- __[Energy](https://snacks.robinhood.com/newsletters/GthYqJXfXa1UXvTAPKzZr/articles/1zYvayrbd8lJxnS8ecuB30/):__ __Exxon__ is facing the “Blockbuster Alarm” on oil — change and go green, or go extinct.
- __[Ads](https://snacks.robinhood.com/newsletters/3pnV87VuDPifCjtp4W4gHh/articles/7vbuNAkTTZcIt3oAQiUaOr/):__ __Apple__ is rolling out big iOS privacy changes that could hurt competitors like __Facebook__ and __Google__, while bolstering its *own* ad biz.
- __[Fashion](https://www.cnbc.com/2021/04/27/crocs-crox-q1-2021-earnings.html):__ __Crocs__ shares soared 19% for the week after it reported record first-quarter sales because functional = the new fashionable.

ICYMI

Highlights from last week...

__Feeling like Jordan '96,'97...__ The "Big Tech 5" demolished earnings with jaw-dropping records.  Despite the vax rollout and reopenings, some online pandemic habits seem to have only ramped up from January to March... 

- __[Amazon](https://robinhood.com/stocks/AMZN)__ had its [best](https://snacks.robinhood.com/newsletters/3R4HEFEoXZ1isuemmsCm9G/articles/6UKjvYAKLypKoODOwTmCtR/) first quarter *ever*, as the ecomm boom continued. Sales surged 44% from 2020 to a wild *$109B*, and profit more than 3X'd. Fun fact: ads were one of the 'Zons fastest-growing categories. Oh, and Bezos [called](https://ir.aboutamazon.com/news-release/news-release-details/2021/Amazon.com-Announces-First-Quarter-Results/default.aspx) Prime Video and AWS "our kids" (#nostalgic).
- __[Apple](https://robinhood.com/stocks/AAPL)__'s sales soared 54% to a Q1 record, and profit more than doubled to a shocking $24B. All product categories saw double-digit sales growth, but iPhone brought home the real iBacon (thanks, 5G upgrades).
- __[Google](https://robinhood.com/stocks/GOOGL)__ also smashed sales expectations, and profit more than doubled to $18B. YouTube was the star, with sales jumping 49% to $6B (more than Snap, LinkedIn and Pinterest... *combined*).
- __[Facebook](https://robinhood.com/stocks/FB)__'s sales soared 48% to $26B (nearly all from ads). Profit ~2X'd, thanks to a surge in ad prices. FB users, including Insta and WhatsApp, jumped 15%  to *3.5B* — aka: nearly half Earth's population.
- __[Microsoft](https://robinhood.com/stocks/MSFT)__ posted its strongest revenue growth since 2018 (partly thanks to higher PC sales).

__BTW...__ The "Big Tech Five" makes up ~22% of the __[S&P 500](https://learn.robinhood.com/articles/7kFFEUv46vmMCmMfLuNiRX/what-is-the-s-and-p-500/)__'s value, which reflects the total stock market. After a year of stocks thriving while the economy suffered, the economy seems to be starting to catch up. And consumer spending is playing a big role.


_Apple checks the earnings iMessage [Flashpop/DigitalVision via GettyImages]_

Whoa

__Big Tech's records reflect economic confidence...__ Consumer spending is rebounding thanks to stimulus(es), vaccines, and business reopenings. Retail sales surged 10% in March, the largest jump in a year. That benefited Amazon, but it *also* boosted ad giants, who rely on your spending to sell ads. Spending fueled 6.4% GDP growth last quarter, the second-fastest pace since 2003. Meanwhile, the techy __[Nasdaq](https://learn.robinhood.com/articles/1GXPrecRfkSNp0aBblBSsL/what-is-the-nasdaq/)__ index is up 62% over the past year. But a few clouds could rain on Big Tech's parade. Like: increasing antitrust scrutiny (the Apple-Epic "App Store monopoly" [trial](https://www.washingtonpost.com/technology/2021/04/30/epic-apple-trial-antitrust-fortnite-app-store/) starts today) and inflation [concerns](https://snacks.robinhood.com/newsletters/TkemicSGU43NTUB9d1ASr/articles/2mJPn77i6fUo7xq3qNVfjA/).


Big Tech giants drop back-to-back records (thanks to your 2021 spending) 

__Checking in (all at once)...__ It's hotel  week, with __Hilton__, __Hyatt__, __Booking__, __Expedia__, __Tripadvisor__, __Starwood__, and __Wynn Resorts__ all dropping earnings (now breathe). A pandemic isn't the best time to sip mojitos poolside, but we *have* seen  "[revenge spending](https://snacks.robinhood.com/newsletters/2lFqgJt0AfN3zJsbqdxm7m/articles/17MF35F4AhEUwPGvF1qKzt/)." Flight and restaurant sales surged in March, and TSA numbers are notching pandemic highs. But *global* Covid cases are still soaring, and earnings are expected to be lower than a year ago.

__Coming in mRN-ASAP...__  __[Moderna](https://robinhood.com/stocks/MRNA)__ and __[Pfizer](https://robinhood.com/stocks/PFE)__ earnings. Unlike __[J&J](https://robinhood.com/stocks/JNJ)__, the two mRNA vaccine makers *didn't* pledge to pass up vax profits (which could be big). Pfizer projects $15B in Covid vax sales for 2021, and Moderna forecasts $18B+. Vax sales will likely make a bigger difference for Moderna than for pharma giant Pfizer. Moderna has never made a profit, and the Covid vax is its first product. Pfizer stock is up 5% since January last year. Moderna is up *850%*.


Events

Coming up this week...

__Biden's big spending proposal...__ Another one. Last week, President Biden [unveiled](https://snacks.robinhood.com/newsletters/bkjHwzrYk5EcEFSxyJkR0/articles/3F4q4ct8ZW31iTShdsX1WK/) a $1.8T social spending plan that could transform the role of US government. It includes free pre-K and community college, federal paid family leave, and extended tax credits. It also brings Biden's total proposed spending tally to $6T, and would be paid for by tax hikes on the wealthy. We'll see how it fares in Congress, where Dems have a razor-thin majority.

__The "DPF Effect"...__ We're seeing the "demand pulled forward" effect [hit](https://snacks.robinhood.com/newsletters/3pnV87VuDPifCjtp4W4gHh/articles/3a26NetPKtd4R5XargcsRf/) some coronaconomy thrivers. DPF: when user growth that *should've* happen last quarter actually happened in 2020. __[Pinterest](https://robinhood.com/stocks/PINS)__ stock plunged 11% last week on slowing user growth — the moodboard-boom already happened. __[Netflix](https://robinhood.com/stocks/NFLX)__ also blamed DPF for its big subscriber miss last quarter. We’ll see if DPF hits other coronaconomy thrivers like __[Peloton](https://robinhood.com/stocks/PTON)__, which reports this week.

Highlights from last week...

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