Sector Synopsis: Investors navigated a flood of earnings across sectors, with tariffs again front and center. Auto names got a lift after reports that U.S. automakers may be exempt from some China-linked tariffs. Consumer staples stumbled on weak spending and guidance resets, while energy, aerospace, and semis saw selective strength on strong beats and demand commentary. Retail and gaming showed bifurcation, and transports remained under pressure from lowered forecasts.

Autos: Auto names (F, GM, STLA) rallied late Tuesday on reports that President Trump is preparing to exempt U.S. manufacturers from certain China tariffs. Nissan (NSANY) saw sharp production declines in March. Tesla (TSLA) continued to struggle in Europe, with March sales falling 28.2% y/y despite broad BEV growth. VinFast (VFS) posted a wider Q4 loss as costs mounted. O’Reilly (ORLY) missed on EPS but topped on comps and reaffirmed guidance.

Retail, Consumer Staples & Restaurants: P&G (PG) beat EPS but fell on weak revenue and a full-year sales downgrade amid consumer slowdown and tariff expectations. Chipotle (CMG) missed on comps, guiding lower for Q2. PepsiCo (PEP) was mostly in line but slashed EPS growth outlook. Keurig Dr Pepper (KDP) beat expectations, while Hasbro (HAS) surged on a solid beat and extended its Disney partnership. Tractor Supply (TSCO) missed and guided lower. Nestle (NSRGY) modestly topped organic growth forecasts. UTZ upgraded, MDLZ downgraded on demand concerns.

Leisure, Gaming & Lodging: Las Vegas Sands (LVS) saw Macau miss, offset by strong Singapore numbers. CHDN noted tariffs delaying Derby projects. iGaming grew +25% y/y, while OSB struggled. Sportradar (SRAD) priced a secondary offering. Jack in the Box (JACK) will discontinue its dividend and explore Del Taco alternatives.

Energy, Industrials & Materials: Dow (DOW) beat on EBITDA but guided Q2 light and delayed its Path2Zero project. Devon (DVN) announced a $1B cost initiative. Halliburton (HAL), Valero (VLO), and Matador (MTDR) all posted solid beats. Aerospace names rallied with Textron (TXT) reaffirming FY outlook and CACI raising guidance. Utilities were mixed: CMS and XEL reaffirmed, while PCG missed slightly. ALLE and LII issued positive updates. First Solar (FSLR) and others surged after finalized solar tariffs.

Banks, Brokers & Asset Managers: AMTB was downgraded after a miss. BANC topped estimates and expanded buybacks. HBAN and MTB upgraded by Deutsche Bank. Pacific Premier (PPBI) to be acquired by Columbia (COLB) in an all-stock deal. Mixed results across the board, with lower provisioning helping some regionals.

FinTech, Payments & Services: Western Union (WU) delivered in-line EPS. Fidelity National Information Services (FI) missed revenue estimates. Robert Half (RHI) weighed on staffing peers after a broad miss. Global Payments (GPN) and FIS deal fallout continued to reverberate.

Biotech & Pharma: Bristol (BMY) beat and raised guidance. Merck (MRK) revenue was in line, but China softness pressured margins. Roche (RHHBY), Sanofi (SNY), and Edwards (EW) all delivered mixed to solid beats. SpringWorks (SWTX) jumped on buyout chatter. Halozyme (HALO) filed suit against Merck. West Pharma (WST) raised guidance after a beat.

Healthcare Services & MedTech: Molina (MOH) reaffirmed FY outlook. ResMed (RMD) beat on accessories. Medpace (MEDP) beat expectations but noted a bookings miss.

Transports: Airlines like ALK and LUV withdrew 2025 guidance on spending uncertainty and tariff exposure. UNP missed on rail volumes. KNX showed spot softness in TL. AAL and ALK both reported lighter losses than feared, but sentiment turned negative.

Internet, Media & Telecom: Comcast (CMCSA) broadband subscriber losses exceeded estimates, but overall revenue was above consensus. Alphabet (GOOGL) beat and highlighted strength in cloud and ad segments. Media sentiment mixed amid broader ad trends.

Hardware, Software & Semiconductors: Cadence (CDNS) upgraded at JPM after a YTD pullback. IBM beat topline but missed in software. ServiceNow (NOW) beat and guided higher on GenAI traction. Nintendo (NTDOY) cited overwhelming Switch 2 demand. Lam Research (LRCX), Mobileye (MBLY), and Texas Instruments (TXN) posted strong beats and upbeat guidance. ON downgraded at B Riley, citing delayed revenue ramp.

Takeaway for Investors
Alphabet's Q1 performance delivered a clean double beat, with strength across its ad segments and sustained margin expansion in cloud. The $70B buyback was well-received, signaling confidence amid tariff and cost headwinds. With AI investments continuing and capex guidance rising, management remains bullish on long-term monetization of infrastructure and GenAI tools. A strong quarter that may help re-anchor big tech amid a more fragmented market rally.