Morning Preview: April 27, 2026

Early Look

Monday, April 27, 2026

U.S. futures are mixed to little changed, coming off a strong performance last week and on track for big monthly gains. Stocks are holding up well despite a jump in oil prices last week and again today as oil prices rose over 2% as U.S.-Iran peace talks stalled and shipments through the Strait of Hormuz remained constrained, keeping global supplies tight. Brent is up 2.5% to $108.05/bbl in early-morning trading, after rallying almost 17% over the course of last week. Axios reported that Iran gave a new proposal to reopen the Strait of Hormuz and end the war, with nuclear negotiations postponed for a later stage, citing a U.S. official and two people with knowledge of the matter. The plan, conveyed through mediators in Pakistan, calls for extending the ceasefire so the parties can work toward a permanent end to the fighting, Axios said. Nuclear talks would come later, only after a US blockade of the Strait of Hormuz is lifted.

As for last week, the S&P 500 was up 0.55%, Nasdaq up 1.5%, Dow down 0.44% and all on track for massive gains in April thus far after a dismal March. The S&P 500, Nasdaq have now posted their fourth straight week of gains (after falling 5 consecutive prior), while the Dow snapped its three-week winning streak. Overnight, in Asian markets, The Nikkei Index jumped 821 points to 60,537, the Shanghai Index rose 6 points to 4,086, and the Hang Seng Index slips -52 points to 25,925. In Europe, the German DAX is higher by 164 points to 24,293, while the FTSE 100 is up 14 points to 10,394.

A huge week for corporate earnings this week with somewhere around 40% of the S&P 500 set to report the next 5 days, including five members of the so called “Magnificent Seven”, Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL), and Meta (META), placing a sharp spotlight on AI monetization, cloud demand, and digital advertising. Other big names on deck include energy majors Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP); Consumer giants like Coca-Cola (KO), Starbucks (SBUX), Chipotle (CMG), payments such as Visa (V), and Mastercard (MA) and healthcare giants Eli Lilly (LLY), Merck (MRK), AbbVie (ABBV), and Amgen (AMGN).

• The Dow Jones Industrial Average fell -79.61 points, or 0.16%, to 49,230.71
• The Nasdaq Composite surged 398.09 points, or 1.63%, to 24,836.60
• The Russell 2000 Index advanced 11.90 points, or 0.43% to 2,787.00

• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: AMKR ARE AVB BBBY BLX BRO BRX CBK CCK CDNS CINF CLS CR CTOS FSBC FSUN HLMN KFRC KRC LC NE NOV NUE NWBI PSA RMBS SANM SEI SSD TFII UHS VTR

• Needham Virtual Psychedelics Forum on 4/27

• British retailers reported the broadest year-on-year decline in sales in more than 40 years as the CBI’s monthly retail sales volume measure dropped to -68 in April from -52 in March, its lowest reading since the series started in 1983, as 77% of firms reported sales were down compared with a year ago while only 9% reported an increase.

• Domino’s Pizza (DPZ) Q1 EPS $4.13 vs. est. $4.27 and revs $1.15B vs est. $1.16B; Q1 U.S. same store sales growth 0.9% vs EST of growth of 2.72%; – Q1 international same store sales decline (excluding FX) 0.4% vs EST of growth of 0.66%; approves $1B share repurchase program; did not provide guidance.
• Pony AI (PONY) AI unveiled a new autonomous driving compute platform with Nvidia built on DRIVE Hyperion and powered by DRIVE AGX Thor. The system can scale up to 4,000 FP4 TFLOPS and will support Pony’s L4 platform as it pushes toward 3,000 robotaxis in 20+ cities by the end of 2026.

• Noble Corp. (NE) Q1 adj EPS $0.26 vs. est. $0.25; Q1 revs $786M vs. est. $732.19M; Reaffirms FY26 guidance $940M-$1.02B and capital expenditures guide increased to $615M-$665M from prior $590M-$640M due to the Noble Deliverer’s reactivation; maintains 2026 revenue and adjusted EBITDA guidance.

• Re/Max Holdings (RMAX) is set to be sold to tech focused The Real Brokerage in a deal valued at roughly $550 million, according to people familiar with the matter, said the WSJ. A deal announcement could come as soon as Monday, the people said. Including debt, the value of the deal is about $880M, they said.

• Intellia Therapeutics (NTLA) to report topline data from global phase 3 Haelo clinical trial of lonvoguran ziclumeran in hereditary angioedema on April 27, 2026.
• Ligand Pharmaceuticals (LGND) has reached a roughly $740 million deal to buy Xoma Royalty (XOMA), according to people familiar with the matter, combining two companies that buy up rights to drugs in exchange for funding development. It would value Xoma at $39 a share, the people said. Xoma had a market value of around $450 million as of Friday https://tinyurl.com/cjupv4j2
• Relay Therapeutics (RLAY) announces clinical data for zovegalisib plus atirmociclib triplet combination supportive of further development in frontline metastatic breast cancer; reports 44% ORR in heavily pre-treated cdk4/6-experienced breast cancer patients; Phase 3 frontline trial expected to initiate in early 2027.
• Seaport Therapeutics said it was aiming for a valuation of $912 million in its initial public offering in the United States. The company is seeking to raise up to $212.4 million by offering 11.8 million shares priced between $16 and $18 apiece.
• Sun Pharmaceutical Industries announced that they have entered into a definitive agreement under which they will acquire all outstanding shares of Organon (OGN) for $14.00 per share in an all-cash transaction with an enterprise valuation of $11.75B. Organon was formed in 2021 through a spinoff from Merck & Co. (MRK).

• Meta Inc. (META) has agreed to buy up to 1 gigawatt of space-based solar power from Overview Energy to help run its AI data centers, with commercial delivery expected in 2030. The startup plans its first orbital demo in 2028.
• onsemi (ON) is expanding its long-term collaboration with NIO (NIO) to support the automaker’s transition to next generation 900V electric vehicle platforms. The partnership leverages onsemi’ s EliteSiC technology to improve efficiency, performance, and scalability across NIO’s latest EV lineup.
• Qualcomm (QCOM) shares rise pre mkt after an analyst says OpenAI is working with Qualcomm and MediaTek to develop smartphone processors, with Luxshare as the exclusive system Co-design and manufacturing partner, according to TF International Securities (HK) analyst Ming-Chi Kuo. Kuo said that OpenAI’s advantages lie in its consumer brand, years of accumulated user data, and leading Ai models https://tinyurl.com/yrfykkwp
• China’s National Development and Reform Commission announced that in accordance with laws and regulations, it made a decision prohibiting foreign investment in the Manus project, requiring Meta Platforms (META) to withdraw the acquisition transaction