The Edge

🐷 PIG ROAST

💬 Word on the Street

Rep. April Delaney quietly added Steris PLC (STE) to her portfolio while 42 insiders at Carvana (CVNA) stampeded for the exits with $1.9 billion in sales—the kind of divergence that makes you wonder who knows something the rest of us don't. Meanwhile, Datadog (DDOG) rockets 31% after crushing earnings and analysts are *still* pumping the brakes, SentinelOne (S) surges on a cybersecurity beat that suggests ransomware season is alive and well, and SiTime Corporation (SITM) extends its 277% yearly run with another 28% pop because apparently timing chips have better timing than most traders. Here's what smart money actually did with their capital today.

Market volatility measures indicate relatively calm conditions across asset classes, with equity volatility sitting in the normal range while bond market volatility has declined to notably subdued levels. The VIX at 17.38 reflects modest investor hedging activity in equity markets, though the week-over-week decline suggests some reduction in near-term concern. Meanwhile, the MOVE index's sharp 12.9% drop to 13.85 signals that Treasury market participants are pricing in minimal interest rate uncertainty, a level that historically has preceded both extended periods of stability and occasional sharp reversals when unexpected catalysts emerge.

Market breadth shows a moderate advance with 55% of SPY components moving higher, while a notable divergence appears as the tech-heavy QQQ registers 63% participation and transports surge ahead at 74%. Semiconductors and Real Estate are commanding the leadership board at 100% and 90% respectively, demonstrating concentrated strength in rate-sensitive and technology sectors, while traditional defensive areas like Healthcare and Utilities lag significantly at 31% and 36%. The performance split reveals a risk-on tilt favoring growth and cyclical sectors, though the divergence between sector leadership strength and broader index participation suggests uneven market internals.

Fed net liquidity stood at $6.70 trillion as of April 29, down $7.5 billion from the prior week, indicating a slight tightening in financial system liquidity that historically correlates with pressure on risk asset prices. The next H.4.1 Federal Reserve balance sheet update releases Thursday, May 7, which will show whether this contraction trend continues or reverses.

Yesterday's labor market data showed initial jobless claims rising to 200K from 190K but still beating the 205K estimate, maintaining the tight employment conditions that have persisted throughout 2024, while the bigger surprise came from unit labor costs rising just 2.3% versus the 2.6% estimate—a sharp deceleration from the prior 4.6% reading that marks the slowest wage pressure growth since Q2 2021 and could give the Fed more confidence that inflation pressures are easing even as productivity growth of 0.8% badly missed expectations at 1.4%. Today's employment report dominates the calendar with nonfarm payrolls expected to decelerate sharply to just 62K from 178K, which if accurate would represent the weakest job creation since the pandemic recovery period and will be scrutinized alongside average hourly earnings data expected to accelerate to 3.8% YoY from 3.5%—a potential contradiction that would suggest wage inflation is reaccelerating even as hiring slows, complicating the Fed's policy calculus ahead of five separate Fed speaker appearances scheduled throughout the day.

# Institutional Flow Summary ETF positioning data reveals a concentrated technology rotation, with semiconductor and mega-cap tech names AVGO, META, and MU attracting the most inflows despite simultaneous distribution from other funds—AVGO and META appeared on both the top buyers and sellers lists. The nearly balanced 10-to-10 add/remove ratio suggests institutional capital is churning within tech rather than rotating out, while healthcare name LLY experienced notable trimming among the top outflows.

AVGO Broadcom Inc. ⭐

▲ + Buying Rising Stock 5D +4.9% 3M +38.1% 1Y +112.8%

4999 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

+ Buying Falling Stock 5D -8.4% 3M -8.4% 1Y +2.5%

4386 ETFs • 0 shares

MU Micron Technology, Inc. ⭐

▲ + Buying Rising Stock 5D +28.6% 3M +75.8% 1Y +730.4%

4332 ETFs • 0 shares

AVGO Broadcom Inc. ⭐

▲ - Selling Rising Stock 5D +4.9% 3M +38.1% 1Y +112.8%

2792 ETFs • 0 shares

META Meta Platforms, Inc. ⭐

- Selling Falling Stock 5D -8.4% 3M -8.4% 1Y +2.5%

2611 ETFs • 0 shares

LLY Eli Lilly and Company ⭐

▲ - Selling Rising Stock 5D +16.0% 3M -10.7% 1Y +20.9%

2381 ETFs • 0 shares

Rep. April Delaney recently purchased positions in STERIS (STE), Markel Group (MKL), and Packaging Corporation of America (PKG), while simultaneously selling holdings in Clean Harbors (CLH), Service Corporation International (SCI), and Morningstar (MORN). The Representative's transactions show a rotation from environmental services and death care sectors into healthcare sterilization, specialty insurance, and packaging materials.

STE STERIS plc ⭐ CONGRESS

+ Buying Falling Stock 5D +0.9% 3M -18.6% 1Y -3.6%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

MKL Markel Corporation ⭐ CONGRESS

+ Buying Falling Stock 5D +1.6% 3M -13.0% 1Y -4.3%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

PKG Packaging Corporation of America ⭐ CONGRESS

▲ + Buying Rising Stock 5D +5.0% 3M -2.4% 1Y +27.5%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

CLH Clean Harbors, Inc. ⭐ CONGRESS

▲ - Selling Rising Stock 5D -6.0% 3M +10.4% 1Y +29.3%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

SCI Service Corporation International ⭐ CONGRESS

- Selling Falling Stock 5D -9.2% 3M -6.3% 1Y +5.7%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

MORN Morningstar, Inc. ⭐ CONGRESS

- Selling Falling Stock 5D -10.6% 3M -7.1% 1Y -43.0%

Rep. April Delaney (April Delaney) • $1,001 - $15,000

Cluster selling dominated this period, with 42 insiders at CVNA offloading $1.9B in stock and 334 insiders at CRWV exiting positions worth $1.4B. On the accumulation side, 24 insiders at EQT added positions in coordinated fashion, though the dollar value was not disclosed.

SVRE SaverOne 2014 Ltd ⭐ INSIDER

▲ + Buying Rising Stock 5D +40.0% 3M +94.5% 1Y -66.0%

2 insiders • $6.2B

EQT EQT Corporation ⭐ INSIDER

+ Buying Falling Stock 5D -2.7% 3M +3.9% 1Y +8.1%

24 insiders • $346.8M

NOW ServiceNow, Inc. ⭐ INSIDER

+ Buying Falling Stock 5D +0.2% 3M -19.8% 1Y -54.5%

3 insiders • $280.6M

CVNA Carvana Co. ⭐ INSIDER

▲ - Selling Rising Stock 5D -1.8% 3M -0.9% 1Y +50.1%

42 insiders • $1.9B

CRWV CoreWeave, Inc. Class A Common Stock ⭐ INSIDER

▲ - Selling Rising Stock 5D +20.8% 3M +67.3% 1Y +170.5%

334 insiders • $1.4B

SEI Solaris Energy Infrastructure, Inc. ⭐ INSIDER

▲ - Selling Rising Stock 5D +8.8% 3M +60.4% 1Y +249.0%

2 insiders • $290.5M

Market activity showed significant movement with IREN surging 42.3%, ACLS climbing 28.0%, and BKSY advancing 27.9% in yesterday's session. Today's earnings calendar features 69 companies reporting, with ENB and BAM showing accumulation signals from institutional participants, while TM and AU are experiencing distribution patterns. Tomorrow's slate expands to 106 companies scheduled to report quarterly results.