Morning Preview: May 28, 2026

Early Look

Thursday, May 28, 2026

After closing higher for a 5^th straight day on Wednesday and trying to extend its weekly advances to nine weeks, the S&P 500 (SPX) index is down slightly/little changed overnight ahead of key PCE inflation data later this morning at 8:30 am et. A “cooler” reading could extend the market rally that has been going on since the end of March, with monstrous gains in the Nasdaq, led by specific strength in the semis (SOX) which are up 20% this month and 80% this year. A “hotter” reading could however cause Fed rate hike fears and weigh on sectors that are interest rate sensitive like dividend paying names (utilities, towers, REITs) and housing. Stocks slipped overnight and oil edged higher after news American forces shot down four Iranian drones fired at a commercial ship and hit a launch unit near Hormuz, according to a US official. In response, Iran targeted the US base from which the strikes came, state-run Press TV reported.

The S&P 500, Nasdaq Comp and Dow Jones industrials all eked out (barely) new all-time highs again on Wednesday while the Russell 2000 slipped in final minutes to prevent a record high. It was a day dominated by consumer discretionary (XLY) strength as well as defensive consumer staples (XLP) while energy (XLE) slumped along with financials (XLF) and tech (XLK) pared some of its recent record gains. It was a big night for tech earnings with several notable names moving including SNOW to the upside, CRM slipped on better quarter but mixed guide, and MRVL shares rose in semiconductors (other mentions down below). In Asian markets, The Nikkei Index declined -306 points to 64,693, the Shanghai Index rose 4 points to 4,098, and the Hang Seng Index dropped -322 points to 25,006. In Europe, the German DAX is down -71 points to 25,106, while the FTSE 100 is down -84 points to 10,420.  Very heavy slate of economic data later this morning around 8:30 am et with PCE, GDP, jobless claims and personal income/spending.

• The Dow Jones Industrial Average rose 182.60 points, or 0.36%, to 50,644.28
• The Nasdaq Composite gained 18.55 points, or 0.07%, to 26,674.73
• The Russell 2000 Index slipped -0.57 points, or 0.02% to 2,919.97

• 8:30 AM ET                  Continuing Claims…est. 1.78M
• 8:30 AM ET                  Personal Income M/M for April…est. +0.4% (prior +0.6%)
• 8:30 AM ET                  Personal Spending M/M for April…prior +0.2%
• 8:30 AM ET PCE Price index M/M for April…est. +0.5% (prior +0.7%)
• 8:30 AM ET PCE Price index Y/Y for April…est. +3.8% (prior +3.5%)
• 8:30 AM ET                  Core PCE Price index M/M for April…est. +0.3% (prior +0.3%)
• 8:30 AM ET                  Core PCE Price index Y/Y for April…est. +3.3% (prior +3.2%)
• 8:30 AM ET                  Q1 GDP second estimate…est. +2.0% (prior +2%)
• 8:30 AM ET                  Q1 GDP Consumer Spending…prior +1.6%
• 8:30 AM ET                  Q1 GDP Price Deflator…est. +3.6% (prior +3.6%)
• 8:30 AM ET                  Core PCE Price index M/M for Q1…est. +4.3% (prior +4.3%)
• 8:30 AM ET                   Durable Goods Orders M/M for April…est. +3.5%
• 10:00 AM ET                New Home Sales M/M for April…est. 665K
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 12:00 PM ET                Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ADSK AEO AMBA ASAN COST DELL ESTC GAP HQY MDB NGL NTAP OKTA PD PKE S

• Benchmark Healthcare Conference, 5/28 (virtual)
• Deutsche Bank 16th Annual Global Financial Services Conference, 5/27-5/28, in New York
• Keybanc Industrial & Basic Materials Conference, 5/26-5/28, in Boston
• Stifel Jaws & Paws Conference, 5/28-5/29 in New York
• TD Cowen 54th Annual Technology, Media & Telecom Conference, 5/27-5/28, in New York

• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -6.3 % vs -11.9% last week. Bulls rose to 35.6% from 31.7%, Neutrals fall to 22.6% from 24.7%, Bears fall to 41.9% from 43.6%
• @Barchart noted on X, “Semiconductor Stocks are now trading above their 200-day moving average by the largest margin since the Dot Com Bubble Burst”

• Dollar Tree (DLTR) Q1 adj EPS $1.74 vs. est. $1.55; Q1 revs $4.975BB vs. est. $4.96B; Q1 comparable store net sales growth of 3.5%; said expects 400 new store openings and 75 closings in FY26; guides FY26 EPS $6.7-$7.10, above prior view $6.50-$6.90 and backs year revs view of $20.5B-$20.7B, with comp sales +3%-4%.
• DoorDash (DASH) and Dollar Tree (DLTR) announced a new partnership to offer on-demand delivery from Dollar Tree’s full U.S. store footprint on DoorDash. With more than 9,000 stores available across 48 states, consumers can now shop more than 10,000 products from Dollar Tree on DoorDash.
• Hormel Foods (HRL) Q2 adj EPS $0.40 vs. est. $0.36; Q2 revs $2.97B vs. est. $2.95B; reaffirms FY2026 net sales and adjusted EPS forecast.

• Astronics (ATRO) announced that the U.S. Army has issued a purchase order to Astronics Test Systems for the TS-4549/T Radio Test Sets Program. The order initiates the full rate production stage of the program and is for $44.7M; order is expected to cover deliveries over the next 20 months.
• FedEx Freight (FDXF) will replace American Airlines (AAL) in the Dow Jones Transportation Average effective prior to the open of trading on Monday, June 1. Dow Jones Transportation Average constituent FedEx (FDX) is spinning off FedEx Freight Holding in a transaction expected to be completed on June 1.
• FedEx Freight Holding Company (FDXF) will replace EPAM Systems Inc. (EPAM) in the S&P 500, and EPAM Systems will replace Shutterstock Inc. (SSTK) in the S&P SmallCap 600 effective Tuesday, June 2.
• HEICO Inc. (HEI) Q2 EPS $1.66 topped consensus $1.34 on revs $1.38B vs. consensus $1.25B; continue to forecast strong cash flow from operations for fiscal 2026.
• U-Haul Holding (UHAL) Q4 EPS net loss widened as fleet depreciation rose while revs rose y/y to $1.27B, driven by higher self-moving equipment rental and self-storage revenues; authorized $350M share repurchase plan; said expects capex on rental trucks to decline next year, moderating fleet depreciation.

• N.T. Butterfield (NTB) has entered into a definitive agreement to acquire CIBC’s 91.7% interest in CIBC Caribbean Bank. The total consideration to be paid for CIBC Caribbean will be comprised of $1.09B in cash and $703M in Butterfield shares.
• Royal Bank of Canada (RY) announces 45M share repurchase program; raises quarterly dividend 7% to C$1.76 per share; Q2 adjusted EPS C$3.90 vs. C$3.12 last year and Q2 revenue C$17.45B vs. C$15.67B last year.

• CVS (CVS), Walgreens and Walmart (WMT) defeated a lawsuit brought by 16 Florida hospitals accusing them of flooding the State with opioids, after a judge found that the pharmacy chains’ alleged efforts to boost opioid sales did not directly harm the hospitals. The case went to a jury in late 2025 and resulted in a mistrial when the jurors could not reach a verdict. Rather than holding a new trial set for August, Broward County Chief Judge Carol-Lisa Phillips ruled late Tuesday in favor of the pharmacy chains.
• Icon (ICLR) Q4 EPS $2.52 misses consensus $3.12 but Q4 revenue $2.11B beat est. $1.99B; sees FY26 EPS $10.00-$11.00, vs. consensus $11.28 and sees FY26 revenue $7.85B-$8.15B vs. consensus $7.85B.
• Phreesia Inc. (PHR) Q1 GAAP EPS $0.05 vs est $0.01 on Revs $130.9M (+13% YoY) vs est $130.1Mm; Subscription & related services $52.7M; Payment solutions $41.9M; Network solutions $36.3M; GAAP EBIT $6.75M (vs EBIT loss $3.29M prior yr); Adj EBITDA $30.5M (vs $20.8M prior yr); Cf $23.9M (vs $14.9M); FCF $16.4M (vs $7.5M); Cash/restricted cash $76.4M; AHSCs 4,708 (+7% YoY); Rev/AHSC $27,811 (+6% YoY); FY2027 guidance maintained: Rev $510M–$520M vs est $515.7Mm; Adj EBITDA $125M–$135M vs est $128.79Mm.

• Amazon (AMZN) said its Amazon Web Services (AWS) has signed up cloud storage company Snowflake as its latest chips customer, as the proliferation of artificial intelligence agents continues to drive high levels of demand for computing hardware. Snowflake (SNOW) plans to pay $6 billion over the next five years for access to Amazon’s Graviton chips inside AWS data centers.
• Braze Inc. (BRZE) Q1 FY27 (Apr): Adj EPS $0.10 vs est $0.10 on revenue $211M vs est $205.2M (+30% YoY); 4th straight qtr of organic rev growth acceleration; Q2 guide: rev $219.5M–$220.5M vs est $216.5M, adj EPS $0.15–$0.16 vs est $0.15, adj EBIT $17M–$18M vs est $17.18Mm; FY27 guide: rev $895M–$899M vs est $888M (raised from prior $884M–$889M), adj EPS $0.61–$0.65 vs est $0.63, adj EBIT $70M–$74M vs est $71.31Mm.
• Dell Technologies (DELL) received a $9.69 billion contract from the Pentagon. The award is a firm-fixed-price blanket purchase agreement to streamline and consolidate software acquisition across the Pentagon, intelligence community and Coast Guard. The agreement will allow customers to procure Microsoft software licenses, cloud subscriptions and software assurance.
• Everpure Inc (P) Q1 EPS $0.47 vs. consensus $0.40; Q1 revs rose 35% y/y to $1.1B vs. est. $1B; increased FY27 revenue and operating profit guidance; raises FY27 revenue view to $4.41B-$4.51B from $4.3B-$4.4B (est. $4.39B) and raises FY27 non-GAAP operating income view to $820M-$860M from $780M-$820M.
• HP Inc. (HPQ) Q2 FY26 (Apr): Adj EPS $0.86 vs est $0.71 on revenue $14.41B vs est $14.07B (+9% YoY), adj net income $790M vs est $660.5M, non-GAAP EBIT mgn 7.5% (+20bps YoY); Personal Systems rev $10.2B (+13% YoY, EBIT mgn 5.2%), Printing rev $4.2B (flat YoY, EBIT mgn 18.3%); Q2 FCF $800M; returned $374M to shareholders (dividend + buybacks); Q3 guide: adj EPS $0.61–$0.71 vs est $0.64; FY26 guide cut adj EPS $2.90–$3.10 vs est $2.89 (from prior $3.20–$3.40), FCF $2.8B–$3.0B.
• IBM (IBM) said it has committed $5 billion to an initiative that will deploy engineers and AI tools ‌to help companies better secure open source software. The initiative, called ‌Project Lightwell, seeks to create a “clearinghouse” for open source security, establishing a model for managing ​risks across software supply chain.
• Marvell Technology (MRVL) Q1 adj EPS $0.80 vs. consensus $0.79 on in-line revs at $2.418B which was up 28% y/y; guides Q2 adjusted EPS $0.93, plus/minus $0.05 vs. est. $0.90 and revs $2.7B, plus/minus 5% vs. consensus $2.6B; posted Q1 Data center revs $1.832B.
• Nebius Group (NBIS) shares jump over 10% after prominent artificial-intelligence investor Leopold Aschenbrenner has backed the cloud-computing company as the Aschenbrenner’s Situational Awareness fund disclosed it owns 12.41 million Class A shares of Nebius on Wednesday, worth around $2.86 billion at Wednesday’s closing price of $208.37. That represents a 5.6% stake in the company.
• nCino inc. (NCNO) Q1 FY27 (Apr): GAAP EPS $0.12 vs est $0.27 on revenue $159.4M vs est $154.8M, adj Outperform Income $44.5M vs est $39.0M, adj Op mgn 28% (+110bps YoY), non-GAAP gross mgn 69%; subscription rev $140.9M (+12% YoY), FCF $80.8M (+54% YoY); Q2 guide: rev $157.75M–$159.75M vs est $159.6M, sub rev $140.25M–$142.25M, adj Op income $35.5M–$37.5M vs est $38.84Mm; FY27 guide: rev $642M–$646M vs est $642M, sub rev $571.5M–$575.5M, adj Op income $166M–$171M vs est $168.44Mm
• Nutanix Inc. (NTNX) Q3 FY26 (Apr): Adj EPS $0.47 vs est $0.36 on revenue $703.1M vs est $686.4M (+10% YoY), adj EBIT $156.5M vs est $115.7M, adj EBIT margin 22.3%, adj gross margin 87.8%; ARR $2.43B (+15% YoY), RPO $3.08B, FCF $197.2M; Q4 guide rev $725M–$745M vs est $742M, adj EBIT margin 21%–23%; FY guide: rev $2.82B–$2.84B, adj EBIT margin ~22.5%, FCF $760M–$780M.
• PDD Holdings (PDD): Chinese online retailer Temu has been fined €200 million ($232 million) for not doing enough ‌to stop the sale of illegal products, EU tech regulators said, following the first part of a wide investigation.
• Salesforce Inc. (CRM) Q1 FY27: Adj EPS $3.88 vs. est $3.12 / Rev $11.13B vs. est $11.05B; Adj OP mgn 34.8%; Q2 guide: Rev $11.27B–$11.35B vs. est $11.36B, Adj EPS $3.25–$3.27 vs. est $3.25; FY27 guide: Rev $45.9B–$46.2B vs. est $46.1B, Adj EPS $14.06–$14.16 vs. est $13.20; confident in organic rev acceleration in 2H FY27.
• Snowflake (SNOW) shares jump over 30%; Q1 FY27 (Apr): Adj EPS $0.39 on revenue $1.39B vs est $1.32B; product rev $1.33B (+34% YoY), NRR 126%, RPO $9.21B (+38% YoY), adj FCF $265.5M; Q2 guide: product rev $1,415M–$1,420M, non-GAAP Op mgn 12.5%; FY27 guide: product rev raised to $5.84B from $5.66B (+31% YoY), non-GAAP OP mgn raised to 13.5% from 12.5%, non-GAAP product gross mgn 75%.
• Synopsys (SNPS) Q2 FY26 (Apr): Adj EPS $3.35 vs est $3.15 on revenue $2.28B vs est $2.25B, adj net Income $643.7M vs est $607.2M; EDA rev $1.82B (adj Op mgn 43.3%), IP rev $454.2M (adj OP mgn 24.4%); Q3 guide: rev $2.41B–$2.46B vs est $2.414B, adj EPS $3.63–$3.69 vs est $3.62; raises FY26 adjusted EPS view to $14.72-$14.80 from $14.38-$14.46 and revs to $9.625B-$9.705B from $9.56B-$9.66B, consensus $9.63B.
• Wix.com (WIX) said it is laying off 20% of its workforce, or more than 1,000 workers, CEO Avishai Abrahami said on Thursday. Wix had a headcount of 5,277 employees at the end of the first quarter.