Key Highlights in Today’s Financial News:
1. Alphabet and Microsoft Surge on AI- and Cloud-Fueled Beats; Intel Falls
2. Fed’s Preferred Inflation Gauge Due, Likely Showing Price Pressures Remain Hot
3. ExxonMobil, Chevron Post Declining Revenue, Profit Despite Rising Oil Prices
4. Snap Stock Skyrockets 25% After Strong Advertising Sales Drive Q1 Results and Outlook
5. Anglo American Rejects BHP’s $39B Offer, Opening Door to Bidding War

The stock market is buzzing with activity as big tech companies like Alphabet and Microsoft are seeing their shares surge on the back of strong results fueled by artificial intelligence (AI) and cloud computing. Alphabet’s market capitalization is poised to hit the $2 trillion mark following a trifecta of good news, including its first-ever dividend and a blowout quarterly earnings report. Microsoft’s shares are also up after reporting better-than-expected third-quarter earnings driven by its cloud business.

On the flip side, chipmaker Intel is facing a downturn as its weak outlook for revenue outweighs its market-beating results. Investors are eagerly awaiting the Federal Reserve’s preferred inflation gauge, which is expected to show that inflation remains stubbornly high. This could impact the central bank’s decision on interest rate cuts, as they have stated that they want to see price pressures under control before making any moves.

In the energy sector, ExxonMobil and Chevron have reported declining revenue and profit despite rising oil prices, with lower natural gas prices offsetting the benefits of the surge in oil. Meanwhile, Snap’s stock is skyrocketing 25% after strong advertising sales drove its first-quarter results and outlook, with the company reporting a 10% jump in daily active users.

Lastly, Anglo American has rejected a $39 billion bid from rival mining giant BHP Group, setting the stage for a potential bidding war that could reshape the global industry. The offer, contingent on Anglo American spinning off its South African iron ore and platinum businesses, is a bet by BHP on soaring demand for copper amid the shift towards renewable energy projects and electric vehicles.

Overall, U.S. stock futures are pointing higher on the back of the positive earnings reports from Alphabet and Microsoft, making it an eventful day for investors in the stock market.