erased to finish positive since October 13, 2022. That's the day the bull market began.

Your Evening Briefing April 30, 2025 US stocks stage Herculean comeback to finish positive  US stocks started the session battered by a double whammy of negative economic news and concerns about AI demand. At their lows of the morning, the S&P 500 and Nasdaq 100 were each down more than 2%. But stocks managed to hurdle those challenges over the course of the day and accelerated into the close, perhaps buoyed by month-end rebalancing activity. When the dust settled, the S&P 500 and Nasdaq 100 ended in positive territory, while the Russell 2000 had a 0.6% decline. It's the biggest intraday loss the benchmark US stock index has erased to finish positive since October 13, 2022. That's the day the bull market began. Most S&P 500 sector ETFs rose, with health care, consumer staples, and industrials leading the way up. Energy was the massive laggard, tumbling 2.7%. Some of the big gainers included Seagate, Trane, and Western Digital, all on earnings, which have generally surprised to the upside in a big way so far this reporting period. But there were also some negative reports of note: Norwegian Cruise Line shares sank after the cruise operator missed first-quarter estimates, as both ticket sales and onboard spending cooled. Etsy shares slid nearly 6%, even after the craft-based online marketplace posted solid Q1 revenue, but swung to a loss after taking on charges from the sale of its instrument marketplace, Reverb. Shares of Oddity Tech surged 30% after the AI-savvy beauty company delivered a standout Q1, easily topping expectations and skirting tariff fears. Snap shares tumbled — despite beating analyst expectations yesterday — after the social media app warned that de minimis shipping changes may already be hurting their advertising business. Shares of First Solar, the largest US manufacturer of solar panels and modules, fell around 8% after the company said it expects to pay up to $90 million in tariffs this year. Starbucks slumped after posting a revenue and earnings miss along with a larger decline in same-store sales than analysts had pencilled in. Super Micro was the biggest sore spot on a sunny day, falling double digits after it released quarterly results that fell far short of expectations. Shares of Jeep maker Stellantis and luxury giant Mercedes-Benz slipped after both automakers pulled their full-year guidance, citing volatility in trade policy. — Luke Kawa, Markets Editor & Nia Warfield, Markets Writer Meta earnings crush expectations Ad revenue was up 16% year over year. Read more. Is it really just the earnings, stupid?* *in which stupid is a reference to the author. Read more. POST-MARKET MOVE Image Credit (if any) Microsoft beat earnings expectations, reporting revenue of $70.1 billion, up 13% year on year. Diluted earnings per share were $3.46, easily beating FactSet's analyst consensus of $3.22. Net income was $25.8 billion, a year-on-year increase of 18%. Analysts were expecting $24 billion. Read more. The stock market would like to remind you that there are also run-of-the-mill bad things to worry about A double whammy of economic and AI worries has stocks falling, as left-tail financial risks to the system have diminished. Qualcomm drops despite beats on top and bottom lines If you squint, the company's revenue forecast might seem a little light. Robinhood* posts Q1 earnings beat The brokerage has had a volatile quarter. Teladoc reports earnings miss, slowing revenue Teladoc announced that it would acquire UpLift,  a mental health and mental health and psychiatry startup, for $30 million. Litecoin and solana ETFs have the best chance of approval, Bloomberg says Even as the SEC delayed decisions on several crypto ETFs this week, odds are still high that new altcoin ETFs will eventually be approved. Americans have thoughts about tariffs that don't make any sense Sure, they said they're slashing spending, think people are going to delay major purchases, believe cost of living will get worse, and inflation will increase, and that the trade war is having a net negative impact on the economy. But maybe it'll work! Microsoft CEO says as much as 30% of the company's code is written by AI CEO Satya Nadella revealed the milestone in a conversation with Meta top boss Mark Zuckerberg on Tuesday. With operating profit down 45%, the "Back to Starbucks" plans aren't bearing any fruit yet Brian Niccol has a tough gig on his hands, with Starbucks shares dropping sharply after a weak quarter. Bullish Snap analyst : "Will stabilize from here" Deutsche Bank maintained its "buy" rating on the stock, but cut the price target. Pichai: Google wants to put its AI on Apple iPhones this year Would that finally make Siri smarter? Ford says it'll extend its employee pricing deal one more month and then probably hike prices The White House issued slight tariff relief Tuesday, but not enough to stop automakers from likely hiking prices. ChatGPT has been telling you what you wanted to hear; now OpenAI is working to fix its sycophantic chatbot The latest ChatGPT update was "overly flattering or agreeable," according to an OpenAI blog post. *Sherwood Media is an editorially independent subsidiary of Robinhood Markets Inc. Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! 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