The Most Anticipated Recession We've Ever Had

Carl Quintanilla, Jim Cramer and David Faber focused on the earnings news that dampened market sentiment -- leading with shares of Tesla down sharply after the company posted a decline in Q1 profit, as price cuts weighed on margins.The anchors reacted to earnings call comments from Elon Musk, who said he would stress sales growth over higher margins. Speaking of Musk, SpaceX's giant "Starship" rocket launched for the first time and exploded before reaching orbit. Also in focus: American Express, AT&T and a number of regional banks among the earnings losers -- plus what's driving the rally in chip equipment and homebuilder stocks.

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