Wall Street’s mood swing stays bullish

The market woke up in a good mood

U.S. futures ticked higher on Thursday after Wednesday’s record-setting run, because apparently Wall Street woke up and chose optimism. Traders are still leaning on a strong earnings backdrop, a resilient labor market, and the idea that the Fed will sit this one out in June.

Trump also chimed in with a victory lap about all-time-high stocks and booming 401(k)s, which is very on-brand for a market that loves a little self-congratulation. Meanwhile, the bond market kept doing its usual thing: the 10-year yield hovered around 4.33%, while the 2-year sat near 3.85%.

The real action was in single stocks

The broader tape was calm-ish, but individual names were having their own emotional support-group session:

• Fortinet popped after beating first-quarter revenue and EPS estimates. That’s the kind of clean upside investors like to see when cyber names are in the spotlight.
• Whirlpool got smacked after missing first-quarter earnings expectations. Big-ticket household appliances are not exactly giving “consumer confidence” vibes.
• Core Scientific slipped after missing EPS estimates, reminding everyone that Bitcoin-adjacent stories can still be a roller coaster.
• Beyond Meat fell hard after in-line losses and weak second-quarter revenue guidance. Investors, unsurprisingly, are not thrilled about the next leg of the plant-based saga.
• Zillow also dropped even after solid first-quarter results, because sometimes the market just wants more. Classic.

Why you should care

This is one of those days where the index-level story is basically “everything is fine,” while the stock-level story is “earnings are the referee.” If companies can beat, raise, and avoid weird guidance landmines, they’re getting rewarded. If not, the market is swiping left fast.

Big picture: the rally still has legs, but the winners are increasingly being picked by fundamentals, not just by vibes.