Daily market review

On options expiration day, the major stock market indices saw only a slight increase, which was not particularly impressive. Throughout the day, the market remained largely unchanged from the previous day's closing levels as investors awaited the upcoming earnings reports from several major companies. Late in the afternoon, a push higher from Amazon.com, NVIDIA, and Tesla helped the market finish with a positive gain. Procter & Gamble and HCA reported favorable earnings, resulting in gains in the consumer staples and healthcare sectors. Bank stocks performed poorly due to weak earnings from Regions Financial, while the materials sector saw a significant decline, largely due to a loss from Freeport McMoRan following their earnings report and a report that Chile is planning to nationalize its lithium industry. The market is still grappling with the possibility that the Fed will keep interest rates higher for longer, and recent statements from various Fed officials have added to this concern. Treasury yields saw a significant increase when the preliminary IHS Markit Manufacturing and Services PMIs for April were released. There is no notable US economic data expected on Monday.

On the market snapshot, the 10-year note experienced a -3/32 decline, settling at 3.57. The NYSE saw 1309 advances, 1573 declines, and a volume of 914 million, while the Nasdaq had 2055 advances, 2373 declines, and a volume of 4.8 billion. Among the industries, consumer staples, health care, consumer discretionary, real estate, utilities, and communication services showed strength, while information technology, materials, financials, and energy showed weakness. The market was affected by the latest earnings news and rising Treasury yields, and the improvement in index levels coincided with some mega caps reversing early weakness. Bank stocks continued to underperform compared to the broader market.

The 10-year note experienced a -3/32 decline, settling at 3.57. The NYSE saw 1309 advances, 1573 declines, and a volume of 914 million, while the Nasdaq had 2055 advances, 2373 declines, and a volume of 4.8 billion. Among the industries, consumer staples, health care, consumer discretionary, real estate, utilities, and communication services showed strength, while information technology, materials, financials, and energy showed weakness. The market was affected by the latest earnings news and rising Treasury yields, and the improvement in index levels coincided with some mega caps reversing early weakness. Bank stocks continued to underperform compared to the broader market.