ASX 200 to rise, Apple declares record buyback, Macquarie reports 32% year-on-year profit fall

S&P 500 SESSION CHART

OVERNIGHT MARKETS

• Stocks end higher, Treasuries fall as investors eye earnings, interest rates
• Dow closes more than 300 points higher, S&P 500 posts first winning day in three
• Wall Street is confused and divided over how many times the Fed will cut rates this year

INTERNATIONAL STOCKS

• Apple climbs on revenue and profit beats, dividend hike and $110 billion share buyback
• Block’s stock shoots higher as Square parent boosts its earnings outlook
• DraftKings posts surge in revenue, hikes full-year sales guidance
• Coinbase sees $1 billion-plus Q1 profit on crypto-trading boom — but elevated costs also
• Cloudflare’s stock is tanking after revenue outlook disappoints investors
• Amgen expects data from weight-loss drug trial later this year
• Russian state-backed Gazprom plunges to first annual loss in 20 years as trade with Europe hit

CENTRAL BANKS

• Powell, Biden face the dilemma of having a US economy that is too strong to cut rates
• Stalled US inflation may turn out to be new trend, leaving inflation closer to 3% than the Fed's target of 2%
• Goldman Sachs economists still expect two rate cuts this year; calls Fed meeting mostly uneventful but dovish
• Bloomberg analysis of BOJ accounts signal Japan intervened for second time this week
• BoE rate split sees markets reduce rate cut expectations ahead of next week's meeting
• ECB's de Cos optimistic on inflation trajectory, but actual path may be bumpy

Companies trading ex-dividend:

• Fri 3 May: None

Economic calendar (AEST):

• 7:00pm EUR – Unemployment rate

• 10:30pm USD – average hourly earnings, non-farm employment change, unemployment rate

• 11:45pm USD – Final services PMI

• 12:00am USD – ISM services PMI

This Morning Wrap was written by Hans Lee and Chris Conway.