Mega-Cap Tech earnings and economic results dominated an action packed week in the markets:
- US GDP came in at +1.1% growth for Q1 2023, economy remains resilient despite historically aggressive rate hike cycle
- META continues impressive run after positive Q1 results. Improved engagement numbers and promising cost efficiency trends fuel rally.
- SNAP shares tumble as the social media firm disappoints on earnings, concern surrounding new AI chatbot feature mount
- JPMorgan finalized a deal to take control of failed lender First Republic Bank after a frenzied weekend of deal-making
- Markets wait with baited breath for upcoming Fed meeting and decision regarding any potential rate hikes
