The S&P 500 is looking to keep its historic winning streak alive as futures are up more than +0.1% again today, with the index closing above 7,000 for the first time yesterday. The rally marks one of the most striking recoveries in recent market history, with the index surging more than +10% over the past 10 trading days, its best such run since the post-COVID lows of March 2020. The MSCI All Country World Index also climbed to a record and was on track for its longest winning streak since September, while Brent crude trades around $96 a barrel, well off last month's peak near $120.
TSMC Raises Outlook on AI Chip Surge
Taiwan Semiconductor Manufacturing (TSM) is down about -1% in premarket trading despite reporting Q1 net income up +58% year-over-year and revenue of $35.9B, up +41% year-over-year, beating analyst estimates. The world's leading foundry, which counts Apple (AAPL), Nvidia (NVDA), and AMD (AMD) among its customers, guided Q2 revenue to $39B–$40.2B and raised its full-year 2026 outlook to above +30% revenue growth in dollar terms. Management flagged potential margin pressure from Middle East-driven increases in chemical and gas prices, though no near-term operational impact is expected.
BNY Mellon Posts Record Revenue, Adds $10B Buyback
Bank of New York Mellon (BK) is up +0.8% in premarket trading after reporting record Q1 revenue of $5.4B, up +13% year-over-year and ahead of consensus, with adjusted EPS of $2.25 beating estimates by $0.32. CEO Robin Vince said the quarter marked the strongest sales performance in the bank's history, with broad-based growth across Securities Services, up +17%, and Market and Wealth Services, up +11%. The board authorized a new $10B stock buyback program.
PepsiCo Edges Higher on Organic Sales Beat
PepsiCo (PEP) is up +0.8% in premarket trading after Q1 organic sales rose +2.6%, topping the +2.4% consensus, with revenue up +8.5% year-over-year to $19.4B and non-GAAP EPS of $1.61 beating estimates by $0.06. Food volume rose +4% after the company moved to lower some prices in December, while beverage volume was flat. PEP guided full-year organic revenue growth of +3% and core constant-currency EPS growth of +5%, with total shareholder returns of approximately $8.9B.
Microsoft Surges in Rare Three-Day Rally
Microsoft (MSFT) has gained roughly +10% over three trading days, its strongest such stretch since 2020, as the stock reclaimed near-term moving averages. Shares were changing hands around $414 Wednesday afternoon, up +5.3% intraday amid a broader big-tech rally, though MSFT remains down nearly -15% year-to-date and well below its 100-day and 200-day simple moving averages. Analysts note the move puts MSFT on pace for just its third three-day streak of +2% or more daily gains since the dot-com era.
