The stock market has kicked off the month of May with a modestly positive bias. Investors, though, are again playing a waiting game ahead of key event this week that will include the FOMC decision on Wednesday, the ECB meeting and Apple's (AAPL 170.37, +0.69, +0.4%) earnings report on Thursday, and the April Employment Report on Friday.
Some weakness from the mega cap space has limited index level moves. Namely, Meta Platforms (META 239.66, -0.66, -0.3%), Amazon.com (AMZN 102.93, -2.52, -2.4%), and Tesla (TSLA 161.37, -2.94, -1.8%) have all weighed on the broader market so far today. The Vanguard Mega Cap Growth ETF (MGK) is up 0.1% while the Invesco S&P 500 Equal Weight ETF (RSP) and the market-cap weighted S&P 500 trade up 0.3%.
Many bank stocks are underperforming today, adding another drag on the broader market. This follows news over the weekend that First Republic Bank (FRC) was seized by regulators. Subsequently, the FDIC facilitated a deal whereby JPMorgan Chase (JPM 142.27, +4.02, +2.9%) acquired a substantial majority of assets and assumed the deposits and certain liabilities of FRC.
The SPDR S&P Regional Banking ETF (KRE) is down 1.7% and the SPDR S&P Bank ETF (KBE) is down 1.2%.
Most of the S&P 500 sectors trade up led by utilities (+1.0%) and industrials (+0.9%) while the energy sector (-1.3%), which has been weighed down by a pullback in oil futures ($75.32/bbl, -1.46, -1.9%) and weakness in Exxon (XOM 115.04, -3.30, -2.8%), which was downgraded to Neutral from Buy at Goldman Sachs, shows the steepest loss by a decent margin. The consumer discretionary sector (-0.5%) is another top laggard due to losses in AMZN and TSLA.
Lingering growth concerns have also been in play again today following the ISM Manufacturing Index this morning, which showed some improvement (actual 47.1%; expected 46.8%; prior 46.3%) but remained in contraction territory (i.e. sub-50%) for the sixth consecutive month. Also, China reported weaker than expected PMI data for April (actual 49.2; expected 51.4).
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