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Semiconductors in April underperforming S&P 500 by widest margin since May 2019

The PHLX Semiconductor Sector Index is underperforming the S&P 500 by 9.7 percentage points in April, and by its widest margin dating back to May 2019, according to data from Bespoke Investment Group.

In fact, data shows that semiconductors have only underperformed the benchmark index by greater that 7.5 percentage points during eight months over the last two decades. Before 2019, the widest underperformance dates back to November 2008.

— Samantha Subin

Stocks open lower

The three major indexes opened Friday’s session down.

The Dow slipped 0.3%, while the S&P 500 and Nasdaq Composite each shed 0.2%.

— Alex Harring

Powell commentary next week will play critical role in whether market exits its current trading range, says Wharton’s Siegel

What Federal Reserve Chairman Jerome Powell says coming out of next week’s policy meeting will play a critical role in influencing whether the market gets out this tight trading range.

“I think the tone on that balance is going to be very critical to how the market is going to move next week,” he told CNBC’s “Squawk Box” on Friday.

Commentary suggesting more work is ahead would likely discourage the market, while remarks pointing to a pause could help it break out of its recent tight trading range, Siegel said.

The economist also called concerns that a pause in the Federal Reserve’s hiking cycle next week would fuel inflationary expectations “stale.”

“When you take a look at the trends, I think that Powell worrying about that is, frankly, very outdated,” he said.

— Samantha Subin

First Republic’s stock trending higher

Shares of First Republic are moving higher in premarket trading as the beaten-down bank stock is poised to rise for a second-straight day.

The stock was up about 6% in premarket trading after rising more than 8% on Thursday.

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First Republic’s stock is seeing a mild rebound in the final two days of the week.

The latest move comes after Reuters reported that U.S. officials are coordinating meetings with other banks to broker a rescue plan for First Republic.

— Jesse Pound

Stocks making the biggest moves in pre-market trading

Here’s some of the stocks making the biggest moves in early trading:

Snap — Shares tumbled 18.2% after the company’s first-quarter revenue fell short of Wall Street’s expectations. Snap’s revenue fell 6% from the prior year to $989 million, whereas analysts had expected $1.01 billion, according to Refinitiv data.

Exxon Mobil — Shares added 1% in the premarket after the oil giant reported a record first-quarter profit. Exxon Mobil’s adjusted earnings per share came in at $2.83, topping analysts’ estimates of $2.59, per Refinitiv. Its revenue of $86.56 billion also beat the $85.41 billion expected.

First Solar — The solar panel manufacturer declined more than 8% in early trading after an earnings miss. The company reported 40 cents per share adjusted on $548.29 million in revenue, while a StreetAccount estimate called for 99 cents per share.

Read the full list here.

— Brian Evans

Core PCE price index rose in line with expectations

The core personal consumption expenditures price index, a key measure of inflation for the Federal Reserve, rose as much as economists expected last month.

The core index rose 0.3% in March, which is what economists polled by Dow Jones anticipated.

— Jeff Cox

Wolfe Research upgrades Mobileye, says long-term story looks ‘even more compelling’ after Thursday’s selloff

Thursday’s drop in Mobileye Global shares is signaling to the market that near-term revenue and earnings concerns have “largely played out,” according to Wolfe Research.

Given this outlook, analyst Shreyas Patil upgraded the company to an outperform from peer perform rating in a Friday note to clients. He also lifted the firm’s price target to $46 a share, reflecting about 27% upside from Thursday’s close.

“We got the sell-off that we expected,” he wrote. “But the long-term story appears even more compelling.”

Shares of the Intel self-driving subsidiary fell more than 16% on Thursday after it slashed its full-year outlook due to weakness in the Chinese electric vehicle market and concerns that shipments of its advanced SuperVision system would suffer. The company offers chips, sensors and software for advanced driver-assist systems.

“We were concerned that the market was starting to price in aggressive out-year market share / penetration of their more advanced automation solutions …,” Patil wrote.

Even so, the long-term outlook for advanced vehicle automation looks strong and intact, Patil said.

He expects recent developments in the advanced vehicle automation space, including Tesla’s plans to gain a competitive advantage through its full self-driving offering, as potential benefits to Mobileye. These changes should also “serve to renew urgency” among many traditional original equipment manufacturers, Patil added.

Mobileye shares have fallen nearly 19% this week. The stock’s gained about 3.1% in 2023.

— Samantha Subin

Exxon Mobil and Chevron deliver earnings beat

Oil majors Exxon Mobil and Chevron both beat Wall Street’s expectations for first-quarter earnings, despite the pullback in oil prices

Exxon Mobil reported a record first-quarter profit thanks largely to strong production growth. The company’s adjusted earnings per share of $2.83 topped the expected $2.59 from analysts polled by Refinitiv. Revenue came in at $86.56 billion, beating the $85.41 billion expected. Shares gained about 1% in the premarket.

Meanwhile, Chevron’s adjusted EPS was $3.55 versus the expected $3.41, per Refinitiv. Revenue also beat, coming in at $50.79 compared to the $47.89 anticipated. However, net profit in Chevron’s oil and gas division dropped 25% on the drop in oil prices. Shares of Chevron slipped less than 1% in premarket trading.

— Michelle Fox

What analysts are saying after Amazon’s latest earnings

Wall Street analysts remained bullish on Amazon after the company’s latest earnings, even as management raised concern about the company’s cloud business going forward.

“We are encouraged with retail progress and likely share gains and note Amazon’s investment cycle history suggests room for more margin upside,” Bank of America analyst Justin Post wrote. “As for AWS, results were better than feared, but not as good as Azure, and we think it’s possible Azure gets a near-term AI boost (but this won’t last beyond 2023, in our view) while AWS’s higher exposure to fintech and other start-ups may have impacted April.” 

The analyst hiked his price target to $139 per share from $135.

— Sarah Min

Latest results are underwhelming, says Vital Knowledge

Adam Crisafulli of Vital Knowledge said that, while first-quarter earnings have overall been strong, Thursday’s reports underwhelmed.

“Amazon had huge Q1 [operating] income upside and mgmt. talked about getting margins in the North America retail business back to pre-pandemic levels, but the deceleration at AWS in April is spooking investors,” he wrote. “In addition to Amazon, other US reports not being received well by investors this morning,” including Pinterest and Snap, he added.

— Fred Imbert, Michael Bloom

PlayStation 5s and chips power Sony to record annual operating profit

Japanese conglomerate Sony posted a record annual operating profit of 1.21 trillion yen ($8.96 billion) for its financial year ended March. The results were driven by its chip division and sales of its flagship PlayStation 5 gaming console, which hit a record for the financial year.

Net profit for the year stood at 943.62 billion, 6.21% higher compared with the previous financial year, while revenue came in at 11.54 trillion versus the previous year’s 9.92 trillion.

Sony previously forecast operating profit of 1.18 trillion yen and 11.5 trillion yen in revenue for its full financial year.

For the three months ended March, revenue was at 3.06 trillion yen, a 35% year-on-year rise, while operating profit fell 7% to 128.46 billion yen.

Read the full story here.

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— Lim Hui Jie, Arjun Kharpal

Bank of Japan maintains negative interest rates, makes no changes to yield curve control

The Bank of Japan left its interest rates unchanged in newly appointed Governor Kazuo Ueda’s first policy meeting.

The decision was in line with economist expectations for no changes to the benchmark interest rate, which has been held at minus 0.1% since the central bank took rates below zero in 2016.

The Japanese yen weakened further to 134.6 against the U.S. dollar and the yield on the 10-year Japanese government bonds was at 0.460%.

Ueda has earlier this week emphasized inflation needs to be “quite strong and close to 2%” — the central bank’s target — before making any adjustments to the yield curve control policy.

— Jihye Lee

Singapore private home prices climb at faster pace of 3.3% in first quarter

Prices of private homes in Singapore increased by 3.3% in the first quarter of 2023, a faster pace than the 0.4% increase recorded in the previous quarter.

Singapore’s Urban Redevelopment Authority revealed that prices of landed properties increased by 5.9%, while prices for non landed properties climbed 2.6% in the first quarter of 2023.

This is compared with a 0.6% increase for landed properties, as well as a 0.3% increase recorded for non-landed properties in the previous quarter.

Separately, rentals climbed by 7.2%, slightly lower compared to the 7.4% increase in the previous quarter.

This comes on the back of surprise cooling measures enacted by Singapore late on Wednesday, which saw the country raise taxes for property purchases, amid concerns that surging prices “could run ahead of economic fundamentals.”

— Lim Hui Jie

Tokyo inflation exceeds expectations, ticks higher above central bank target

The consumer price index in Japan’s capital city ticked higher and rose 3.5% in April, government data showed on Friday.

The reading exceeded forecasts in a Reuters poll expecting to see a 3.2% increase for the month, after posting a slightly cooler inflation reading of 3.2% in March.

Excluding fresh food, Tokyo’s consumer price index rose 3.5% also above the central bank’s inflation target of 2%.

The Japanese yen stood at 133.83 against the U.S. dollar shortly after the release. The yield on the 10-year Japanese Government Bonds stood at 0.476%, nearing the upper ceiling of the central bank’s tolerance range of 50 basis points above and below 0%.

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Here are where the major averages stand this week, month

The Dow Jones Industrial Average notched its best day since January on Thursday, and it’s headed for a positive week and month as well. As of Thursday’s close, here are where the three major indexes stand:

The Dow:

  • Week: The Dow is up 0.05% this week, on pace for its 5th positive week in 6.
  • Month: The Dow is up 1.66% this month, on pace for its second positive month in a row.

The S&P 500:

  • Week: The S&P is up 0.04% this week, on pace for its second positive week in 3.
  • Month: The S&P is up 0.63% this month, on pace for its second positive month in a row.   

The Nasdaq Composite:

  • Week: The NASDAQ is up 0.58% this week, on pace for its second positive week in 3.
  • Month: The NASDAQ is down 0.65% this month, on pace for its second negative month in 3.  

— Chris Hayes, Sarah Min

Amazon stock dips in after hours trading

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Amazon shares 1-day

Stocks making the biggest moves after hours

Check out the companies making headlines after hours.

  • Intel – Intel shares rose 4.3% after the firm beat analysts’ expectations on the top and bottom lines. The semiconductor firm posted a first-quarter loss of 4 cents per share ex-items on revenue of $11.7 billion. Analysts polled by Refinitiv forecasted a loss per share of 15 cents on revenue of $11.04 billion. However, Intel reported its largest-ever quarterly loss.
  • Snap – The social media stock tumbled 18% in extended trading Thursday after the firm’s first-quarter results. Snap reported first-quarter revenue of $989 million, lower than the estimated $1.01 billion, according to Refinitiv data. On the other hand, Snap earned 1 cent per share, excluding items, which was better than the forecasted per-share loss of 1 cent. 
  • Pinterest – Pinterest shares dropped 13%. The image sharing firm surpassed expectations on the top and bottom lines in its first quarter, according to consensus estimates from Refinitiv. However, second-quarter revenue growth expectations were disappointing. The firm expects operating expenses to grow in the low teens. 

Read the full list here.

— Sarah Min

This tiny sugar ETN is up 47% in the first four months of 2023 — but it’s closing in 6 weeks

The Barclays iPath sugar exchange traded note (SGG) jumped almost 3% Thursday, bringing its year-to-date advance to more than 47%. The tiny ETN, with a market value of just $45 million, is set to stop trading on June 7, 2023, according to FactSet.

The Teucrium Sugar Fund climbed 2.7% Thursday and is higher by more than 45% in 2023. There don’t appear any plans to close that one.

July sugar contracts reached 26.83 cents per pound on Thursday, the highest since September 2011. Month-to-date, sugar is ahead almost 19% — on pace for the strongest month since Sept. 2015 — and year-to-date sugar is higher by almost 32%.

— Scott Schnipper, Gina Francolla

Stock futures open lower

U.S. stock futures fell slightly on Thursday night as investors digested the latest round of corporate earnings, including results from Amazon

Dow Jones Industrial Average futures fell by 30 points, or 0.09%. S&P 500 and Nasdaq 100 futures slipped 0.04% and 0.1%, respectively. 

— Sarah Min