Pre-opening Comments for Thursday May 8^th

U.S. equity futures were higher this morning. S&P 500 futures were up 49 points at 8:35 AM EDT

S&P 500 futures were unchanged following release of U.S. First Quarter Non-farm Productivity at 8:30 AM EDT. Consensus was a 0.8% drop versus a 1.5% gain in the fourth quarter of 2024. Actual was a 0.8% drop.

ARM Holdings dropped $13.99 after issuing a less than consensus outlook.

CF Industries advanced $1.31 to $82.00 after reporting higher than consensus first quarter results.

Nutrien dropped $2.47 to US$54.15 after reporting less than consensus first quarter results.

Fortinet dropped $12.94 to $93.78 after reporting less than consensus first quarter revenues.

EquityClock’s Market Outlook for May 8^th

How to play this transition period into the off-season for stocks. See:

https://equityclock.com/2025/05/07/stock-market-outlook-for-may-8-2025/

Responses to the FOMC Announcement at 2:00 PM EDT Yesterday

The Federal Reserve maintained its Fed Fund Rate at 4.25%-4.50%. It also warned about more economic uncertainty. Market responses from 2:00 PM to the close were as follow:

P.S. At 3:30 PM, President Trump proposed rescinding limits on global chip curbs. Semiconductor stocks and ETFs responded strongly on the upside, overcoming responses to Federal Reserve announcements. Notably stronger after 3:30 PM announcement was Nvidia.

S&P 500 Index was mixed after 2:00 PM but moved strongly higher on the chip announcement.

The U.S. Dollar ETN moved higher.

Long term Treasury Bond prices moved lower

Nvidia soared following Trump’s statement

Technical Notes

Verisk Analytics $VRSK a NASDAQ 100 stock moved above $306.67 to an all-time high extending an intermediate uptrend.

Nvidia $NVDA a Dow Jones Industrial Average stock moved above $114.29 in late trade completing a double bottom pattern.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for May 7^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for May 7^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for May 7^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Understanding U.S. Fed decision to leave rates unchanged

Understanding U.S. Fed decision to leave rates unchanged – YouTube

Takeaways from PM Carney’s meeting with Trump

Takeaways from PM Carney’s meeting with Trump – YouTube

Barrick CEO discusses earnings results & expansion into cooper

Barrick CEO discusses earnings results & expansion into cooper – YouTube

Why Nvidia investors are cheering Trump’s likely dismantling of Biden’s AI chip rules

https://www.marketwatch.com/story/why-nvidia-investors-are-cheering-trumps-likely-dismantling-of-bidens-ai-chip-rules-b8780002?mod=mw_pushly&send_date=20250507

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 4.20 to 55.00. It remains Neutral.

The long term Barometer added 3.40 to 43.40. It remains Neutral

TSX Momentum Barometers

The intermediate term Barometer added 3.67 to 67.43. It remains Overbought. Daily uptrend was extended.

The long term Barometer added 3.67 to 56.88. It remains Neutral. Daily uptrend was extended.

Disclaimer: Seasonality ratings and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.

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