S&P 500 and Nasdaq Hit Record Highs, Morgan Stanley Q1 Beats Expectations
New records highs in the S&P 500 and Nasdaq Composite indices - along with a retreat in the Vix index to the lowest level since the start of the U.S.-Iran conflict - suggest that investors are looking through the geopolitical uncertainty. Instead, with more large banks reporting constructive results, including Morgan Stanley'sQ1 beat this morning that sent the stock to all-time highs, the markets are positioning for further risk-on flows. Tech was the standout sector on Wednesday, with beaten down Software names extending their strong performance this week, followed by Consumer Cyclicals and Communication Services, whereas Basic Materials and Industrials - areas of refuge throughout the AI disruption narrative - underperformed.In the opening hour of the evening session, U.S. equity futures are flat, though WTI Crude Oil remains under pressure near $90. FT report of a potential ceasefire between Israel and Lebanon - a sticking point in the U.S.-Iran negotiation process - is continuing the theme of de-escalation in the Middle East.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -J.B. Huntup 1.8%ALSO HIGHER -CareDxup 8.4% after Q1 pre-announcement, Lab Products divestmentVoyager Technologiesup 8.1% after NASA order announcementPPG Industriesup 5.0% after positive Q1 pre-announcement, price increaseEuroseasup 2% after contract extension for EM KeaConagra Brandsup 1.0% on insider buying activityDOWN AFTER EARNINGS -MIND Technologydown 16.8%SL Green Realtydown 2.5%Home BancShares, Inc.down 1.4%ALSO LOWER -QuidelOrthodown 18.9% after below-consensus Q1 pre-announcementFord Motordown 1% after departure of EV executive
