With the earnings season now halfway through, the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises were above their 10-year averages.
Stocks surged as weak economic data raised hopes for Fed rate cut. S&P 500 up 1.2%, Nasdaq 100 up 1.5%, Dow Jones up 0.6%. Spotify shares jump 17% on earnings.
Fiserv Inc (FI) reported Q1 results, with revenue up 7% Y/Y to $4.88B, beating consensus of $4.57B. Adjusted EPS of $1.88 beat consensus of $1.79. Organic revenue grew 20%. FY24 outlook raised for adjusted EPS to $8.60-$8.75. FI stock gained 27% in last 12 months.