May 3rd Market Recap

In a daily recap for investors, the S&P 500 closed down 0.7% with all 11 sectors in decline, particularly energy. Eli Lilly was up 6.7% due to a successful clinical trial for their Alzheimer's drug, while AMD fell 9.22% following poor earnings. The FTC proposed restrictions on Meta after violating their privacy agreement with the regulator. The Federal Reserve raised the target rate by 25 basis points to 5.25%, and Powell suggested no cuts this year. Additionally, we received the ISM Services PMI reading for April, and the ADP employment change report. CVS beat on revenue and earnings per share estimates, but fell due to poor 2023 earnings guidance. Lastly, earnings reports were discussed for Qualcomm, Albemarle Corporation, Etsy, Estee Lauder, and Marathon Oil.