U.S. Equity Outlook

• Nasdaq 100 +0.5% to record, extends 12-day winning streak longest since 2017
• Dow +1.8% Friday (>850 pts), +3.2% week, crosses ATH after lagging
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Stock market valuations at records mask heavy reliance on temporary profit catalysts. Normally earnings surges lift prices and inflate multiples, but today's landscape has diverged—signaling unsustainable rally risks.

Market Momentum

• 🔥 Nasdaq 12th Consecutive Gain: Nasdaq Composite logged its 12th consecutive day of gains, longest winning streak since 2009.
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• Profits beat expectations as investment banking revenue jumps 36% to $2.12B on M&A advisory fees.
• M&A broadened across sectors with tech and...

Nasdaq Composite hits 12th straight gain—longest streak since 2009—up 0.4% Thursday as investors pile back into tech. Pros recommend buying dips amid semiconductor and media surges.

Amazon's Globalstar deal puts Iridium (IRDM) valuation and M&A appeal in the spotlight, amid a 135.6% YTD surge and 80.9% one-year gain—despite longer-term declines.

Goldman Sachs kicks off Q1 bank earnings with its financial results featured prominently. Episode includes brief U.S. blockade update in Strait of Hormuz. Key signal for financials sector outlook.

Labor reversal underway: Employers cut 92,000 jobs in February, unemployment hits 4.4%—a sharp miss vs. expected growth.

• Widespread pain: Healthcare...

• Short-term pullback: -3.1% over last 7 days and 30 days
• YTD strength: +12.3% returns
• Longer horizon: +2.2% 1-year, +47.4% 3-year
  Energy mid-cap eyes value amid cooldown.

Risk-on sentiment drives M&A wave as geo risks ease:

• Regional bank shares soar on deal buzz: First Merchants and Renasant jumping.
• Airline...

ESG/transition leaders in Energy shine:

• NextEra boasts a 30 GW backlog
• Tesla's $12.8B storage arm drives growth
• First Solar expands with 14 GW US fabs
  Enphase adds recovery upside

Empire Fed April index hits +11.0, smashing -0.5 expectations, extending January's rebound to +7.7 from Dec's -3.7. Positive manufacturing turn signals resilient macro for industrials and S&P breadth.

Meta, the bargain Magnificent Seven stock, has generated billions in earnings over time while ramping up a major AI focus in recent years – prime large-cap Tech buy.

NVDA is the safest AI sector investment and dominant leader vs. AMD, with a 'Buy' rating backed by superior margins, strategic moat, and lower forward multiples.

Key influences on sustaining the rally:

• Geopolitics eased rally (Dow +869 pts, Nasdaq 13-session streak), but Trump naval curbs on Iran linger.
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Consumer caution dominates despite Home Depot's Q4 earnings beat ($38.2B sales, +0.4% comps).

• Homeowners shifting to small repairs over major...

• Nasdaq history: Median 25% return in 12 months post-correction since 2010; already at new highs after March 26 dip.
• Alphabet (GOOG): AI-boosted...

• 2025 Rebound: Deal value surged 40% to $4.9T, volume up 7%, second-highest year ever
• Key Drivers: Big deals powered by AI boom and revitalized PE activity
• 2026 Momentum: Builds on 2025's AI/PE surge for continued dealmaking

Peace talks key to reviving cuts: Quick Iran War resolution could restart 2026 rate cut expectations despite oil-driven inflation risks.

• Waller...

Defensive powerhouse Procter & Gamble just hiked its dividend for the 70th straight year, lifting quarterly payout to $1.0885 (3% forward yield) amid...