Daily Wrap

Market & SentimentUS equities closed lower, with the Dow down 1.13% and the S&P 500 off 0.55%, while the Nasdaq 100 slipped just 0.08%. Breadth was weak: only 141 advancers against 352 decliners, and just 42.3% of stocks above their 50-day average. New lows outpaced highs 14 to 5, underscoring cautious sentiment.

Sectors & StocksOptical and hardware names rallied: Lumentum +11.0%, Intel +9.1%, HPE +7.8%, Corning +7.6%, Seagate +6.5%. In contrast, Howmet -10.7%, Amgen -10.1%, Stryker -8.8%, Booking -6.7%, and Boston Scientific -5.9% lagged. Boston Scientific fell after a cyberattack disrupted operations and full-year guidance is expected to miss.

Rates, FX & CryptoTreasury yields edged higher, with the 10-year up 2bp to 4.80% and the 2-year up 2bp to 4.39%, keeping the 2s10s spread at 41bp. The dollar was little changed: USD/CNY dipped 0.01%, EUR/USD fell 0.07%, and USD/SGD eased 0.03%. No major crypto moves were reported.

Earnings & AnnouncementsCasey's reported Q1 revenue of $5.68B and EPS up 27.7%. Adobe named a new CEO, with the current CEO moving to executive chairman. GE Aerospace agreed to acquire CPP for $11.75B. News Corp disclosed progress on its $1B buyback. Boston Scientific warned that a cyberattack will likely cause full-year guidance to miss. Parker Hannifin expanded its credit facility to $5B. No FinDog view changes today.