Dow Jones up 272 (+0.80%) in the last trading day of the month, topping off a great week for Big Tech Results. Meta up 13% on the week. Microsoft up 7.5%. S&P 500 up 0.83% and up 0.9% for the week - up 8.6% year to date. NASDAQ up 0.69% and up 1.3% for the week. Bond yields dropped ahead of the Fed meeting next week. Amazon down 4% on a warning about its cloud-based business. Core PCE price index came in in line with expectations but inflation described as ‘sticky’. The ‘one more and done’ narrative remains. Oil price had a solid night on inventory data.

• Wall Street climbs as strong earnings offset slowdown worries, Fed meeting in focus.
• AFR - Wall Street extends rally on better-than-expected earnings.
• US Core PCE price index +0.3% in March and +4.6% year-on-year. Higher than expected. Fed pPause in June less likely.
• Oxford economics predicts second 25bp rate rise in June.
• US regulators vow to sharpen oversight as SVB, Signature after-shocks reverberate.
• Recession worries simmer beneath US stock market rally.
• Exxon Mobil shares hit all-time high on the results. Up 1.3%. Chevron up 1.0%.
• Intel up 4.0% on results and improved margins.
• Bond yields dip ahead of Fed meeting.
• VIX Volatility index drops below 16.
• US Q1 earnings expected to fall 1.9% year-on-year compared with expectations for a 5.1% fall at the beginning of the month.
• Snap, Pinterest and Cloudflare drop after results.
• Russia kills 25 in biggest Ukraine airstrikes in nearly 2 months.
• Amazon’s cloud warning rattles investors - cloud business slows. Shares down 4%. (Other major cloud-based companies include Microsoft and Alphabet. Amazon is the clear market leader.)
• Tesla down 14.9% in a week.

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