Today marks a heavy earnings day. Gilead Sciences ($163bn) reports after the bell. HIV and oncology revenue are the key numbers to watch. Electronic Arts also drops results today. Gaming demand trends will be front and centre. Progressive hosts its investor call this afternoon. The insurer has been one of the market's strongest performers this year.
Semiconductor names dominate options activity. SanDisk is attracting heavy put-side bets despite a 429% year-to-date gain. Traders appear to be fading the rally. Micron Technology sits in similar territory — RSI at 76 and up 90% this year. Meanwhile, NVIDIA is pulling in the largest bullish options flow among mega-caps. Analysts see 36% upside from here. is also drawing call-side interest, with RSI at just 41 and 36% upside priced in by analysts.
Redbook retail sales rose 7.3% year-over-year in April. The weekly reading for the week ending May 2 came in at 7.8% YoY. That is a solid consumer spending signal. It adds pressure to the bearish macro narrative.
Bears are retreating from Avis Budget Group. Short interest dropped from 54.9% to 43.2% of free float in one week. That move coincides with Pentwater Capital filing over $1.1bn in CAR share sales. The same stock showed up in both insider and short interest data — a notable cross-signal worth monitoring.
State Street and Galaxy Digital launched a tokenised liquidity fund today. The product enables 24/7 on-chain cash management via stablecoin. It marks a significant step in institutional crypto adoption.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
