Market Commentary: Wednesday 30th April

The recent equity rally looks set to come to an end after disappointing earnings from Super Micro Computer Inc., which caused the stock to slide 15% in after-market trading, dragging S&P 500 and Nasdaq 100 futures down 0.5%. This comes ahead of earnings from Microsoft, Apple, Meta, and Amazon, where expectations for profit growth have remained high with little downward revision over the past month. Given the current uncertainty, this could be a significant test for the recent recovery.

Data-wise, we have a flurry of European CPI releases, followed by ADP employment, GDP, and spending data out of the US. In the early hours tomorrow, we also have the Bank of Japan (BoJ) decision, where the consensus points to no change.

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