Today’s Midday Market Update: Tech Giants Lift Markets Amid Economic Data Releases

Major Indexes Show Mixed Performance as Markets Digest Economic Data

As of midday Thursday, May 1, 2025, U.S. stock markets are showing mixed performance following yesterday’s volatile session. The Dow Jones Industrial Average (DJI) is currently trading at 40,669.36, up 0.4% or 141.74 points, extending its winning streak to seven consecutive days – a feat not seen since July 2024. The S&P 500 is up 0.2% at 5,569.06, also marking its seventh straight day of gains, while the tech-heavy Nasdaq Composite is slightly down 0.1% at 17,446.34.

Futures indicated a strong opening this morning, with S&P 500 futures up 1.14%, Dow futures gaining 0.79%, and Nasdaq futures surging 1.71% in pre-market trading. This optimism follows strong earnings reports from tech giants released after yesterday’s close.

Tech Earnings Drive Market Sentiment

Microsoft (MSFT) and Meta Platforms (META) are the standout performers today after both companies reported better-than-expected quarterly results. Microsoft shares jumped nearly 7% after beating Wall Street estimates and forecasting stronger-than-expected growth for its Azure cloud computing business. Meta Platforms rose more than 5% on the back of strong advertising performance that drove better-than-expected revenue.

Other tech heavyweights are also seeing gains, with Nvidia (NVDA) up 4.3% and Alphabet (GOOGL) gaining 1.1% in sympathy with the positive tech sentiment. However, Apple (AAPL) shares slipped 1.3% after a federal judge ruled the iPhone maker had violated a U.S. court order to reform its App Store.

Notable Stock Movers

Among today’s top gainers are Oddity Tech Ltd. (ODD), up an impressive 30.36%, and Wingstop Inc. (WING), which has surged 14.48%. Qorvo, Inc. (QRVO) and Seagate Technology Holdings plc (STX) are also showing strong performance, up 14.40% and 11.56% respectively.

On the downside, Bausch + Lomb Corporation (BLCO) has fallen 15.74%, while Lancaster Colony Corporation (LANC) is down 15.61%. Snap Inc. (SNAP) continues to struggle, dropping 12.43% following disappointing results.

Tesla (TSLA) shares are down 3.38% amid reports that its board has opened a search for a chief executive to succeed Elon Musk, though Tesla’s chair has denied these plans.

Economic Data and Upcoming Events

Markets are still digesting yesterday’s GDP report, which showed the U.S. economy contracted at a 0.3% annualized rate in the first quarter of 2025 – the first quarterly contraction in three years. This was below the consensus estimate of 0.4% growth and marks a significant slowdown from the 2.4% growth seen in Q4 2024.

Today’s economic releases include the ISM Manufacturing Index and Construction Spending data, both released at 10:00 AM ET. Weekly jobless claims were also released this morning at 8:30 AM ET, providing investors with additional insights into the labor market ahead of tomorrow’s crucial employment report.

Looking ahead to tomorrow, May 2, investors will focus on the highly anticipated Employment Situation report and Factory Orders data. These reports will be critical in assessing the health of the U.S. economy and could significantly impact market direction.

Market Outlook

Despite recent volatility triggered by President Trump’s tariff announcements in early April, markets have shown resilience. The S&P 500 briefly entered bear market territory during April before recovering and now sits approximately 9% below its February record high.

Analysts remain cautiously optimistic, with UBS Global Wealth Management’s chief investment officer Solita Marcelli noting, “While market volatility may persist until more tariff certainty emerges, we think the sharpest Trump policy swings are likely behind us and that the outlook is becoming more constructive.”

As earnings season continues at full throttle, investors await results from Apple and Amazon after today’s close, which could further influence market sentiment heading into the final trading day of the week.