The market climbed Thursday, following a massive day for macro and big tech earnings, awaiting yet another giant’s results after the bell.

Welcome to fresh highs for the S&P 500 and Nasdaq 100, alongside local record highs for inflation: PCE data from March came out as we all expected, super high. Prices climbing at 3.5% remind me of Covid days. Food and the real pain point energy made up over half of the total month-over-month jump in prices.

Speaking of oil, the President told Axios Wednesday he expects Iran to break under Strait of Hormuz blockades before the blockades break us. Trump signed a bill Thursday night to end the DHS shutdown, with ICE and Customs funding cut from the rest of the package. They were already fully funded.

As April comes to a close, it was the best month for equities since 2020, WSJ reported.

Tim Cook's last earnings report as CEO landed Thursday afternoon with records across the board, a $100B buyback, and a stock that barely flinched — because when you're Apple, a blowout is a regular day. The stock was not moving much in the after-hours before the firm’s earnings call.

The RIP: $AAPL beat top and bottom line. EPS $2.01 vs. $1.96 estimate, up +22% YoY. Revenue $111.2B vs. $109.7B estimate, up +17% YoY. iPhone $57B, second straight quarter of +20% growth. Services $30.97B vs. $30.37B estimate, a new all-time high. Greater China $20.49B vs. $18.9B estimate. Operating cash flow $28B+. Dividend raised +4% to $0.27/share. New $100B buyback authorized.

The succession clock is now ticking louder than the results. Cook is stepping down in September, hardware chief John Ternus takes over, and Wall Street will spend the next two quarters deciding whether to reprice the transition risk. Cook is of course taying on as Chairman.

The memory shortage is the real near-term watch item: global smartphone shipments fell -4.1% in Q1 while Apple held premium ground, but the company has already flagged that rising memory costs could pressure margins. $SNDK's blowout Thursday night was a direct data point on how bad that gets. 🍎

Sandisk delivered one of the most staggering earnings beats in recent memory Thursday afternoon, and the market sold it anyway — a classic case of a stock that had already priced in perfection and then some.

The RIP: $SNDK fell -8% in after-hours despite destroying estimates. Adjusted EPS $23.41 vs. $14.62 estimate — a 60% beat. Revenue $5.95B vs. $4.72B estimate, up +251% YoY. Datacenter revenue +645% YoY to $1.5B. Adjusted gross margin 78.4%, guided to 80% next quarter. Q4 revenue guide $7.75B–$8.25B.

The sell-the-news reaction is almost entirely a valuation story — $SNDK has run +3,300% in the past year and was priced for a number this good and then some. 💾

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Reddit and Roblox both reported Thursday, two massive online platforms that both live or die by user engagement, and both made it abundantly clear that not all platform growth is created equal.

The RIP: $RDDT ( ▼ 0.35% ) revenue +69% YoY to $663M vs. $608M estimate; ad revenue +74% YoY to $625M; diluted EPS $1.01 vs. $0.62 estimate; DAUq 126.8M, +17% YoY; FCF $311M, +146% YoY; Q2 guidance $715M–$725M.

$RBLX ( ▼ 1.81% ) revenue +39% YoY to $1.44B vs. $1.73B estimate — a miss; DAUs 132M vs. 145.7M expected; full-year bookings guidance slashed to +8% to +12% from +22% to +26% prior.

Reddit is extracting dramatically more money per eyeball — ARPU +44% globally while net income exploded from $26M to $204M year-over-year. The AI data licensing angle barely registers in the financials yet, but every LLM training run that needs human-vetted signal points back to that content moat.

Roblox, meanwhile, voluntarily torched its own user funnel with mandatory age verification, took a $57M legal settlement hit on youth-safety probes, and is guiding Q2 DAUs sequentially lower — management is betting the pain is temporary, but the Street priced in something closer to permanent Thursday. 📱

Inflation hit a three-year high Thursday as Iran war oil shocks collided with slower-than-expected growth, handing the Fed a mess it can't print its way out of. It was not a major headline story Thursday, which is to say the AI earnings gamut sucks all the air out of the market newsroom so that major inflation news is less important. Or it could be we all knew higher gas prices meant all prices were rising in March.

The RIP: Core PCE +0.3% in March, annual rate +3.2% — highest since November 2023. Headline PCE +0.7% monthly, +3.5% annually. Energy goods surged +11.6%. GDP Q1 grew +2% annualized vs. 2.2% estimate; Q4 2025 was just +0.5%. Initial jobless claims were 189,000 for the week ended April 25 — lowest since September 1969. Gas now above $4/gallon nationally.

The FOMC voted Wednesday to hold rates steady for the fifth consecutive meeting — but four members dissented, three of them regional presidents who objected to language implying the next move is a cut. Five years of inflation numbers above the targets, an oil shock layered on top, and the committee is still being asked to telegraph easing. Energy-sensitive consumer names feel this first: $XOM and $CVX pocket the upside while $AMZN, $WMT, and $TGT absorb the margin pressure as stretched shoppers pull back on discretionary. The AI spending surge propping up GDP won't pay anyone's gas bill. 🛢️

Robinhood reported Wednesday and the stock cratered nearly 15% intraday — but the CFO came straight to Stocktwits to make the case that the selloff was a misread, not a verdict.

The RIP: $HOOD ( ▲ 2.37% ) fell -14.5% on Wednesday. Revenue of $1.07B missed the $1.13B consensus. Michele Steele sat down with Shiv Verma the day after earnings dropped — straight from the CFO's mouth on what the quarter actually meant, why April looks nothing like Q1, and where Robinhood is placing its biggest bets.

Verma breaks down prediction markets, the Gold subscription flywheel, the $25K PDT rule change coming from the SEC, and why crypto is now less than 20% of revenue. Worth the watch if you're holding or fading $HOOD right now.

▶ Watch the full interview on StocktwitsTV:

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😨 NSA Testing Anthropic’s Mythos to Find Flaws in Microsoft Tech

🏠 Record-long Department of Homeland Security shutdown ends

💰 Meta CEO attributes layoffs plan to capex, won't rule out further job cuts

👀 OpenAI : Where the goblins came from

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Macro: ISM Manufacturing Prices (Apr) (10:00 AM ET), U.S. Baker Hughes Rig Count (Oil + Total) (1:00 PM ET). 📊
Pre-Market Earnings: $MRNA Moderna Inc, $XOM Exxon Mobil Corp, $CVX Chevron Corp, $EL Estee Lauder Inc Class A, $D Dominion Energy Inc, +16 more. ☀️
After-Market Earnings: $GT Goodyear Tire & Rubber, $CNTX Context Therapeutics Inc, $HOUR Hour Loop Inc, $LGCY Legacy Education Inc., $ABR Arbor Realty Trust Reit Inc, +3 more. 🌙

P.S. You can listen to all of these earnings calls on Stocktwits.

Want to see some change? Email Kevin Travers feedback, follow him on Stocktwits. Refer a friend for this quarter’s edition of The RIP Forecast!

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