Post #16181

S&P Finishes It's Best Month Since 2020 S&P 500 is near the highs despite the Fed's hawkish guidance yesterday — three dissents, the most since 1992.. April is closing out at +9.3%, the index's best month since 2020. Last night's mega-cap earnings were a split decision. Alphabet was the standout — revenue up 22%, cloud up 63%, net income surged 81%. Amazon beat across the board with AWS up 28%. But Meta dropped 9% after raising capex guidance to $125–145B while missing on user growth. Microsoft slipped 2% despite solid numbers. Combined, these four companies now project up to $725B in 2026 capex. That number is the market's new fault line — the gap between AI investment and AI returns is where the next correction will start if it comes. The S&P is pricing in peace, peak earnings, and a patient Fed simultaneously. All three held through April. But with WTI now above $100 and the Fed signaling it won't cut anytime soon, the margin for error at these levels is razor thin. Apple reports tonight. - Alan