Morning Preview: May 01, 2026

Early Look

Friday, May 1, 2026

U.S. futures are looking mixed to higher, helped by strong results and guidance from tech bellwether Apple (AAPL) as shares are higher 3% overnight after the stock market on Thursday defied the odds again, with the S&P 500, and Nasdaq Comp both closing at record highs, and the Dow Jones Industrial Average outperforming behind solid earnings from Caterpillar. All eleven S&P sectors closed higher on Thursday with more than 2% gains for Industrials (XLI), Utilities (XLU) and Healthcare (XLV) as earnings results in the respective sectors kept the buying momentum going to end the month. While major averages are making all-time highs, Treasury yields have spiked and oil prices have surged in recent weeks as the Strait of Hormuz remains mostly closed to tankers, continuing to disrupt supplies of oil, aluminum, and other commodities, raising inflation fears. Speaking of, PCE inflation data came in “hotter” on Thursday, raising prospects the next move by the Fed, when time comes, might be a hike not a cut. Despite the oil surge, inflation fears and mixed economic data, U.S. markets continue to climb the proverbial “wall of worry” led by strength in Ai related tech plays.

What a month it was as the S&P 500 gained 10.42%, the Nasdaq climbed 15.29% (helped by a 38% spike in the semi SOX index), and the Dow climbed 7.14%. Dow industrials record biggest monthly% gain since November 2024, the S&P 500 registers biggest monthly% gain since November 2020 and Nasdaq records biggest monthly% gain since April 2020.

he Russell 2000 climbed more than 12%, also its best month since November 2020. The Technology Select Sector (XLK) gained 20%, its best month since October 2002.Fear absent in the market again as the CBOE Volatility index (VIX) tumbled around 10% under 17 late day. In Asian markets, The Nikkei Index climbed 228 points to 59,513, the Shanghai Index and the Hang Seng Index were both closed. In Europe, the German DAX is up 337 points to 24,292, while the FTSE 100 is down -65 points to 10,313.

• The Dow Jones Industrial Average rose 790.33 points, or 1.62%, to 49,652.14
• The Nasdaq Composite gained 219.07 points, or 0.89%, to 24,892.31
• The Russell 2000 Index advanced 60.39 points, or 2.20% to 2,699.86

• 10:00 AM ET ISM Manufacturing PMI for April
• 1:00 PM ET                   Baker Hughes Weekly rig count data
• Monthly auto sales for April released

• President Donald Trump signed an executive order on Thursday to create a government website allowing people in the U.S. to find and compare private-sector retirement savings plans. The aim is to help more Americans sign on for retirement plans before next year

• Clorox Co (CLX) shares fall; Q3 adj EPS $1.64 vs. est. $1.55 on in-line revs of $1.67B; expects annual net sales to fall 6%, compared with its earlier forecast of a 6% to 10% decline while cuts FY26 adjusted EPS view to $5.45-$5.65 from $5.95-$6.30 (est. $5.86) hurt by weaker demand for its cleaning products; said expects its annual gross margin to fall by 250 to 300 basis points.
• Estee Lauder (EL) Q3 adjusted EPS $0.91 vs. est. $0.65; Q3 revs $3.71B vs. est. $3.69B; raises FY26 adjusted EPS view to $2.35-$2.45 from $2.03-$2.23 (est. $2.22) and guides FY26 organic net sales growth of approximately 3%, at the high-end of its prior range, vs. consensus $14.97B; revised its job cut target to a range of 9,000 to 10,000 from the previously estimated range of 5,800 to 7,000.
• Floor & Décor Holdings (FND) Q1 EPS $0.37 vs est $0.42 on sales $1.152B vs est $1.19B, comps -3.7%; guides FY comps -4% to 0, sees FY EPS $1.83-2.08 vs est $2.06.
• Imax Corp. (IMAX) Q1 adj EPS $0.17 vs. est. $0.15; Q1 revs fell -6% y/y to $81.4M vs. est $79.9M; Revenue decline driven by lower China box office, offset by strong growth elsewhere; reaffirms 2026 full-year global box office guidance of $1.4B and said expects strong box office performance from upcoming releases including The Odyssey, Dune: Part Three, and Narnia.
• Mohawk Industries (MHK) Q1 adj EPS $1.90 vs est $1.81 on revs $2.7B vs est $2.735B; guides Q2 adj EPS $2.50-2.60 vs est $2.75; says implementing price increases across many product categories and geographies and more may be required; will not seem full impact of pricing actions and rising input costs until Q3
• Rivian Corp. (RIVN) Q1 EPS loss (-$0.33) vs. est. loss (-$0.60); Q1 revs $1.38B vs. est.$1.37B; Increased Georgia plant initial production capacity to 300,000 vehicles annually; expects first advance on $4.5B DOE loan in early 2027; Robotaxi partnership with Uber to deploy up to 50,000 fully autonomous robotaxis; sees FY26 adjusted EBITDA ($2.1B)-($1.8B) and sees FY26 vehicles delivered 62,000 – 67,000.

• DMC Global (BOOM) Q1 EPS loss (-$0.28) vs. est. loss (-$0.32); Q1 revs $135.6M vs. est. $134.1M; sees Q2 revenue $148M-$158M, consensus $144.85M, with adjusted EBITDA attributable to DMC anticipated in a range of $6M-$8M.
• Exxon Mobil (XOM) Q1 adj EPS $1.16 v. et. $0.96 and revenue $85.138B vs. est. $82.18B; unadjusted profit dropped to its lowest level in five years due to disrupted shipments from the U.S.-Israeli war on Iran; About 20% of Exxon’s oil and gas production is located in the Middle East; Q1 free cash flow was $2.7 billion during the first quarter, down from $8.8 billion in the year-ago period.
• First Solar (FSLR) Q1 EPS $3.22 vs. est. $2.98; Q1 revs rose 24% y/y to $1.04B vs. est. $1.05B; Q1 adj Ebitda $520M; Contracted sales backlog of 47.9 GW as of March 31, 2026; sees Q2 module sales 3.4-4.0 GW, section 45x tax credits $330M-$400M, adj ebitda $400M-$500M.

• LendingTree (TREE) Q1 EPS $1.22 vs. est. $1.47; Q1 revs rose 37% y/y to $327.3M vs. est. $321.7M; Q1 adj Ebitda +71% y/y to $42M; raised full-year 2026 revenue and adjusted EBITDA outlooks as revs to $1.3-$1.35B from $1.275-$1.33B and sees 2026 adj EBITDA at $152-$162M, up from $150-$160M prior.

• Ardelyx Inc. (ARDX) Q1 EPS loss (-$0.15) vs. est. loss (-$0.14); Q1 revenue $94.47M vs. consensus $92.61M; Q1 total product revenue +38% YoY to $93.4M, IBSRELA revenue +58% y/y to $70.1M; reiterated 2026 guidance for IBSRELA $410–$430M and XPHOZAH $110–120M; phase 3 ACCEL dosing started.
• Bio-Rad Labs (BIO) Q1 EPS $1.89 vs. consensus $1.99; Q1 revs $592.1M vs. $588.86M; generated strong operating cash flow, $78 million in free cash flow, and repurchased approximately 176 thousand shares.
• Dexcom (DXCM) Q1 adj EPS $0.56 vs est $0.47 on revs $1.192B vs est $1.175B; affirms FY revs guide $5.16-5.25B vs est $5.23B.
• Illumina Corp.(ILMN) board authorizes additional $1.5B in share repurchases; Q1 adj EPS $1.15 vs est $1.05 on revs $1.091B vs est $1.073B, adj EBIT mgn 21.9%, adj gr mgn 68.2%; guides FY revs $4.52-4.62B vs est $4.53B and adj EPS $5.15-5030 vs est $5.12.
• Moderna (MRNA) Q1 revs $389M above $281M y/y and above est. $228M; International revenue came in at $311 million, versus $78 million in U.S. markets; reiterated its 2026 forecast for revenue growth of up to 10% compared with a year ago, with roughly half of its revenue coming from the U.S., down from 62% last year.
• ResMed Corp. (RMD) Q3 EPS $2.86, tops consensus $2.80 and revs rose 11% y/y to $1.4B vs. est. $1.42B; said revenue growth was driven by increased demand for sleep devices, masks and accessories; Gross margin rose 290 bps, primarily due to component cost improvements and manufacturing and logistics efficiencies; reit outlook.
• Stryker Corp. (SYK) Q1 adj EPS $2.60 vs. est. $2.98 and revs $6B vs. est. $6.33B; Q1 Organic net sales rose 2.4%, driven mainly by a 2.1% increase in unit volume; maintains FY26 adjusted EPS outlook of $14.90-$15.10, vs. consensus $14.96 and also keeps FY26 guidance of organic net sales growth in the range of 8.0%-9.5%.
• Summitt Therapeutics (SMMT) shares tumbled after ivo HARMONi-3 update on squamous subgroup interim PFS analysis: “At this early interim PFS analysis reviewed exclusively by the Independent Data Monitoring Committee (iDMC), the iDMC recommended that the study continue as planned.”
• Veeva Systems (VEEV) will replace Coterra Energy Inc. (CTRA) in the S&P 500 effective prior to the opening of trading on Thursday, May 7. S&P 500 constituent Devon Energy Corp. (DVN) is acquiring Coterra Energy in a deal expected to close soon, pending final closing conditions.

• Huntsman Corp. (HUN) Q1 adj EPS ($0.20) vs est ($0.20) on revs $1.42B vs est $1.39B.
• MasTec Inc. (MTZ) Q1 adj EPS $1.39 vs est $0.99 on revs $3.83B vs est $3.47B, record 18-month backlog of $20.3B; raised FY adj EPS guide to $8.79 vs est $8.51.
• SpaceX has spent more than $15 billion developing its next-generation Starship rocket, according to the company’s IPO registration reviewed by Reuters, a sum that dwarfs the cost of its workhorse Falcon rocket.
• Weyerhaeuser (WY) Q1 adj EPS $0.11 vs est $0.05 on sales $1.73B vs est $1.72B; says timberlands Q2 earnings before items and adj EBITDA will be comparable to Q1, encouraged by recent increase in lumber pricing.

• Atlassian (TEAM) Q3 adj EPS $1.75 vs est $1.32 on revs $1.79B vs est $1.693B; guides Q4 revs $1.653-1.661B vs est $1.659B, Cloud revs approx +25.5%, gr mgn 85.5% and adj EBIT mgn approx 30.5%; sees FY revs approx +24% vs est +22.56%, Cloud revs approx +26.5%, adj gr mgn approx 88% and adj EBIT mgn approx 29.0%.
• AXT Inc. (AXTI) Q1 adj EPS loss (-$0.01) vs. est. loss (-$0.05); Q1 revs $26.9M vs. est. $26.22M; Q1 gross margin 29.9%; sees Q2 EPS $0.06-$0.08 vs. consensus loss (1c) and Q2 revenue up sequentially.
• Five9 Inc. (FIVN) Q1 adj EPS $0.76 vs est $0.68 on revs $305.3Mm vs est $299.9Mm; guides Q2 sales $303-309Mm vs est $305.26Mm and adj EPS $0.65-0.69 vs est $0.74.
• Ingram Micro (INGM) Q1 adj EPS $0.75 vs est $0.72 on revs $14B vs est $12.765B; guides Q2 sales $13.6-14.0B vs est $13.1B and adj EPS $0.68-0.78 vs est $0.72
• Monolithic Power (MPWR) Q1 adj EPS $5.10 vs est $4.90 on revs $804.2Mm vs est $781.3Mm, adj gr mgn 55.5%; guides Q2 revs $890-910Mm vs est $817.1Mm, adj gr mgn 55.3-55.9%.
• Riot Platforms (RIOT) Q1 revenue rose to $167.2M vs. est. $131M and reported first quarter of data center revenue at $33.2M; did not provide specific financial guidance for future quarters or the full year; Bitcoin mining revenue fell y/y, primarily due to lower average bitcoin prices and increased global network hash rate, partially offset by higher operating hash rate.
• Roblox Corp. (RBLX) Q1 EPS loss (-$0.35) vs. est. loss (-$0.40); Q1 revs $1.7B vs. est. $1.75B; Q2 bookings seen between $1.55B-$1.61B, below estimates of $1.83B; slashes FY26 bookings view to $7.33B-$7.6B from prior view of $8.28B-$8.55B; now sees a sequential decline in daily active users (DAU) in Q2 after Q1 DAUs stood at 132 million, up 35% from a year ago.
• SanDisk (SNDK) Q3 EPS $23.41 crushes consensus $14.66 and revs $5.95B vs. consensus $4.73B; Q3 adj net income $3.67B vs. est. $2.23B; Q3 adj operating income $4.21B vs. est. $2.7B; Q3 adj gross margin 78.4%; sees Q4 EPS $30.00-$33.00, vs, consensus $23.18 and revs $7.75B-$8.25B vs. est. $6.56B.
• Twilio (TWLO) Q1 adj EPS $1.50 vs est $1.27 on revs $1.407B vs est $1.342B; guides Q2 revs $1.42-1.43B vs est $1.39B and adj EPS $1.27-1.32 vs est $1.29; sees FY reported revs +14-15% and adj EBIT $1.08-1.1B.
• Western Digital (WDC) Q3 adj EPS $2.72 vs est $2.39 on revs $3.337B vs est $3.245B, gr mgn 50.2%; guides Q4 revs $3.55-3.75B, adj gr mgn 51-52% and adj EPS $3.25 at midpoint.
• Zeta Global (ZETA) Q1 revs $396.3Mm vs est $370.4Mm; guides FY revs $1.79B midpoint vs est $1.757B and adj EBITDA $396.2-398.4Mm vs est $391.1Mm.

• Roku Inc. (ROKU) shares rise; Q1 revs $1.25B vs. est. $1.2B; raised its annual platform revenue forecast to $5 billion, compared with its prior projection of $4.89 billion; said expect new partnerships to begin contributing to Roku tv model unit volume in H2 2026.
• Paramount Skydance (PSKY) Double Upgrade to Overweight at Morgan Stanley saying the proposed acquisition of WBD is a big, bold and game-changing move that positions the proforma entity with some of the best IP in the world (GoT, LoR, Potter, DC) and a tech forward approach. The firm said they see three underappreciated elements of the story: 1) a belief that Ai has the potential to unlock significant cost savings, increase revenue across advertising (like Precision+) and rejuvenate storied IP, 2) confidence in achieving $6B+ of synergies (~11% of Opex) given significant redundancies along with strong cash flow Generation (path to $8B+ in 2030) to de-lever to ~3-4x net debt to adj EBITDA within 3 years (from 6-7x at deal close), and 3) a clear mix shift to faster growing Streaming & Studio assets, where linear drops below 50% of EBITDA in 2028 and to ~30% by 2030