Good morning.
The Fast Five → Markets rally to cap best month for stocks since 2020, Apple tops earnings estimates, Google wraps up best month since 2004, AI earnings bonanza is splitting investors, and Warsh set to inherit a Fed that looks ready to fight rate cuts…
📌 Billionaire Trader Warns: Get Out of Stocks
Billionaire trader Ray Dalio has made more money for his clients than any hedge fund manager in history. Today, along with multiple Wall Street banks, he's warning of a historic crisis for stocks that could keep your portfolio in the red for the next 10 years or more »
(from TradeSmith)
Calendar: Full Calendar »
Today:
ISM Manuf. PMI, 10:00A
ISM Manuf. Prices, 10:00A
Tomorrow:
None watched
Your 5-minute briefing for Friday, May 1:
BEFORE THE OPEN
As of market close 4/30/2026.
Pre-Market:
Market Wrap:
Futures higher Dow +85, S&P +0.2%, Nasdaq +0.1%
S&P, Nasdaq hit fresh record highs to end April
Thursday rally Dow +790, S&P +1.02%, Nasdaq +0.89%
April surge S&P +10.4%, Nasdaq +15.3%, Dow +7.1%
Apple +3% after earnings beat despite iPhone miss
Strong earnings and easing tensions driving rally
Manufacturing data ahead
EARNINGS
Here’s what we’re watching:
Today: *Chevron $CVX ( ▲ 0.57% ), *Estee Lauder $EL ( ▲ 1.35% ), *Exxon $XOM ( ▼ 0.22% )
Wall Street Warns:
Stocks Are Dead Money Until 2036?
What to do instead —
Giant crashes have become yearly events.
$8 trillion wiped out of the stock market in summer 2024...
$11 trillion wiped out during the tariff crash in 2025...
And, this year, $12 trillion was wiped out in 30 days during the Iran War.
Something is off with the US stock market and Wall Street suggests this trend could continue (and worsen) well into the 2030s.
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HEADLINES
Apple reported its second quarter earnings on Thursday, demonstrating robust iPhone sales and growth in China.
Data showed US growth accelerated amid an AI-driven upswing in business investment.
Dow surges 800 pts, S&P posts record and best month since 2020 (more)
Trump signs executive order to expand access to retirement plans (more)
Warsh set to inherit a Fed that looks ready to fight rate cuts (more)
Big central banks say rate hikes are getting closer (more)
Trump signs permit for oil pipeline echoing Keystone XL (more)
Annual US inflation posts biggest gain in nearly three years in March (more)
The AI earnings bonanza is splitting investors (more)
Big Tech firms beat earnings expectations amid AI spending questions (more)
Nvidia stock plunges as investors weigh rising competition (more)
Google Cloud pulls ahead as Big Tech's AI bet swells to $700B (more)
Meta tanks 9%, Alphabet climbs 7% as both raise capex spend (more)
Polymarket adds new detection tools after insider bet backlash (more)
Blue Owl surges after private credit firm cites 10X gains from SpaceX (more)
Ackman blames retail traders for fund's weak Wall Street debut (more)
KKR preparing new $10B AI firm led by ex-Amazon web chief (more)
Driverless trucks take off in Texas (more)
DEALFLOW
M+A | Investments
MARA to buy Ohio gas plant operator Long Ridge for $1.5 billion
VC
Iterative Health, a healthcare tech and services company, raised $77M in Series C financing
JuliaHub, an AI company developing SciML solutions, raised $65M in Series B funding
Manifest OS, a legal tech company developing an AI law firm model and services, raised $60M in Series A funding
DISA Technologies, a company developing solutions for mineral processing and resource recovery, raised $33M in funding
Creati Gen AI, an AI video-editing product creator called Buzzy, raised $20M in funding
Squads, a financial infrastructure company, raised $18M in funding
Photon, an end-to-end prescription infrastructure provider for the healthcare sector, raised $16M in Series A funding
pmtbox, an ECP built to unify payments, risk, and data for merchants, raised $15M in Seed funding
Illuminant Surgical, a precision access and visualization company supporting doctors, raised $8.4M in Seed funding
Blomma, an AI career coaching platform, raised $5M in Seed funding
Dreambase, an AI-native analytics platform built for Supabase, raised $3.7M in Seed funding
Chance Studios, a solution that empowers trading card game collectors to connect and share their collections, raised $3.2M in funding
Fermeate, an industrial biotechnology company developing optogenetic control for industrial-scale precision fermentation, raised $2M in Seed funding
Blockworks, a crypto data platform, raised an undisclosed amount in Series A funding
Microporous, a manufacturer of lithium-ion battery separators, raised an undisclosed amount in financing
CRYPTO
BULLISH BITES
🥊 The craziest part of Musk v. Altman happened while the jury was out of the room.
🤖 Junior bankers sick of grunt work build $2 billion AI tool to do the job.
🗽 Why AI startup offices in NYC are flashy but mostly empty.
🏇🏻 Inside the Kentucky Derby’s most exclusive club.
DAILY SHARES
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