Morning Preview: April 30, 2026

Early Look

Thursday, April 30, 2026

U.S. stock futures are mixed, with Nasdaq futures edging slightly higher after results from some of the biggest tech companies in the world last night, while oil prices slip off 4-year highs ahead of another busy day of earnings and economic data, which will include GDP, PCE inflation, jobless claims, personal income and Chicago PMI. Oil prices reached their highest level since 2022 on a report that President Trump is looking at fresh Iran military options, stoking concerns of an escalation in hostilities. Out of the big four earnings results in tech last night that will likely impact the broader tech/semi/optical/memory/Ai sectors. GOOGL Q1 revenue and profit that beat projections, fueled by strong growth in its cloud computing unit; AMZN Q1 AWS revenue rises 28%, surpassing estimates due to enterprise AI spending while invests heavily in AI partnerships with OpenAI and Anthropic; META big Q1 beat, mixed Q2 guide while shares fall on capex spending; MSFT cloud business reported growth that narrowly beat analysts’ estimates. Another huge morning of earnings with Dow components CAT, MRK reporting better than expected results, lifting shares and Dow futures and then we get Apple (AAPL) earnings after the close.

In capex spending: AMZN, which said in January that it expected its capital expenditures in 2026 to approach $200 billion, told investors on its earnings call that its plan remained “largely the same.” GOOGL raises 2026 CAPEX guidance to $180B-$190B from prior $175B-$185B and says 2027 CAPEX to significantly increase from 2026; META raises view to 2026 capital expenditures $125B-$145B above its prior view $115B-$135B; MSFT expects capex spending for calendar year 2026 to reach $190 billion, including $25 billion due to higher component pricing.

In Asian markets, The Nikkei Index dropped -632 points to 59,284, the Shanghai Index rose 4 points to 4,112, and the Hang Seng Index declined -335 points to 25,776. In Europe, the German DAX is up 65 points to 24,020, while the FTSE 100 is up 106 points to 10,319. Oil prices pulled back slightly after hitting highest levels since 2022 yesterday (now above start of Iran war levels) despite the US and Iran showing little sign of breaking their impasse and agreeing to another round of peace talks. Prices hit highs Wednesday after Axios reported that Trump will be briefed about new military options for action in Iran. Trump told Axios he will not lift a naval blockade of Iran’s ports until he secures a deal with Tehran to address the country’s nuclear program. Gold prices bounced off 1 month lows as the dollar eased and oil prices ticked lower.

• The Dow Jones Industrial Average fell -280.12 points, or 0.57%, to 48,861.81
• The Nasdaq Composite edged higher 9.44 points, or 0.04%, to 24,673.24
• The Russell 2000 Index declined -16.59 points, or 0.60% to 2,739.47

• 8:30 AM ET                  Continuing Claims…est. 1.815M
• 8:30 AM ET                  Personal Income M/M for March…est. +0.3%
• 8:30 AM ET                  Personal Spending M/M for March…prior +0.1%
• 8:30 AM ET PCE Price Index M/M for March…est. +0.7% (prior +0.4%)
• 8:30 AM ET PCE Price Index Y/Y for March…est. +3.5% (prior +2.8%)
• 8:30 AM ET                  Core PCE Price Index M/M for March…est. +0.3% (prior +0.4%)
• 8:30 AM ET                  Core PCE Price Index Y/Y for March…est. +3.2% (prior +3.0%)
• 8:30 AM ET                  Gross Domestic Product (GDP) Q1 advance…est. +2.3%
• 8:30 AM ET GDP Q1 advance consumer spending…prior +1.9%
• 8:30 AM ET GDP Q1 price deflator…est. +3.8%
• 8:30 AM ET GDP Q1 Core PCE prices …est. +4.1%
• 8:30 AM ET                  Employment Cost Index (ECI) for Q1…prior +0.7%
• 9:45 AM ET                  Chicago PMI for April…est. 53.0 (prior 52.8)
• 10:00 AM ET                Leading Index Change M/M for February…est. (-0.1%)
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAPL ACA ACCO AEM AIG AJG ALGT ALHC AMGN ANGX ARDS ASUR ATR AX AXTI BIO BZH CABO CERS CLX CNO COHU COLM CPT CUBE CWST DLB DRH DXCM EBS EGO EHC EMN EXPO FHI FIVN FND FSLR GDDY GDYN HCC HG HR HUN ILMN IMAX INBK INGM INN IRTC JAKK KIDS KWR LOPE LPLA MAT MHK MMSI MPWR MTX MTZ NEWT OLED OPAD OSPN PCRX PDM PK RBLX RDDT RHP RIOT RIVN RMD ROKU RYAN SBGI SEM SKT SNDK SNDR SPSC SPXC SYK TEAM TREE TRUP TWLO UMH WDC WEAV WHG WY ZETA

• The Trump administration is expected to issue the first tariff refunds by around May 11, according to an order filed on Tuesday in the U.S. Court of International Trade, more than two months after the U.S. Supreme Court deemed the sweeping duties illegal. About 21% of entries subject to the tariffs under the International Emergency Economic Powers Act (IEEPA) have been accepted for removal of duties.
• China April Manufacturing PMI 50.3 vs 50.1 consensus and China April Services PMI at 49.4 vs 49.8 consensus.
• Gasoline in California has topped $6 a gallon as the global energy crunch from the Iran war reverberates

• Carvana (CVNA) Q1 EPS $1.69, tops consensus $1.56 on revs $6.43B vs. est. $6.09B; said Q1 adjusted gross profit per unit fell by $58 in the first quarter from a year earlier; Q1 adj Ebitda rose to record $672M vs. est. $649M; said 40% y/y increase in retail units sold drove record Q1 results; said Q1 net income was negatively impacted by $42M from changes in fair value of warrants.
• Cheesecake Factory (CAKE) Q1 adj EPS $1.05 vs est $1.01 on revs $978.833Mm vs est $965.2Mm; comps +1.6%; said opened three new restaurants during the first quarter, and it opened a new Cheesecake Factory restaurant internationally in Mexico under a licensing agreement.
• Chipotle Mexican Grill (CMG) Q1 sales +7.4% y/y to $3.09B vs. est. $3.07B; reported a 0.5% rise in quarterly comparable sales, compared with analysts’ expectations for a (-0.8%) decline; Q1 adj EPS $0.24 in-line with ests; Q1 Operating margin fell to 12.9% from 16.7% due to higher food and labor costs; expects 2026 full-year comparable restaurant sales to be about flat; plans 350 to 370 new restaurant openings in 2026.
• eBay Inc. (EBAY) Q1 adj EPS $1.66 vs. est. $1.58 and revs rose 19% y/y to $3.1B vs. consensus $3.04B; guided Q2 adjusted EPS $1.46-$1.51, vs. consensus $1.50 and sees Q2 revenue $2.97B-$3.03B vs. est. $2.96B; expects Q2 2026 GMV between $21.3B-$21.7B after $22.2B in Q1.
• Ford Motor (F) Q1 adj EPS $0.66 vs. est. $0.19; Q1 revs $43.3B vs. est. $38.8B; sees FY adj. Ebit $8.5B-$10.5B, above prior forecast $8B-$10B; Q1 net income $2.5B vs $0.5B y/y; Q1 adj EBIT $3.5B vs. $1.0B y/y; says FY outlook assumes commodity headwinds of about $2B, up $1B from prior estimate.
• Mattel Inc. (MAT) Q1 adj EPS loss (-$0.20) vs. est. loss (-$0.21); Q1 revenue $862M vs. est. $808.97M; raises FY26 EPS view to $1.27-$1.39 from $1.18-$1.30 (est. $1.23) while backs FY26 revenue growth view 3%-6%.
• MGM Resorts (MGM) Q1 adj EPS $0.49 vs. est. $0.53; Q1 revs rose 4% y/y to $4.5B vs. est. $4.37B; said sees signs of strength for Q2 and beyond driven by solid convention bookings; Q1 consolidated net revenues were driven primarily by MGM China and MGM Digital; Q1 Las Vegas Strip Resorts posted y/y quarterly net revenue growth.
• O’Reilly Automotive (ORLY) Q1 EPS $0.72 vs. est. $0.69; Q1 revs $4.56B vs. est. $4.46B; reported an 8.1% increase in comparable store sales and a 16% increase in earnings; sees FY26 EPS $3.15-$3.25 vs. consensus $3.22, revs $18.7B-$19B, vs. est. $18.97B and sees FY26 comparable store sales 3%-5%.
• Pool Corp. (POOL) increases share repurchase program to $600M.
• Sprout Farms (SFM) Q1 EPS $1.71 vs est $1.68 on sales $2.329B vs est $2.322B; guides Q2 comps -2% to flat and EPS $1.32-1.36 vs est $1.35; sees FY comps -1% to +1% and EPS $5.32-5.48 vs est $5.54.
• VICI Properties (VICI) Q1 revenue grew 3.5% y/y to $1B vs. est. $1.02B; Q1 AFFO per share rose 4.5% y/y to $0.61 in Q1; raised full-year 2026 AFFO guidance to $2.44-$2.47 per share; said y/y increase in net income and FFO was driven by a $305.7 mln aggregate change in the CECL allowance.

• Antero Resources (AR) Q1 EPS $1.72 vs. consensus $1.14 and revs $1.35B vs. est. $1.6B; Q1 adj net income $357M vs. est. $343.7M; Q1 net production averaged 3.9 Bcfe/d, up 13% y/y, driven by higher natural gas output and operational execution during winter conditions; expects Q2 production to average 4.1 Bcfe/d, up 6% from Q1 while maintains full-year 2026 production guidance at about 4.1 Bcfe/d.
• ProPetro Holding (PUMP) announced that its PROPWR business unit has entered into a strategic framework agreement with Caterpillar (CAT) to purchase up to 2.1 gigawatts of power generation assets to support the growing energy demands of data center, oil and gas.

• Allstate (ALL) Q1 EPS $10.65 vs. est. $7.29; Q1 revs $16.9B vs. est. $15B; Q1 Property-liability unit catastrophe losses shrank to $1.24B, compared with $2.2B a year earlier; Q1 net investment income jumped to $938M from $854M a year earlier, underpinned by strong gains in its market-driven investment portfolio.; Q1 Property-liability unit combined ratio was 82% in the quarter, compared with 97.4% a year earlier. A ratio below 100% indicates an insurer earned more in premiums than what it paid out in claims.
• PayPal (PYPL) announced a strategic reorganization of its business and executive leadership team to accelerate execution of its long-term growth priorities, streamline decision-making, and drive innovation. As part of the reorganization, PayPal will transition to a simplified three-business operating model: Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto.

• Cigna (CI) Q1 adj EPS $7.79 vs. est. $7.61; Q1 revs $68.52B vs. est. $66.37B; FY Cigna healthcare medical care ratio 83.7% to 84.7% vs estimate 84.06%; Q1 MCR 79.8% vs estimate 81.56%; raises FY26 adjusted EPS view to at least $30.35 from at least $30.25.
• Glaukos (GKOS) Q1 adj EPS ($0.18) vs est ($0.21) on sales $150.6Mm vs est $144.81Mm, adj gr mgn 84%; guides FY revs $620-635Mm vs est $613.51Mm.
• Merck (MRK) Q1 adj EPS loss (-$1.28), vs. consensus loss (-$1.47); Q1 revs $16.3B vs. est. $15.85B; raises FY26 adjusted EPS view to $5.04-$5.16 from $5.00-$5.15 (est. $5.11) and narrows FY26 revenue view to $65.8B-$67B from $65.5B-$67B, vs. consensus $66.49B; sales of Keytruda, the world’s biggest-selling prescription medicine, rose 12% to $8 billion while sales of diabetes drug Januvia fell 28% to $574 million.
• Teladoc (TDOC) Q1 EPS loss (-$0.36) vs. est. loss (-$0.39); Q1 revs fell -2% y/y to $613.8M vs. est. $610.59M; Integrated Care revenue of $395.4M, up 2% y/y and adj EBITDA margin of 14.2%; Q1 BetterHelp revs of $218.4M, down -9% y/y and adjusted EBITDA margin of 0.9%; reaffirmed the midpoint of its full year financial outlook.
• Viking Therapeutics (VKTX) Q1 EPS loss (-$1.37), vs. consensus loss (-$0.91); Q1 cash, cash equivalents and short-term investments at quarter end were $603M vs. $706M at previous quarter end; said continue to execute the Phase 3 clinical development program for our lead obesity program VK2735. Our VANQUISH Phase 3 studies of the subcutaneous formulation are fully enrolled, and our planned Phase 3 studies with the oral tablet formulation are expected to begin later this year, marking a rapid pace of development for this important program.

• Caterpillar (CAT) Q1 adj EPS $5.54 vs. est. $4.62; Q1 revs $17.4B vs. est. $16.61B; Operating profit margin was 17.7% for the first quarter of 2026, compared with 18.1% y/y.
• CH Robinson Worldwide (CHRW) Q1 adj EPS $1.35 vs est $1.24 on revs $4.0B vs est $4.028B.
• Flowserve (FLS) Q1 adj EPS $0.85 vs est $0.80 on revs $1.068B vs est $1.168B; reaffirmed FY adj EPS guide $4.00-4.20 vs est $4.12, reduces FY sales guide from $4.965-5.06B to $4.871-5.013B vs est $4.99B.
• Woodward (WWD) Q2 adj EPS $2.27 vs est $2.16 on sales $1.09B vs est $1.043B, adj EBIT $186Mm vs est $175.46Mm; guides FY sales +20-23% vs est +16.4% and adj EPS $9.15-9.45 vs est $8.76.

• Meta Inc. (META) shares fell; Q1 EPS $10.44 tops consensus $6.82 and revs $56.31B vs. est. $55.56B; raises view to 2026 capital expenditures $125B-$145B above its prior view $115B-$135B; sees Q2 revenue $58B-$61B vs. consensus $59.57B; family daily active people 3.56 bln in March 2026, up 4% y/y.
• Microsoft Corp. (MSFT) Q3 EPS $4.27 tops consensus $4.07 on revs rose 21% y/y to $82.89B vs. est. $81.43B; Q3 Azure & other Cloud rev ex-fx +39%, vs. est. +38.2%; Q3 Cloud revenue $54.5B, up 29%, productivity and Business Processes was $35.0B and increased 17%, Microsoft 365 Consumer cloud revenue increased 33%; Q3 AI business annual revenue run rate surpassed $37 bln, up 123% y/y, per CEO Satya Nadella. Microsoft says Azure will growth will go from 39% in March to 40% in June (ests for 37%). Expects capex spending for calendar year 2026 to reach $190 billion, including $25 billion due to higher component pricing.
• Impinj Inc. (PI) shares jump; Q1 EPS $0.14 vs est $0.14 and revs $74.3M vs est $72.5M; sees Q2 EPS $0.77 $0.82 vs est. $0.74 and sees Q2 revs $103M-$106M vs consensus $96.3M; said first-quarter results were solid, with revenue and adjusted EBITDA exceeding the top end of our guide range.
• KLA Tencor (KLAC) shares fall; Q3 adj EPS $9.40 vs. consensus $9.17 and revs $3.415B vs. est. $3.38B; sees Q4 non-GAAP EPS $8.87-$10.87, vs. consensus $9.83 and revs $3.38B-$3.78B vs. est. $3.55B; approved $7 bln in new share repurchases and raised quarterly dividend; aid results benefited from global AI infrastructure built out across foundry/logic, memory; says business momentum remains robust and is highly confident in 2026 outlook.
• Plexus (PLXS) Q2 adj EPS $2.05 vs est $1.88 on revs $1.164B vs est $1.131B; guides Q3 revs $1.2-1.25B vs est $1.151B, EBIT mgn 4.1-4.5% and adj EPS $2.02-2.18 vs est $1.99.
• Qualcomm (QCOM) Q2 adj EPS $2.65 vs est $2.56 on revs $9.08B vs est $10.599B; guides Q3 revs $7.9-8.5B vs est $10.274B and adj EPS $2.10-2.30 vs est $2.45; says navigating a challenging memory environment; said sees China handset revenue bottoming in Q3.
• SBA Communications (SBAC) Q1 FFO $3.03 vs. consensus $2.86 and Q1 revenue $703.4M vs. est. $694.9M; Increased full year 2026 outlook across all key metrics; company-wide Tower Cash Flow margin of approximately 80%; sees FY26 FFO $11.96-$12.38 vs. est. $12.13 and revs $2.84B-$2.88B vs. consensus $2.88B.
• Tenable Holdings (TENB) Q1 adj EPS $0.47 vs est $0.41 on revs $262.058Mm vs est $258.8Mm; guides Q2 revs $263-266Mm vs est $264.5Mm and adj EPS $0.46-0.48 vs est $0.44; sees FY revs $1.068-1.078B vs est $1.07B and adj EPS $1.90-1.98 vs est $1.87.
• TTM Technologies (TTMI) Q1 adj EPS $0.75 vs est $0.67 on revs $845.976Mm vs est $789.8Mm; guides Q2 revs $930-970Mm vs est $823.029Mm and adj EPS $0.82-0.88 vs est $0.74.
• Viavi Solutions (VIAV) Q3 adj EPS $0.27 vs est $0.23 on revs $406.8Mm vs est $393.83Mm, gr mgn 57.5%, adj EBIT mgn 21%.
• The White House opposes a plan by Anthropic PBC to expand access to its Mythos AI model, an administration official said Wednesday night. Members of President Donald Trump’s administration have told Anthropic that they don’t agree with the company’s plan to grant access to its Mythos technology to roughly 70 companies and organizations, according to the official – WSJ