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Wall Street Wire
What the Smart Money Is Doing
| THURSDAY, APRIL 30, 2026 | by Nate Fowler |
Four of the Magnificent Seven reported last night. Three beat on every major line. One did not. Alphabet rose 7% on Google Cloud growing 63% to $20 billion. Amazon rose 3% on AWS reaccelerating to 28% growth, its fastest in 15 quarters. Microsoft beat revenue and earnings but the stock fell 2.5% as Azure growth of 40% merely met expectations. Meta fell 9% after missing on user growth and raising its full-year capex guidance to $125–$145 billion. The S&P 500 is on pace for a 9.3% April gain, its best month since 2020. Apple reports tonight.
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Who Bought
What they bought and when
Google Cloud crosses $20 billion in a single quarter +63% YoY
Alphabet (GOOGL) is Google's parent company. Q1 results showed Google Cloud revenue of $20.02 billion, up 63% year-over-year and well above the $18.05 billion estimate. Net income reached $62.57 billion (+81%). CEO Sundar Pichai raised full-year capex guidance to up to $190 billion. Stock rose 7% premarket.
Amazon's AWS reaccelerates to 28% — fastest in 15 quarters $37.6B
Amazon (AMZN) is the world's largest e-commerce and cloud computing company. Q1 revenue rose 17% to $181.5 billion. AWS grew 28% to $37.6 billion, its fastest in 15 quarters, beating the 26% estimate. CEO Andy Jassy said Amazon's custom chips business exceeded a $20 billion annual run rate. AWS backlog: $364 billion. Stock rose 3% after hours.
Microsoft returns $10.2 billion to shareholders in Q3 $10.2B
Microsoft (MSFT) makes Windows, Office, and Azure, the second-largest cloud platform. Fiscal Q3 revenue of $82.9 billion (+18%) and EPS of $4.27 both beat. Azure grew 40%. CEO Satya Nadella said AI business reached a $37 billion annual run rate (+123%). The company returned $10.2 billion in dividends and buybacks.
Caterpillar rises 6% premarket on Q1 beat +6% Pre
Caterpillar (CAT) makes construction equipment, mining machinery, and diesel engines — a direct proxy for global industrial spending. Shares rose 6% premarket Thursday on better-than-expected quarterly results, boosting Dow futures.
Senate Banking Committee confirms Kevin Warsh as next Fed Chair Confirmed
The Federal Reserve is the U.S. central bank. On Wednesday, the Senate Banking Committee confirmed Kevin Warsh as next Fed Chair, sending his nomination to the full Senate. Sen. Thom Tillis, the key holdout, voted yes after the Justice Department closed its probe of Chair Powell. Markets rose on the news. Powell confirmed he will stay on as a governor after his term ends May 15.
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Who Sold
Exits and reductions this week
Meta falls 9% after raising capex to $145 billion and missing on users −9%
Meta Platforms (META) owns Facebook, Instagram, and WhatsApp. Q1 revenue rose 33% to $56.3 billion and adjusted EPS of $7.31 beat $6.79 estimates. But user growth missed — Meta attributed the shortfall to internet disruptions in Iran — and full-year capex was raised to $125–$145 billion. CEO Mark Zuckerberg cited a new model from Meta Superintelligence Labs. Stock fell 9% premarket. Revenue up 33%, stock down 9% — the spending plan is the concern.
Microsoft falls 2.5% as Azure 40% growth merely meets expectations −2.5%
Microsoft (MSFT) beat on revenue, earnings, and Azure growth — but fell 2.5% premarket. Azure grew 40% in constant currency versus 37–38% guidance. CFO Amy Hood guided Q4 Azure at 39–40%, suggesting no acceleration. Meeting expectations is not enough in this cycle.
Fed holds with four dissents — most since 1992 8–4 vote
The Federal Reserve held rates at 3.5%–3.75% in an 8–4 vote — the most dissents since 1992. Four members voted against, signaling unusual disagreement about oil-driven inflation. Carson Group's Sonu Varghese said several members want to signal the next move may not be a cut.
Dow records fifth straight losing session on Wednesday −0.57%
The Dow Jones Industrial Average fell 280 points (−0.57%) to 48,862 on Wednesday, its fifth straight declining session. The S&P 500 was flat at 7,136. The Dow’s losses reflect oil-exposed cyclicals, while tech earnings kept the broader index stable.
United Arab Emirates exits OPEC on May 1 Tomorrow
OPEC is the Organization of the Petroleum Exporting Countries, a cartel that coordinates oil production. The UAE will officially leave OPEC on May 1 — tomorrow — removing one of the group’s most productive members (roughly 4 million barrels per day) at a time when Hormuz disruption has already fractured the oil supply chain.
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Where the Money Moved
Sector performance — Wednesday, April 29, 2026 (last trading day)
Technology
+0.4%
Comm. Services
+0.2%
Financials
−0.1%
Health Care
−0.2%
Energy
−0.3%
Industrials
−0.5%
Cons. Staples
−0.6%
| Money flowing in Money flowing out |
Wednesday's rotation was narrow: only technology and communication services finished green. Industrials and consumer staples led losses as oil continued to rise. The Dow's fifth straight decline tells a different story than the S&P's flat finish — this is a market that is being carried entirely by a handful of AI-exposed names.
Nate's Take
Last night split cleanly. Alphabet and Amazon proved cloud revenue is accelerating — Google Cloud at 63% and AWS at 28% are numbers that justify the spending. Microsoft beat on every line but fell 2.5% because Azure growth of 40% merely met guidance. Meta beat revenue by 33% and fell 9% because the market looked past the top line into a $125–$145 billion capex plan. The market has moved beyond rewarding beats. It is now separating companies where AI investment produces revenue from those where the investment is still a cost line. Today: ECB rates, Q1 GDP and PCE data, and Apple after the close.
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Who's Hedging
What's being priced into the market today
Apple reports after the close — the final Magnificent Seven print AAPL Tonight
Apple (AAPL) makes the iPhone, Mac, and iPad, generating more than $90 billion annually in services. Fiscal Q2 results are due after today’s close. Apple’s AI spending is modest versus the hyperscalers, but China revenue and services growth are what the market will focus on.
ECB rate decision this morning ECB Today
The European Central Bank sets rates for the 20-country eurozone. Its decision comes this morning, less than 24 hours after the Fed held with four dissents. No change is expected. Three central banks in four days — BOJ, Fed, ECB — all holding. The collective message: rates stay until oil-driven inflation resolves.
Q1 GDP first estimate and March PCE land today 8:30 AM
GDP — gross domestic product — measures total economic output. The first Q1 2026 estimate arrives at 8:30 a.m. ET, alongside the March PCE price index, the Fed’s preferred inflation gauge. If the economy is growing and inflation is stable, record S&P levels are justified. If GDP is slowing while inflation stays elevated, the narrative shifts.
Trump rejects Iran's Hormuz proposal; blockade continues Brent $111+
Axios reported Wednesday that Trump rejected Iran’s proposal to reopen the Strait of Hormuz, telling aides the naval blockade stays until a deal addresses Iran’s nuclear program. Brent traded above $111. U.S. gas averaged $4.18 per gallon, the highest since August 2022 per AAA. The oil situation has shifted from ceasefire-moderated risk to active U.S. escalation.
S&P 500 on pace for best month since 2020 +9.3% April
The S&P 500 is on pace for a 9.3% gain in April — its best month since 2020. The Nasdaq is heading for a 14.3% jump. South Korea's Kospi posted its best month since January 1998, up 31%, driven by semiconductor stocks. Today is the final trading day of April. Strong monthly performance into a month-end often brings portfolio rebalancing — some funds must sell winners to stay within allocation limits, which can create short-term selling pressure on the same stocks that led the rally.
The Takeaway
Last night the Magnificent Seven delivered. Google Cloud grew 63%. AWS hit its fastest pace in nearly four years. Microsoft’s AI business reached $37 billion annually. Meta beat revenue by 33% and fell 9% on a spending plan the market isn’t ready to underwrite. Today: ECB decides, GDP and PCE arrive, Apple closes the Mag-7 slate. The S&P is up 9.3% in April. Whether it holds depends on what the data and Apple say about what comes next.
— Nate Fowler
Who Bought · Who Sold · Who's Hedging
