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There's the closing bell on Wall Street, and now it's market domination overtime sponsored by TC Trade. Jared Blu, we're going to be along in a moment to get us up to speed on the action from today's session.I'm going to start with the major averages here and things turning into the red a little more decidedly as we approach the closing bell. The Dow finishing the day lower by 98 points, about 51% after being in the green for much of the session. It was the best performer of the three major averages. The S&P 500 also taking a bit of a leg lower in the last hour of trading off by 6.1%, and the NASCAT DAX composite down 0.75%, also seeing that sort of late day.Sell off there. Jared's going to give us some details now on what was going on under thehood.

Yes, streaks can't last forever, but I will say this. There are a lot of other streaks in the market going on besides that 91 in the S&P 500 that ended today, and you mentioned under the hood. Let me just pull up the S&P 500, show you a year to date. We've been seeing some really bullish price action under the hood. That is, if you take the number of advancers and subtract the number of decliners on any given day, that total reached a new high only last week and that was.First time in a while, so things are back, but we've still got a little ways to go. You can see if I draw a line and it's not straight there from the highs and the lows, we're somewhere in the middle and we still got some price action to overcome here, but I think a little bit of a day as a breather is warranted here. So let's check out the VIX here. The VIX ticked up just a tiny little bit, not even a full point, still hanging above the 20 level. There's a big spike that we saw in April, but well off those highs now. Just taking a look at theBond markets fixed, the IBA move index that has come down much farther relatively speaking, so that's good news as we don't see as much dis disruption from the bond market. Here's a year to date on the 10 year. That's up 2 basis points, nothing to write home about, and the US dollar index ticking down just a little bit. Let's get to some heat map action for today. Two sectors finished in the green, that would be communications services and industrials. Energy was the worst off, down 1.81%. Crude oil going to talk about that with.Josh, in about 30 minutes that is by 4 year lows right now, so pretty interesting development there. I just circled XLY, that's consumer discretionary, and if we look at the Nasdaq here we can see a few standouts. Apple in the lower right, that is down 3.15% today, but not a lot of dark red here. Starbucks also a standout also down more than 3% overall kind of kind of a meth day. Back to you

Josh. Meth day. Well joining us now is Michael Greene, chief strategist and portfolio manager at.Simplify asset management. Simplify has more than $6 billion in assets under management and specializes in ETFs. Michael, thank you for joining us. Let's just start with the markets today, Michael. You know, we did take a breather, of course, as Jared was pointing out there. This is after the S&P 500 has enjoyed a recent real run. We did have Trump officials. They were kind of making some media rounds, say, Michael, some suggesting trade deals could be on the way. But, but talk to us about what you're seeing in the markets now and what you see ahead.

Well, I mean, the simplest way to describe what we're seeing right now is a rebound off of the lows from last year. It is being manifested in the form of people buying broad indices, which helps to explain the breadth components that were being highlighted by your colleague. Uh, if you press a single button, you buy a single ticker, and you pick up basically all of the stocks, they're of course all going to go up.Uh, we've seen an explosion in orders that have come through levered long positions. These have a much higher multiplier. They're effectively mechanisms for people to put far more money to work than they actually have. Um, and so I actually think this is quite interesting to me. This looks extraordinarily like a bear market rally that's just pushing its way back up to the 200 day moving average, which is exactly where we're petering out.

So how do bear market rallies, if that is indeed what it is, how do they tend to play out?

Well, they tend to play out extraordinarily violently because people have gotten themselves short on the other side of it, and so they are positioned in a situation which as markets start to go up, they start to lose money.Or they have removed their positioning and thought that they will step to the side, effectively allowing this to play out. And then as they see the rally begin, they're forced to come back into the markets. This very much feels like a victory for the by the dip crowd, but again, it is failing right at that 200 day moving average, or at least is giving some indication of it.Um, the economic data continues to deteriorate. It's not quite as bad as people had expected. In particular, the employment numbers are a little bit better than we had seen, but this is just a very clear byproduct of a market that is largely frozen. Employers have spent the last 5 years trying to find these employees when faced with uncertainty tied to economic policy coming from the Trump administration.Their immediate reaction is, let's just wait and see, right? Perhaps it'll be unwound in a tweet. And I really think unfortunately that that's what we're seeing play out until people start to lose their jobs, that money is just going to continue to flow into those broad indices, and it's going to continue to support the type of price action that, that we've seen. The minute that starts to change, it could reverse itself quite meaningfully.

Michael, the other big event this week, the Fed. I'm curious what you expect to hear from Jay Powell.

Well, I think what you're gonna end up seeing is unfortunately, exactly what you would expect after markets have rallied back very, very sharply. It gives him the excuse to pause. In some ways, that's a real positive because it means money that is sitting in money market funds will continue to earn above average earned interest rates for a period of time. That means money continues to flow from the government. If Powell were to actually aggressively cut interest rates, that would be amongst the most austere things that we could actually do. It would significantly reduce the government's deficit.And this puts Powell into a very difficult position where he simultaneously recognizes that he is actually looking at inflation that is rapidly moving below expectations.There's tremendous uncertainty about the impact of the tariffs, but I just have to point out that tariffs are really very, very similar to a national sales tax. If the government were to increase a massive sales tax and therefore collect more money from the private sector, which is contractionary, is the right response to those, to the, to the ultimate price increase that the consumer would have, would it be to raise interest rates? That makes no sense whatsoever.So we're actually looking at a situation where the Fed, I think, is unfortunately quite trapped by a dilemma that they put themselves into hiking interest rates in a very high debt environment is very much a form of fiscal stimulus. Now they're faced with the question, do we remove fiscal stimulus exactly as the economy is weakening? It's, it's a real challenge. We don't know theanswer.

I will all be tuned in. Michael, thank you as always for joining us, sir. Appreciate it.

Thank you for having me.

The pound first quarter earnings just crossed the wire, so let's get you those numbers right now. Pounder's Q1 EPS 13 cents. That is in line with estimates. Revenue up 39% to $884 million. That's versus expectations of 862.9 million. US commercial up 71% to $255 million. That's a beat. US government up 45% to 3.That is also a beat. Turning to the forecast, Q2 pounds you're saying they're expecting between for adjusted income from operations 401 to $405 million. That's a beat. revenue they're calling for between 934 and $938 million. That also best estimates for the year they are now raising their forecasts. So they're now seeing with adjusted income from operations they're now seeing between 1.711 and 1.7.3 billion. That's a beat and on revenue they're now calling for between 3.890 and $3.902 billion. That is also better than expected. I did have the chance to speak with Paltier CEO Alex Karp back about the quarter. Let me bring you those comments. CARP saying this is so improbable unless you have exactly the right product market fit at exactly the right time, and we continue to do this with a paltry go to market apparatus. The Proad AI is actually working.If you implement it correctly on the battlefield and a US commercial and you can see it in the numbers, CAP continuing, we have a $1 billion run rate in US commercial now, which is the gold standard for when a company has really broken through. I also did ask CARB about downstream tariff impact, meaning was he seeing any smaller deals or longer sale cycles? CARP saying typically Q1 is our slowest quarter. We don't really start in earnest historically until late.In the year and what do you see in the numbers 39% growth, 71% US commercial, 45% US government. Where do we do see weaknesses continental Europe, but that is 10% of our business. I did also ask him what would it mean if there was a US recession. How could that impact Pallanttier's business? CARP telling us in the current environment we are crushing it. The more difficult the environment gets, the more unit economics matter, and the more unit economics matter, the more you have to move.Product guy software and AI empowered software, and that is our sweet spot. Finally, I did ask him about Trump's budget proposal for $1 trillion for defense. What would that mean for Pallantti and Karp saying we are very focused on making America more lethal and in a more efficient way, and we are succeeding with 45% growth in the US government. I don't know what the future brings, but we believe we have a completely differentiated set of offerings, Julie.

So the shares have been bouncing around, which is quite interesting when you look at numbers like these. But consider the fact that the shares are up more than 60% just this year alone at a time whenMost of the market has not been doing that well, to say the least. It's the best performer in the Nasdaq 100 this year by a wide margin, the best performer in the S&P 500 this year by a wide margin. The trailing price to earnings ratio of this company is in the 600s, which is just mind boggling. And even on a forward basis is in like the 200s, so.In other words, by most conventional valuation metrics, this is a very, very expensive

stock. Well, that has been, I mean, a big part of Bear's case, right? But it keeps going up. How many analysts have come on besides, I would say Dan Ives and red bushing the table, but that has been a big bearish point that is the valuation is unsustainable.You had, you know, heading into the print, this stock was up more than 60% this year. It's up about 400% over the past 12 months. Right now stocks your point bounce around. We're down about 1.5% right now.

Yeah, exactly. Let's talk more about Palantirer's quarterly results now. Let's get to Third Bridge senior analyst Jordan Berger. So Jordan, just give us sort of your first blush reaction here to these numbers.

Yeah, thanks for having me today. Well, it's, it's really more of the same. We keep seeing beat after beat, we keep seeing very, very high growth rates, especially in the US commercial business, um.If we look at how commercial did this quarter, it's not really a difference in story from the last, um.If we look at uh more specifically what their story is here, US commercial has been taking them really past where they were with the government segment for a while. We continue to monitor that, as you mentioned, uh, the valuation here, while we don't take takes on that at Third Bridge, certainly this is what the story's been about. And if you look at why it's been the case, there's really a couple of things to think about.The AI market opportunity is big. There's not a lot of pure play vendors that do this, and there's not a lot that you can think might be able to do it consistently in the long term. Now, why is Palantirer been performing this way? Well, not only have they been able to execute, as we've seen in this quarter and past quarters as well, but what we've really seen is their ability to execute has demonstrated what many might think is an ability to do so in a sustained manner.And in such a dynamic environment where we have so many startups, so much venture money funding changes in the market on a really monthly basis, there aren't that many players you can say, well, they might actually be able to consistently execute over time, and we see that again this quarter.

And what do you think, Jordan, when you just step back and look at that sort of mega AI trade trend and theme, what is Pallanttier doing different in your opinion? What's their advantage?

Yeah, there, there's a couple of things here. So, you know, we, we know they cut their teeth in the, uh, defense sector for a while. They've been doing this for decades at this point. Um, and they started with really a services intensive business. In some ways they were not fully just a software business. They've developed a certain level of AI know-how when it comes to actually selling AI. It's a complicated process. It, you have to identify use case, you have to figure out how to monetize it, and then you have to put it into production in a customer environment.Initially that required a lot of consulting know-how, and they developed their product over a long time to be able to make that more efficient and execute on that better. And once generative AI, when we all saw that market boom a couple of years ago, they were able to pivot that tribal knowledge, if you will, into a new product, that being their AIP platform, and we continue to see them.Execute on selling that product, and that's really the biggest differentiator that they've been able to do that and instantiated within that is not just a great product, but it's again that tribal knowledge that they have.

Jordan, it's interesting. I, I was talking to CEO Alex Corp about this. Um, I want his take on a recession. We've got plenty of smart economists, Jordan, come on the show and say they think the probabilities of a US economic downturn have increased, and I asked Corp about that, and he said, listen.Bottom line, in his words, crushing it now. The more difficult the environment gets, he said, the more unit economics matter, and the more unit economics matter, the more you have to move to productized software and AI empowered software that he says is our sweet spot. I'm just curious what you make of that answer.

Yeah, and that's what they've been doing since before Chat GBT even really took the market by storm. They've been trying to scale down this product and, you know, we, we've talked about this before. They try to scale down a product that's historically very difficult to sell. We're talking, you know, over a year in sales cycles, 1015 Ford deployed engineers, and you figure out how to turn that into an easy to sell product where you can quickly identify a new use case, bring on a new customer, and then scale from there.And that's the name of the game for software, and they've been doing that clearly. That's what the opportunity is for US commercial. And as we see 70% growth on very tough compares in the US commercial segment, um, there's really only one way to read that. They've been executing on their ability to deliver that more packaged software solution.

Jordan, thank you. Thanks for your perspective. Thanks.Well, Ford numbers as well just crossing the wire. Yahoo Finances pro money in here with the results here. Yeah,

significant impacts from tariffs mean Ford has suspended guidance. Prior to tariffs. Ford said it was tracking within its prior guidance of 7 to $8.5 billion in adjusted EBIT. But now the company sees $1.5 billion in tariff impact on adjusted EBIT and trade uncertainties making necessary. Ford says to pull its guidance, which we've seen Stalantis and others do as well. Now for those first quarter results, Ford posts.40.7 billion topping estimates of $36.75 billion with adjusted EPS coming in at 14 cents, better than the 4 cents loss expected, with adjusted EB reaching $1 billion versus the $308 million expected. So in the after in the aftermarket here we're seeing a little bit of uh a little flattish trade here right now. I guess people expected this, this guidance pull. Uh, I had expected maybe a little bit of uh of, of some numbers there, you know, with GM saying that they were gonna, gonna have they actually reinstated their guidance a little bit, they pulled it back a little bit.We're not seeing anything here with Ford. They claim that as the situation develops, they will then release that that updated guidance right now nothing. And

how do we think about this $1.5 billion dollar effect impact on full year adjusted eBI compared to what we heard from General Motors in terms of what its costs are goingto be?

I mean, General Motors was 4 to $5 billion and I think $2 billion of that, uh, their CFO said was because of the imports coming in from places like Mexico and Canada, whereas Ford has 80% local production.So that's much more, you know, uh, limited for them. It's good news for Ford. They still have the non-US MCA parts that are gonna come in. Those have, you know, a tariff impact. So that's probably where we're seeing a lot of that. They, they did say they suspended, uh, imports from China, which is, which is Lincoln Nautilus, uh, and they said because they have a, a, a num uh, a big inventory already in the states, so we don't need to import anymore. So they're sort of trying to limit that impact. That number 1.5 versus 44 to 5 that GM has is is significant. Absolutely right.

Yeah, all right, thanks so much, Press, appreciate it.Well, the personalized telehealth and beauty company Henson Brewers is also out with its first quarter earnings numbers, and it's announcing a new ad to its C-suite as well. To bring us the latest numbers and the news, we're joined by our health reporter Angeli Kamlani. So what's the news here? What are the numbers?

Yeah, so we've got uh good numbers for the company. Of course, we know that this company has been boosted by the GLP ones with its relationships with some of the manufacturers. Take a look at what we saw in terms of the revenue. That is a beat compared to estimates 586 million for the quarter compared to $538 million. Um, and then they did also reaffirm their guidance for the year. So that's also good to know that they're not really being, uh, effect.By the macro, uh, you know, scenario. What we do wanna take, uh, pay more attention to is also what, um, CEO Andrew said in the release, uh, that just crossed the wires talking about more relationships developing with pharmacies. This is really good news because the company has sort of been stuck in that telehealth platform world, which we've seen kind of take a bit of a dive in the last couple of, uh, you know, quarters and years. AndThat has been, uh, you know, one of the, one of the things to look forward to. The GOP ones, of course, something to keep an eye on for the rest of the year. Him and Hers was one of those companies that did sell those compounded products from these branded drug makers, and then has since pivoted to, uh, boosting their relationship with them and being able to do a better job of getting, you know, more of those products out there. Question of whether or not that will actually pressure their market.for the future, you know, considering this is going to be more branded products versus those cheaper compounded, plus what the access will then look like. All is kind of dependent on these manufacturers and so that makes him one of those stocks that tends to trade pretty quickly with whatever the the environment is in that area. You can see the stock down on uh some of the news despite the beat, essentially.For that, and so that's sort of all we're keeping an eye on right now. You mentioned, of course, the news about appointing uh uh Amazon veteran as their chief operations officer, and so that's another piece of information to keep an eye on, of course, we know, uh, looking at what the company has needed to do to build up over the time to kind of meet the moment and the tension on it, as I mentioned, as it keeps trading with some of the GLP one news.

Thank you, Ange. Appreciate it.Stick around, we're heading back out to the Milkwood conference as Brian Sai sits down with Robert Smith, this Equity Partners founder and CEO. You won't want to miss that.

Finance at the Milken conference in California. Special guest joining me right now, that is Vista Equity Partners CEO Robert Smith. No stranger to Yahoo Finance. It's been a while. Good to see you. Good to see you. So let me just tick through a couple of these things. We had Liberation Day at tech stock valuations. The IPO market has ground to a halt. I think the last IPO I covered was core weave down at the NASDAQ. level set. So we're looking at a like a tech stock winter.

It's a good question. I think that there needs to be a basic understanding first of all, what is the impact of Gen AI across technology generally. That's not well understood. We had our annual general meeting last week and it was very clear in having conversations with our investors that many of them were actually confused about what is the actual impact of Gen AI and so hopefully we were able to.Explain to them what the impact is, what the opportunity that is, and it's got to manifest. It's got to actually produce some results. You and I chatted briefly about Microsoft and some of the work they've done and seeing that, you know, their results. A lot of it is now starting to manifest in ways like other waves. Every single time there's a new change in the paradigm of technology, it happens in waves. Hardware typically is a.Beneficiaries infrastructure providers, 2 software typically 3rd. So I think we're just at that point where people are really starting to understand what is the impact, what is the implication, and what are the advantages of owning those securities and those stocks, and so it's going to take some time for that to play out and it's going to be a while before the equity market is ready to receive those sorts of businesses.

What is the impact?Well, what is the risk to tech from tariffs?

There is risk in the hardware aspects around around tariffs, not so far in software. Software is probably one step to move. You're the software expert. The good news is in enterprise software we're not seeing tariff and the direct implications of our businesses, you know. This is still an enabling an enablement tool. Gen AI is actually going to.This enablement tool for people to become more efficient as they have to realign supply chains, supply lines, etc. We also get a tremendous amount of data in evaluating. I was looking at shipping data. I was looking at air air transportation data coming straight out of our systems to get an understanding of what the impact is. You are going to see some slowdowns in some.Sectors, no question about it, we're already seeing it, but an enterprise software, when you actually need to do more with less, if you actually need to expand your your your your your revenue opportunities in a new markets, enterprise software is one of the most efficient ways to do it. And as you start to enable that with some agenttic solutions which will come you know pretty soon.You know, you'll actually see some pick up in that in that market space. Hardware, I think, is going to get impacted. You've got some geopolitical dynamics around there that are going to reshape the way that certain assets are actually utilized and consumed across the planet.

I should mention, of course, Robert, you know 89 companies are in the portfolio. You've been investing in tech for what, 25 years. We just celebrated the 25th anniversary. We sure did. Oh my God, that's quite exciting. What is theWhen you hear Apple get on its earnings call and say, hey, we're gonna have we're gonna get a $900 million hit because of tariffs, what's the downstream effect to tech from something like that? That that's a hugenumber.

Yeah, it is, you know, but you, you'll see, look, they have a phenomenal management team there, you know. Tim is one of the most exceptional business leaders I've ever seen in my 25, 30 year history, um, but there has been a reshaping of his supply chain. He's got to, there's a whole ecosystem around how they assemble those devices.Build those devices, develop those devices, and now being forced to rethink that you have to rebuild that ecosystem. It isn't just one group doing all the work. It's an ecosystem. So we'll take time as that happens, there will be a phasing in of new technology on top of those platforms. The good news in my world enterprise software, you're basically not you know you can actually develop on top of platforms, but you can develop on the platforms are static as well.That's why it's been the most productive tool, because you actually introduce a new platform which is hardware. They actually have some utility, some life associated with them, whereas enterprise software you can constantly innovate because you're now gathering data, insight and information from the users of this technology and can develop new products and create new utilities for those products without actually having to change the hardware platform.

89 companies within these 89.Companies, are you seeing any slowdown? Customers pausing demand because of the macro uncertainty?

I'm going to knock wood. So far we have not seen it in the consumption of enterprise software. However, we have seen some effects because of reshaping in the US, for instance, of our government contracts, not that they've been canceled, but the people who needed to sign the contracts are no longer there.There's been some of that activity, some realignments, you know, certain, certain restructurings of, you know, departments and government entities we've seen that dynamic, not at scale, but we have seen it. The other thing that's actually quite interesting is again being able to evaluate the data sets of what's actually occurring globally, you do see slowdown in certain certain segments, not in the consumption of software, but in the movement of goods. And so people of course are looking at how do they, you know.Which is essential so it doesn't actually impact the enterprise software world. We saw this in the great financial crisis. What we saw when they were bailing out the auto industry, our enterprise software businesses actually picked up in terms of utilization because people need to be more efficient with what they do, and I think Saya spoke a little bit about that yesterday. It is the most resilient, it's the most durable. It actually gives you the opportunity to do more with less. Lastly,

the Treasury Secretary Scott Bessin gave a speech here earlier this morning and he said China is catching up to the US.Uh, on AIYou're an international traveler, you do work over various lines of business overseas. Is that gap really as close as he suggested?

I might argue it's closer than he than he let on

really

so China has some highly capable people, a vast amount of resources, a high frequency of engagement with innovation. Um, you can just see it in the auto industry, and I don't know when the last time you were there.

I'm there they make flying carsnow,

right? I mean, it's, it's amazing what you see. I mean there are things that I saw in AI in China in 2017 and 2018.That we were just scratching the surface on here now Gen AI, a different dynamic requires a different utility, a different, in essence, compute capabilities, but as you saw, you know, deep seek in different ways, you know that wasn't a surprise as to where they ended up was just a surprise of where it came from to most people. It wasn't a surprise to us. So part of it is, you know, as you travel around and you see and you actually have relationships and evaluate.Look, it is once we liberated, and I'll say this, compute to the world, it's not unsurprising that you're going to have instances where certain environments and people and countries actually are quite advanced in the work that they do, so this is not surprising.

Time now to watch Tuesday, May 6th, sponsored by Tasty Trade. A new batch of earnings await investors among the slew of companies reporting is AMD, Lucid, Rivian, Marriott, and Electronic Arts. AMD's results to provide Wall Street with more color on the state of the chip market as investors watch for signs of headwinds from trade policy in mid.AMD warned in an SEC filing of the chip curbs could cost the company $800 million in fees if it is not granted a license. Meanwhile, investors will also keep an eye on EV makers Lucid and Rivian, both companies reporting first quarter results after the bell. The results come as Lucid saw quarterly deliveries rise while Rivians fall sharply in the first quarter.

And turning to Capitol Hill, US Treasury Secretary Scott Besson is set to speak on Tuesday in an oversight hearing that's expected to kick off Tuesday morning, examining the US Department of the Treasury with taxes and tariffs top of mind.And then the Milliken Institute conference also.

Yes, the Milken Institute global conference continues for another day of conversations, listening to leaders in finance, health, philanthropy, and innovation.

Nvidia CEO Jenson Wang expected to speak at the event on Tuesday. Investors of course will keep a close eye on potential remarks on chip export controls between the US and China.And that'll do it for today's market domination over time. Be sure to come back tomorrow at 3 p.m. Eastern for all of your coverage leading up to and after the closing bell.

But don't go anywhere. I'm on a break. It's asking for a trend. I've got you covered with the latest and greatest market stories so you can get ahead of the themes affecting your money. Stay tuned.