The Nasdaq Composite is experiencing stability thanks to significant earnings from major tech companies like Alphabet and Amazon, which are offsetting a recent spike in crude oil prices. Crude oil prices rose 3% due to tensions in the Strait of Hormuz, but the Nasdaq remains above 25,114, reflecting an 8% year-to-date increase. Alphabet's impressive Q1 revenue and Google Cloud growth have bolstered its stock, while Amazon's AWS growth and new services contribute to the index's resilience. AMD's stock, however, faced a downgrade from HSBC.
"WTI crude futures rose 3% to trade above $105 per barrel, with Brent up 3% above $111, after conflicting reports of an Iranian attack on a U.S. warship near Jask island."
"Alphabet is the single biggest reason the Nasdaq is holding up. Shares are up roughly 30% in the past month after Q1 revenue of $109.9 billion and Google Cloud growth of 63%."
"Amazon is the other anchor, with AWS growing 28% and the company launching Amazon Supply Chain Services for outside customers including P&G, 3M, and American Eagle."
"HSBC has downgraded shares of AMD to 'hold' from 'buy' with a $340 price target attached, warning there is limited room for earnings upside."
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