Morning Preview: April 28, 2026

Early Look

Tuesday, April 28, 2026

Another day, another record on Monday as the S&P 500 and Nasdaq both ended at all-time highs on Monday ahead of en expected busy week of catalysts including several central bank policy meetings (FOMC on Wednesday with no change expected), 40% of the S&P 500 reporting this week (including Mag 7 names AAPL, AMZN, GOOGL, META, MSFT), inflation data on Thursday with GDP and PCE reports, and hopes for more clarity on the Iran/US conflict as oil prices stay high. U.S. futures however are looking lower, seeing weakness in the tech sector as the barrage of earnings results begin to flow. Coming into today, the Nasdaq is on track for a monthly gain of around 15% while the S&P 500 is up over 9% this month, on track for its second best April since 1950. Another sharp rise in oil prices as WTI crude tops $100 and Brent moves above $110 is not helping sentiment or inflation concerns ahead of tomorrows FOMC meeting. Wall Street remains on watch for any progress toward Middle East peace talks, as the US-Iran standoff keeps oil supply flows through the Strait of Hormuz at a standstill. In Asian markets, The Nikkei Index declined -619 points to 59,917, the Shanghai Index fell -7 points to 4,078, and the Hang Seng Index slumped -245 points to 25,679. In Europe, the German DAX is up 51 points to 24,135, while the FTSE 100 rises 49 points to 10,370. A huge morning and night of earnings with movers to the upside early including BP, CNC, GM, NUE, SANM while companies falling post earnings and guidance include AMKR, CLS, RMBS, SPOT and UPS. Bond markets are under pressure as oil prices rise, with Brent topping $111 to increase inflationary concerns. European bonds jolted by a jump in ECB CPI inflation expectations in March. Gold prices sinking, down by around $60 and testing $4,600/oz.

• The Dow Jones Industrial Average fell -62.92 points, or 0.13%, to 49,167.79
• The Nasdaq Composite gained 50.50 points, or 0.20%, to 24,887.10
• The Russell 2000 Index edged higher 1.20 points, or 0.04% to 2,788.20

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Price M/M for February
• 9:00 AM ET                  CaseShiller 20 city index M/M for February
• 10:00 AM ET                Consumer Confidence for April…est. 89.0
• 10:00 AM ET                Richmond Fed Index for April…prior 0
• 1:00 PM ET US Treasury to sell $44B in 7-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL AKR APAM ARI ASH ATEN BE BKNG CXP CDNA CLW CSGP CTO CZR EIX ENPH EQR ESI ESS EXE EXLS EXR FE FFIV FICO GEF HIW HOOD HTO IR IVT LRN LSTR MDLZ MIR MX NBR NEO NOG NTB NXPI OHI OI OKE OMC ORN PEB PPG PRCH QUAD RBBN RNR RNST ROG RSI RUSHA SBUX SIMO SLDE ST STAG STX TER TMUS TRMK TRTX TWO UCTT UMBF UNM V VLTO VRNS WBS WELL WERN WM WPC

• General Motors (GM) Q1 adjusted EPS $3.70 tops consensus $2.62; Q1 revs $43.6B vs. est. $43.55B; Q1 its profit margin improved to 10.1% from 8.8% a year earlier, despite a 10% decline in sales in the first quarter; Q1 net income dropped 6% y/y to $2.6B, mostly due to a $1.1B charge; raises FY26 adjusted EPS view to $11.50-$13.50 from $11.00-$13.00 and boosts FY26 adjusted EBITDA view to $13.5B-$15.5B from $13B-$15B.  
• Hilton (HLT) Q1 adj EPS $2.01 vs. consensus $1.97; Q1 revs $2.94B vs est. $2.95B; Q1 system-wide comparable RevPAR was up 3.6% on a currency neutral basis vs. last year; sees 2026 adjusted EPS $8.79-$8.91 below consensus $9.05; sees 2026 system-wide comparable RevPAR, on a currency neutral basis, up 2.0%-3.0%.

• Solaris Energy Infrastructure (SEI) Q1 adj EPS $0.44 vs. est. $0.26; Q1 revs $196M vs. est. $182.2M; Q1 Adjusted EBITDA $84M increased 22% sequentially q/q; raising Q2 adj EBITDA guidance to $83-93M from previous guidance of $76-84M and establishing Q3 adjusted EBITDA guidance at $80-95M.

• AvalonBay (AVB) Q1 core FFO $2.83 vs. consensus $2.80; Q1 same Store Residential revenue increased $11,053,000, or 1.6%, to $703,976,000; Q1 Same Store Residential operating expenses increased $9,966,000, or 4.7%, to $224,039,000 and Same Store Residential NOI increased $1,087,000, or 0.2%, to $479,937,000.
• Cincinnati Financial (CINF) Q1 non-GAAP EPS $2.10 vs. consensus $1.94; Q1 revenue $2.86B vs. $2.57B last year; said Q1 book value per share was $101.60 from $102.35 q/q; recorded $330M of non-GAAP operating income in Q1 compared to a loss of- $37M y/y; Q1 95.6% combined ratio improved almost 18 points from last year’s 113.3%
• Kforce (KFRC) Q1 EPS $0.46 vs. est. $0.39; Q1 revs $330.4M vs. consensus $329.38M; guides Q2 EPS $0.67-$0.75 above consensus $0.60 on better revs $344M-$352M vs. est. $335.67M; said higher Flex gross profit margins, driven by a 70 bps spread improvement and 20 bps from lower healthcare costs, supported overall margin gains
• Kilroy Realty (KRC) Q1 FFO/SHR $0.91 vs est $0.88, EPS ($0.16) on revs $270.1Mm vs est $267Mm; guides FY FFO/SHR $3.49-3.63.
• LendingClub (LC) Q1 EPS $0.44 vs est $0.36 on revs $252.3Mm vs est $249.1Mm, credit loss provision $400K, BV/shr $13.19; guides Q2 EPS $0.40-0.45 and FY EPS $1.65-1.80.
• Public Storage (PSA) Q1 FFO $4.22 vs consensus $4.13 and revs $1.22B, consensus $1.21B; Q1 2.4% Core FFO growth and 2.6%; Achieved a 77.1% Same Store net operating income margin, an expansion of 0.4% y/y; reaffirmed previously provided guidance for 2026 NOI growth (same store and non-same store) and core FFO.
• Ventas Inc. (VTR) Q1 AFFO/shr $0.94, EPS $0.11 vs est $0.06 on revs $1.66B vs est $1.59B; guides FY EPS $0.56-0.63 and AFFO/shr $3.69-3.76.

• Intellia Therapeutics (NTLA) announced a $150M stock offering.
• Oruka Therapeutics (ORKA) announces $500M common stock, warrants offering
• Qiagen (QGEN) cuts FY26 EPS view to ‘at least’ $2.43 from ‘at least’ $2.50 and updates year sales growth of about 1-2% CER (previously at least 5% CER growth); cites headwinds from reduced QuantiFERON immigration testing demand, sustained caution among U.S. Life Sciences customers and increased geopolitical uncertainty.
• United Health Services (UHS) Q1 adj EPS $5.62 vs est $5.41 on revs $4.5B vs est $4.39B; Q1 behavioral health care facilities on a same facility basis, adj admissions increased by 1.2% while adjusted patient days increased by 1.6% y/y; Q1 acute care hospitals owned during both periods, adjusted admissions (adjusted for outpatient activity) were unchanged and adjusted patient days increased by 0.8%; did not provide guidance.

• Crown Holdings Inc. (CCK) Q1 adj EPS $1.86 vs est $1.73 on sales rising 13% y/y to $3.259B vs est $3.045B; reaffirmed FY guidance EPS $7.90-8.30; sees Q2 adj EPS $2.10-2.20; North American beverage can shipments grew 1% as a strong March offset a slow start caused by winter storms
• Nucor Corp. (NUE) Q1 EPS $3.23 vs est $2.82 on sales $9.5B vs est $8.881B, EBITDA $1.51B; Steel mills total shipments 7.03M tons; says raw Materials segment expected to have increased earnings due to higher realized pricing in Q2, in Steel products segment expect improved earnings due to higher volumes on stable pricing in Q2, in Steel mills segment expected increase due to higher realized selling prices with stable volume in Q2.
• Simpson Manufacturing (SSD) Q1 EPS $2.13 vs est $1.87 on sales $588Mm vs est $552.3Mm, adj EBITDA $139.4Mm; guides FY EBIT mgn 19.5-20.5%, says even with more cautious view of housing activity the FY outlook remains intact.
• UPS (UPS) Q1 adj EPS $1.07 vs. consensus $1.03; Q1 revs fell -1.2% y/y to $21.2B, vs. consensus $20.97B; backs FY26 revenue view about $89.7B, vs. consensus $89.6B; maintained its forecast of a 1.2% rise in 2026 revenue and an adjusted operating margin of about 9.6%.

• Alphabet’s (GOOGL) Google joined a growing list of technology firms to sign a deal with the U.S. Department of Defense to use its artificial intelligence models for classified ‌work, The Information reported on Tuesday, citing a person familiar with the matter. The agreement allows ‌the Pentagon to use Google’s AI for “any lawful government purpose”, the report added
• Amkor Technology (AMKR) Q1 EPS $0.33 vs. est. $0.24 and revs rose 27% y/y to $1.685B vs. est. $1.65B; sees Q2 EPS $0.42-$0.52 vs. consensus $0.32 and revs $1.75B-$1.85B vs. consensus $1.74B; sees Q2 gross margin of 14.5% to 15.5% ; Q2 net income of $105M-$130M.
• Cadence Design Systems (CDNS) Q1 EPS $1.23 on revs $1.47B; sees Q2 EPS $1.07-1.13; cuts FY26 EPS view to $7.85-$7.95 from $8.05-$8.15 and cuts FY26 revenue view to $6.125B-$6.225B from $5.9B-$6B.
• Celestica (CLS) Q1 adj EPS $2.16 vs. est. $2.07 and revs $4.04B vs. est. $3.95B; sees Q2 adjusted EPS $2.14-$2.34, vs. consensus $2.13 and revenue $4.15B-$4.45B vs. est. $4.21B
• Rambus Inc. (RMBS) Q1 adj EPS $0.63 vs est $0.65 on revs $180.2Mm vs est $179.9Mm; guides Q2 product revs $95-101Mm, licensing billings $76-82Mm, contract & other revs $19-25Mm.
• Sanmina (SANM) Q2 adj EPS $3.16 vs. consensus $2.40; Q2 revenue $4.01B vs. consensus $3.27B; sees Q3 adjusted EPS $2.55-$2.85 vs. est. $2.53 and revs $3.2B-$3.5B vs. consensus $3.51B; Q2 adj operating margin 6.4%; sees FY26 adj EPS $10.75-$11.35 vs. est. $10.02 and revs $13.7B-$14.3B vs. est. $13.72B.
• Spotify (SPOT) Q1 monthly active users (MAU) forecast of 778M exceeded estimates of 773M, while its prediction for a 6 million increase in premium subscribers to 299M was below estimates of 302M; Premium subscribers rose 9% to 293M in Q1 vs. ests of 294.5M; guides Q2 operating income of 630M euros ($736.41 million) for the second quarter, below average estimate of 684M euros.