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“Someday neither AI nor us will be able to tell whether we are in a virtual or physical world.” – Jensen Huang

Morning stock market summary

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We’ll be honest, based on the way markets have been trading the last couple of months, we would have expected that if the 7th largest stock (NVIDIA) in the Nasdaq 100 was trading 5% lower in reaction to earnings, that futures for the index would also be lower.  Right now, futures are actually trading about 0.4% higher. Is this real?

In addition to the positive tone in futures, there’s also some major M&A news with Broadcom (AVGO) reaching a deal to acquire VMware (VMW) in a cash and stock deal valued at $61 billion in what would be one of the largest tech mergers of all time.  On the one hand, a bull would point to this transaction as a sign that companies are finding value in the market after the plunge over the last five months.  On the other hand, as recently as February, VMW’s stock was right around the $142.50 price the company agreed to sell itself at today, so does that indicate that management expects limited upside for the industry going forward?

It’s a big morning for economic data with revised GDP for Q1 (revised lower), Personal Consumption (higher than expected), PCE (lower than expected), and Jobless Claims (initial lower than expected, continuing higher) all just released at 8:30.  Later on this morning, Pending Home Sales and the KC Fed manufacturing report will be released at 10 AM.

In today’s Morning Lineup, we recap morning earnings reports (pg 4), overnight central bank actions (pg 4), the latest economic data out of Asia and Europe (pg 5), and a lot more.

The Energy sector hit another new 52-week high yesterday further cementing its lead as the top-performing sector in the S&P 500.  Given the rally over the last year, it’s pretty hard to believe that the Energy sector is still more than 10% below its record high back in 2014.

Given the rally in Energy, the sector’s relative strength has made a significant turnaround this year.  After eight years of near-constant underperformance, the recent outperformance has taken its relative strength to levels not seen in three years.

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