Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

The S&P 500's economically sensitive cyclical sectors like consumer staples, energy and materials outperformed Big Tech stocks meaningfully on Monday, as stellar earnings reports have again focused traders' attention on the reopening trade.

Where it stands: The Dow rose 0.7%, with the S&P up 0.3% while the Nasdaq fell 0.5%. Major names like Amazon, Alphabet, Facebook and Microsoft all ended lower, despite each of those companies reporting strong earnings for Q1.

  • Chipmakers also fell, with the Philadelphia SE Semiconductor index down by 1.2%.
  • "We’ve seen a slight change in the pace of value stocks outperforming growth stocks year-to-date," Rod von Lipsey, managing director at UBS Private Wealth Management, told Reuters.

The intrigue: Just over 60% of S&P 500 companies have now reported first quarter results, and it's looking like a spectacular earnings season.

  • Earnings are on pace to grow 45.8% for Q1, up from an expected 24.5% at the start of earnings season and a 15.8% forecast at the start of the quarter, according to FactSet's Earnings Insight report.
  • Further, a record 86% of companies so far have surpassed consensus EPS expectations, well above the 77% one-year average.
  • Companies are beating earnings expectations by nearly 23%, better than the 14.5% one-year average positive surprise rate and the second-highest rate on record.

Go deeper

Dion Rabouin, author of Markets
May 3, 2021 - Economy & Business

The bullishness in stocks continues

Data: FactSet; Chart: Dion Rabouin/Axios Visuals

U.S. households increased their exposure to stocks to 41% of their total financial assets in April, the highest level on record, WSJ reported Sunday, citing JPMorgan and Federal Reserve data that dates back to 1952.

Why it matters: It's the latest evidence that investors are getting far more bullish on equities, increasing exposure to risk and reducing hedges.

24 mins ago - Health

Study: Over 99% of hospitalized COVID-19 patients were not vaccinated

Photo: Joe Raedle/Getty Images

The Cleveland Clinic on Tuesday released a study showing that 99.75% of patients hospitalized with COVID-19 between Jan. 1 and April 13 were not fully vaccinated, according to data provided to Axios.

Why it matters: Real-world evidence continues to show coronavirus vaccines are effective at keeping people from dying and out of hospitals. The Pfizer-BioNTech and Moderna vaccines have been found to be 95% and 94% effective, respectively, at preventing symptomatic infections.

2 hours ago - Health

Biden reaches agreements with Uber and Lyft to give free rides to vaccine sites

A coronavirus vaccination site in Miami on May 10. Photo: Joe Raedle/Getty Images

The Biden administration has reached agreements with ride-sharing companies Uber and Lyft to offer free rides to coronavirus vaccination sites through July 4, the White House announced Tuesday.

Why it matters: The free rides, starting in the next two weeks, are part of the Biden administration's push to administer at least one vaccine dose to 70% of U.S. adults by Independence Day.