Morning Preview: May 04, 2026

Early Look

Monday, May 4, 2026

U.S. futures turned red this morning after rising overnight following reports that two missiles hit U.S. warship near Jask island after it ignored Iran warnings , according to Iran’s FARS news agency. Note last night, President Trump launched “Project Freedom.” The goal of it was to escort neutral ships through the Strait of Hormuz. As of this latest news update from Iran, it seems they attacked a US Warship for beginning the process of helping other ships leave the region, sending stock futures lower and oil prices higher…however…Axios reported this morning that a U.S. official denies a US ship was hit by Iran missiles – which pared the rise in oil and decline in U.S. stocks. Outside of the macro news, investors remain trapped between the AI and semiconductor rally on one side and the gradual drag from higher oil prices on the other. In addition to another busy slate of earnings this week, key economic data in the form of payrolls will lead interest. In Asian markets, The Nikkei Index and the Shanghai Index were both closed for holidays while the Hang Seng Index gained 319 points to 26,095. In Europe, the German DAX is down -190 points to 24,101, while the FTSE down -15 points to 10,363. The other big story this weekend was GME proposing to buy EBAY for about $55B in cash and stock.

Prior to the Iran headlines above, oil prices had been lower overnight, helping boost U.S. futures after President Trump announced “Project Freedom”, will begin Monday morning, (Middle East time) as the U.S. will guide ships of other countries that are not involved in the Middle Eastern dispute out of these restricted waterways of the Strait of Hormuz, so that they can freely and ably get on with their business. “We have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” Trump said in a post on his Truth Social site.

As for last week, it was a fifth straight week of gains for the S&P 500 and Nasdaq, both closing at fresh record highs as the S&P 500 climbed 0.9%, the Dow climbed 0.5% and the Nasdaq climbed 1.1%. The stock market finished Friday’s session modestly higher with oil prices retreating and corporate earnings going strong. The S&P 500 closed above the 7,200 level for the first time ever in the prior session, and Nasdaq Composite crossed the 25K mark for the first time. Markets were led by shares of Apple (AAPL), with its shares advancing 3.3% after the iPhone maker turned in better-than-expected results for fiscal Q2. U.S. Treasury yields were mixed across the curve as the benchmark 10-year Treasury yield was roughly flat at 4.38%, while the 2-year Treasury yield rose 2 basis points to 3.90%. Of the 317 S&P 500 companies to have reported so far this earnings season, 82% have beaten analysts’ forecasts, 12% have missed.

• The Dow Jones Industrial Average fell -152.87 points, or 0.31%, to 49,499.27
• The Nasdaq Composite jumped 222.13 points, or 0.89%, to 25,114.44
• The Russell 2000 Index advanced 12.92 points, or 0.46% to 2,812.82

• 10:00 AM ET                Factory Orders M/M for March

• Earnings After the Close: ADTN ADUS AEIS AESI ALG ALSN AMRC APLE AVNW BDSX BLZE BMRN BRCC BSM BWIN BWXT CRBG CRGY CSR CYRX DHC DORM DUOL EOLS EQH ERO EVER FANG FLY FN GAIA GBDC HSTM ICHR IIPR INSP JELD JRVR MATX MED MSA NHI NJR NUVB OGS ON OSIS OTTR PAY PGR PINS PLOW PLTR POWL PSKY RAIL RBA RIG RPAY SONO STRL TCMD TDUP TDW TNC TVTX VAL VNO VNOM VOYG VRTX VTS VVX WGS WMB

• Digestive Disease Week (DDW), 5/2-5/5, in Chicago, Illinois
• Oppenheimer 21st Annual Industrial Growth Conference, 5/4-5/7

• Bitcoin prices hit highs of $80,584 overnight, its first move above $80K since January before pulling back on the Iran headlines

• Norwegian Cruise (NCLH) Q1 adj EPS $0.23 vs. est. $0.14; Q1 revs rose 10% y/y to $2.33B vs. est. $2.35B; Q1 Adjusted EBITDA increased 18% to $533M, compared to $453M; lowered full year 2026 guidance with adjusted EPS expected to be $1.45 to $1.79 (est. $2.11) as experiencing headwinds related to disruptions in Middle East.
• LI Auto (LI) announced that it delivered 34,085 vehicles in April 2026. As of April 30, 2026, Li Auto’s cumulative deliveries reached 1,669,442. In April, the all-new Li L9 Livis debuted at the 2026 Beijing International Automotive Exhibition, with its official launch scheduled for May 15.
• NIO Inc. (NIO) April total vehicle sales 29,356 units; up 22.8% on year; Jan-Apr total vehicle sales 112,821 units; up 71.0% on year.
• XPeng Inc. (XPEV) in April, XPENG delivered a total of 31,011 vehicles, representing a 13% increase from the prior month. Furthermore, following the official rollout of VLA 2.0 in March, test-drive satisfaction rates at XPENG retail stores recorded a significant increase by the end of April.
• ADT (ADT) announces launch of secondary public offering of common stock and concurrent share repurchase; ADT announces proposed secondary offering of 102 mln shares held by Apollo affiliates and ADT said intends to repurchase up to 29.1 mln shares in secondary offering

• Amazon (AMZN) said it was rolling out “Amazon ‌Supply Chain Services”, opening up its ‌logistics network for other businesses to use. Businesses ​of all types and sizes can now move, store and deliver everything using ‌the full breadth ⁠of Amazon’s own supply-chain network (shares of FDX, UPS slip initially on headlines).

• Celcuity (CELC) announced positive topline results from the PIK3CA mutant cohort of the Phase 3 VIKTORIA-1 clinical trial; said achieves primary endpoint with clinically meaningful improvement in progression-free survival (PFS) in PIK3CA mutant cohort; intends to submit data to the FDA as a Supplemental New Drug Application.

• GlobalFoundries (GFS) upgraded to Overweight from Neutral at Cantor Fitzgerald
• IREN Limited (IREN) announced the successful energization of its 1.4GW Sweetwater 1 data center site in Texas. Energization marks the connection of the site’s high-voltage substation to the ERCOT grid, representing a key milestone in the development of the broader 2GW Sweetwater campus.
• Samsung Electronics (SSNLF) replaced its TV head for the first time in more than two years, as it faces mounting competition from Chinese rivals at home and aboard.
• Cerebras is seeking to raise as much as $3.5 billion in an IPO, as the artificial intelligence chipmaker and data center operator looks to counter rivals in the red-hot sector – Bloomberg reported. https://tinyurl.com/325mfsfr