May 5, 2026
Daily Market Report

Morning Preview: May 05, 2026

Early Look

Tuesday, May 5, 2026

Futures

Up/Down

%

Last

Dow

149.00

0.30%

49,228

S&P 500

27.25

0.37%

7,257

Nasdaq

174.50

0.63%

27,950

 

 

After sliding from all-time highs on Monday for the S&P 500 and Nasdaq, U.S. futures are rebounding this morning as investor sentiment was pressured after the United Arab Emirates reported that Iran launched drones and missiles toward its territory, raising concerns the ceasefire framework involving the U.S. could deteriorate further. US officials indicated that American forces had engaged Iranian vessels in the Strait of Hormuz. While the macro concerns weighed on sentiment, stronger corporate earnings have keep an underlying bid to major averages for 5 straight weeks now heading into another busy week of earnings where another 128 SPX companies are due to report. In Asian markets, The Nikkei Index and the Shanghai Index remained closed for holiday’s while the Hang Seng Index declined -197 points to 25,898. In Europe, the German DAX is higher by 270 points to 24,261, while the FTSE 100 is down -97 points to 10,266. While technology stocks continue to lead the market higher (given its high weighing in the index), in a standout move to the downside Monday, The Dow Jones Transportation Average plunged -4.82% on Monday at 19,605, closing under its February breakout zone erasing the entire April push that briefly carried the index to fresh highs near 25,000, led by near -10% declines in UPS and FDX and shares of freight and logistics stocks tumbling on news AMZN is giving external businesses access to its freight, shipping, and distribution capabilities. Oil prices are dipping this morning while gold bounces, Treasury yields hold recent highs, and the dollar is little changed; Bitcoin extends gains nearing $81K.

 

Market Closing Prices Yesterday

  • The S&P 500 Index dropped -29.37 points, or 0.41%, to 7,200.75
  • The Dow Jones Industrial Average fell -557.37 points, or 1.13%, to 48,941.90
  • The Nasdaq Composite slipped -46.64 points, or 0.19%, to 25,067.80
  • The Russell 2000 Index declined -16.83 points, or 0.60% to 2,796.00

Economic Calendar for Today

  • 7:45 AM ET ICSC Weekly Retail Sales
  • 8:30 AM ET                  International Trade for March…est. (-$60.9B)
  • 8:30 AM ET                  Advance Goods Trade Balance for March…prior (-$87.8B)
  • 8:55 AM ET                  Johnson/Redbook Weekly Sales
  • 9:45 AM ET S&P Global Composite PMI, Apr-final…prior 52.0
  • 9:45 AM ET S&P Global Services PMI, Apr-final…prior 51.3
  • 10:00 AM ET ISM Non-Manufacturing Index for April…est. 53.7
  • 10:00 AM ET                New Home Sales M/M for March…est. 650K
  • 10:00 AM ET                JOLTs Job Openings for March…est. 6.835M (prior 6.882M)
  • 4:30 PM ET API Weekly Inventory Data

Earnings Calendar:

  • Earnings Before the Open: ADM AEP AGCO AHCO ALKS APTV ATKR AUDC AVA BALL BCC BLD BLDP BNTX BOW BRBR BUD CCJ CIFR CIGI CMI DD DFIN DOCN DRS DTIL DUK EMBC ENLT ENR ETR ETN EVGO EXPD FDP FREG FISV FTRE FWRG GBLI GFS GPK HII HOG HSBC HSIC IAC IART IDXX INGR INTT IPGP IQV IT KBR KKR KNF KOS LCII LDOS LIND LTH MD MFA MPC MPLX NPO OCUL OFIX OIS PCOR PEG PFE PMTS PTLO PYPL QURE RACE RGEN ROK RVTY RYTM SEAT SGRY SHLS SHO SHOP SLQT STIM STNG SUN SWX TDG TRI ULCC WAT WEC WLK WLKP
  • Earnings After the Close: ACEL ACT ADPT AIZ ALAB ALIT AMC AMD AMWL ANDE ANET ANGI ARDT ATEC BBAI BFAM BJRI BL BMBL BV BXC CACC CBT CC CE CHRD COMP COTY CPNG CRC CRK CTVA CYTK DAVE DEI DHT DHX DOC DVA DVN EA ECG EMR EXEL FLYW FRSH FTEK FTK GNW GPOR GRAL GXO HL HNGE HRZN HTGC HURN IFF IPAR J JAZZ JKHY JOBY JXN KE KVYO LCID LDI LEU LITE LMB LOGI LUMN LYV MCY MEC MG MQ MRCY MSTR MTCH MTW MWA MYGN NBIX NSA NVTS ONTO OUST OXY PAAS PARR PBI PMT PRIM PRU QDEL QLYS QRVO RARE RIGL RLAY RPD RVLV RYAM SAR SDGR SMCI SOLV SU SUPN SWKS TALO TBI TDC TEM TLN TMDX TRVO TTAM TX UFCS UPST USNA VAC VYCT VECO VOYA WK WOLF WTTR XRAY

Other Key Events:

  • DA Davidson 28th Annual Financial Institutions Conference, 5/4-5/6, in Nashville, TN
  • Digestive Disease Week (DDW), 5/2-5/5, in Chicago, Illinois
  • Oppenheimer 21st Annual Industrial Growth Conference, 5/4-5/7

 

 

Macro

Up/Down

Last

Nymex

-2.33

104.09

Brent

-1.56

112.88

Gold

24.90

4,558.20

EUR/USD

-0.0002

1.1689

JPY/USD

0.39

157.63

10-Year Note

-0.01

4.43%

 

World News

  • In central bank news, the Reserve Bank of Australia (RBA) raised its cash rate target 25bps to 4.35% as expected, vote count 8-1 for hike, the dissenter voting to leave rates unchanged; having raised cash rate 3 times, monthly policy is well placed to respond to developments; board assessed that inflation is likely to remain above target for some time and that the risks remain tilted to the upside.
  • Iran’s Nuclear program suffered essentially no impact during Operation Epic Fury, and Tehran’s timeline for building a bomb is essentially unchanged per Reuters.

Sector News Breakdown

Consumer

  • AB InBev (BUD) shares rise; Q1 EPS $0.97 vs. consensus $0.91; Q1 revenue $15.27B vs. consensus $14.69B as volumes increased by 0.8%, with beer volumes up by 1.2% and non-beer volumes down by 1.9%; backs FY26 EBITDA view up 4%-8% and also backs FY26 capital expenditures view $3.5B-$4B; said its top global brands, including pricier labels such as Corona and Stella Artois, helped lift revenues.
  • Duolingo (DUOL) shares fall; Q1 adj EBITDA $83.4Mm on revs $292Mm vs est $288.5Mm, bookings $308.5Mm vs est $301.7Mm; guides Q2 revs $295.5Mm vs est $294Mm, bookings $283.5Mm vs est $287.9Mm and adj EBITDA $71Mm; sees FY revs $1.21B vs est $1.21B, bookings $1.28B vs est $1.29B and adj EBITDA $310Mm.
  • GameStop (GME) shareholder Michael Burry Sells All His GameStop Stock per the WSJ report last night. Ryan Cohen’s plan to have GameStop buy eBay (EBAY) for $56B prompted investor Michael Burry to exit his position in the videogame retailer. Burry told subscribers of his Substack newsletter that his thesis to use dealmaking to turn GameStop into a version of Berkshire Hathaway wasn’t compatible with the indebtedness required to buy EBAY.
  • Constellation Brands Inc (STZ) files for offering of $500M 4.850% Senior notes due 2031.

Energy

  • Advanced Energy (AEIS) Q1 adj EPS $2.09 vs. est. $1.98;  Q1 revs rose 26% y/y to $511M vs. est. $506M; said rev growth driven by strong demand, especially in data center computing; achieved non-GAAP gross margin above 40%; sees Q2 EPS $1.93-$2.43 vs. consensus $2.04 and revs $520M-$560M, vs. consensus $526.9M.
  • Diamondback Energy (FANG) Q1 adj EPS $4.23 vs. est. $3.3; Q1 revs $4.24B vs. est. $3.75B; Q1 adj FCF $1.7B; Q1 Average oil production of 521.0 MBO/d (979.4 MBOE/d); raised Q1 2026 base cash dividend to $1.10 per share; raising annual oil production guidance to 520+ (from 500 – 510) MBO/d and total BOE production to 972+ (from 926 – 962) MBOE/d; implying 5% organic y/y growth; raise FY capex to $3.90 billion (from $3.75 billion).
  • Viper Energy (VNOM) Q1 adj EPS $0.55 vs. est. $0.53; Q1 average production of 65,000 boe/d; production during Q1 exceeded expectations, momentum is carrying into increased growth outlook for the remainder of 2026; Q1 average unhedged realized prices were $73.16 per barrel of oil, $0.88 per Mcf of natural gas.
  • Williams Energy (WMB) Q1 adj EPS $0.73 vs est $0.62 on revs $3.03B vs est $3.17B; guides FY adj EBITDA $8.05-8.35B vs est $8.314B, says on track to deliver adj EBITDA in upper half of guidance.

Financials

  • Bullish (BLSH) has entered into a definitive agreement to acquire Equiniti, a leading global transfer agent. The combination creates the first fully integrated blockchain-enabled, blue-chip issuer services provider, unifying a regulated transfer agent with end-to-end tokenization infrastructure. The $4.2 billion transaction comprises $1.85 billion of assumed Equiniti debt and approximately $2.35 billion in Bullish stock consideration.
  • Corebridge Financial (CRBG) Q1 adj EPS $1.05 vs est $1.05; premiums & deposits $8.0B.
  • EverQuote (EVER) Q1 revenue rose 15% y/y to $190.85M vs. est. $180M; Q1 adj EBITDA rose 30% y/y to $29.3M vs. est. $25M; sees Q2 revenue of $185M-$195M and adj EBITDA of $28M-$30M; Q1 Revenue growth was driven by a 13% increase in automotive insurance and a 33% increase in home and renters insurance.
  • Fidelity National Information Services (FIS) and Anthropic are preparing to announce a partnership to develop new artificial-intelligence Tools for banks, the WSJ reported. The companies have agreed to build Ai agents — programs that complete tasks without the supervision of a user — for use by financial Institutions.
  • HSBC (HSBC) reported an unexpected $400M loss linked to a fraud case in Britain, raising further questions about lenders’ private credit exposure; said it has $111B in private markets-related exposure, of which $22B is private credit-related; posted pretax profit of $9.4B for January-March, versus $9.5B a year earlier.

Healthcare

  • Biohaven (BHVN) Q1 adj EPS loss (-0.69) vs. est. loss (-$0.76); said to update clinical, regulatory, and operational progress at annual R&D Day at the upcoming Yale Innovation Summit on May 27, 2026; continue two Phase 2/3 studies in focal epilepsy; initial topline results for the first study expected in 2H 2026; files for mixed shelf offering
  • BioMarin Pharmaceuticals (BMRN) Q1 EPS $0.76 vs. est. $0.75; Q1 revs $766M vs. est. $751.68M; lowers FY26 non-GAAP EPS view to $4.85-$5.05 from $4.95-$5.15 (est. $4.64) and boosts FY26 revenues view to $3.825B-$3.925 from $3.325B-$3.425B (est. $3.83B) as guidance reflects post-close contributions from Amicus.
  • GeneDx Holdings (WGS) shares tumble on results/guidance; Q1 adj EPS ($0.28) vs est ($0.01); sees Q2 revs $110-112Mm vs est $130.8Mm and FY revs $475-490Mm vs est $550.2Mm
  • Inspire Medical Systems (INSP) Q1 adj EPS $0.10 vs est ($0.28) on revs $204.583Mm vs est $201.951Mm; guides FY adj EPS $0.75-1.25 vs est $1.88 and revs $825-875Mm vs est $962.78Mm.
  • Travere Therapeutics (TVTX) Q1 adj EPS $0.05 vs est ($0.24) on sales $127.2Mm vs est $136.822Mm.
  • UnitedHealthcare (UNH) is eliminating authorization requirements for 30% of healthcare services that previously required insurer approval. Today, prior authorization is required for only 2% of UnitedHealthcare medical services. Of the authorizations that are submitted, around 92% are approved and in less than 24 hours, on average. By the end of 2026, UNH will eliminate an additional 30% of remaining prior authorizations, including select outpatient surgeries, some diagnostic tests like echocardiograms, and certain outpatient therapies.
  • Vertex Pharmaceuticals (VRTX) Q1 adj EPS $4.47 vs. est. $4.31; Q1 revs rose 8% y/y to $2.99B vs. est. $3.02B; reiterates 2026 revenue guidance of $12.95B-$13.1B and sees at least $500M in 2026 non-CF product revenue; guides 2026 non-GAAP R&D, AIPR&D and SG&A expenses at $5.65B-$5.75B; said increased operating expenses were primarily due to investment in launching JOURNAVX.

Industrials and Materials

  • Allison Transmission Holding (ALSN) Q1 EPS $1.33; Q1 revs rose 84% y/y to $1.41B including the addition of the Allison Off-Highway business unit acquired on January 1, 2026, vs. consensus $1.38B; Q1 adj Ebitda +22% y/y to $362M.
  • BWX Technologies (BWXT) Q1 adj EPS $1.12, above consensus $0.93; Q1 revenue rose 26% y/y to $860.2M, consensus $838.65M; Q1 adj EBITDA $148M vs. est. $136.3M; raises FY26 EPS view to $4.60-$4.75 from $4.55-$4.70 (est. $4.61) and boosts FY26 revenue view to higher than $3.75B from roughly $3.75B, vs. consensus $3.77B; raises 2026 adjusted EBITDA guidance to $650M-$665M.
  • DuPont (DD) Q1 adj EPS $0.55 vs. est. $0.48; Q1 revs $1.68B vs. consensus $1.66B; raised its 2026 adjusted earnings forecast to between $2.35-$2.40 per share, from pitot $2.25-$2.30 per share; now expects annual net sales of $7.16B-$7.26B vs. prior $7.08B-$7.14B; FY sales guidance now assumes about 4% organic growth.
  • Eaton Corp. (ETN) Q1 adj EPS $2.81 tops $2.73 consensus on sales $7.5B vs. est. $7.14B; guides FY26 adjusted EPS $13.05-$13.50, vs. consensus $13.30 and sees FY26 Organic growth of 9-11%; Segment margins of 24.1-24.5%.
  • Firefly Aerospace (FLY) Q1 EPS ($0.61) vs est ($0.48) on revs $80.9Mm vs est $77.1Mm; guides FY revs $420-450Mm vs est $432.4Mm.
  • Powell Industries (POWL) Q2 EPS $1.25 vs est $1.36 on revs $297Mm vs est $298.1Mm, gr mgn 29.6%; says market activity across core markets remains favorable; expect margins to remain consistent with performance levels in the prior year given current composition of backlog.
  • Sterling Infrastructure (STRL) Q1 adj EPS $3.59 vs est $2.01 on revs $825.675Mm vs est $603.6Mm.
  • Voyager Technologies (VOYG) Q1 EPS loss (-$0.61) vs. est. $0.60; Q1 revs rose 2% y/y to $35.2M vs. est. $37.4M; Q1 results were supported by a record $275M backlog, up 54% y/y; raised 2026 revenue guidance to $230 mln-$255M from prior $225M-$255M on record $275M backlog; cites strong demand from U.S. defense programs.

Technology, Media & Telecom

  • Palantir (PLTR) Q1 adj EPS $0.33 vs. est. $0.28; Q1 revs $1.63B vs. est. $1.54B; raising our full-year revenue guidance to 71% growth, 10 points ahead of our guidance from last quarter; sees Q2 revenue $1.797B-$1.801B above consensus $1.68B and sees Q2 adjusted income from operations $1.063-$1.06B; Q1 Revenue from U.S. commercial customers jumped 133% to $595M while U.S. gov’t customers revs rose 84% to $687M.
  • Apple Inc. (AAPL) has held exploratory discussions about using Intel Corp. (INTC) and Samsung Electronics Co. (SSNLF) to produce the main processors for its devices in the US, a move that would offer a secondary option beyond longtime partner Taiwan Semiconductor Manufacturing Co. (TSM).
  • Fabrinet (FN) Q3 adj EPS $3.72 vs. est. $3.56; Q3 revs $1.214B vs. est. $1.18B; Q3 net income $134.0M vs. est. $130M; guides Q4 revs $1.25B-$1.29B vs. est. $1.258B.
  • IAC inc. (IAC) Q1 EPS loss (-$0.94) vs. est. loss (-$0.31); Q1 revs $422.9M; sees FY26 adjusted EBITDA $210M-$260M and sees FY26 total operating income $10M-$80M.
  • Lattice Semiconductor (LSCC) Q1 adj EPS $0.41 vs est $0.13 on revs $170.897Mm vs est $164.9Mm, adj gr mgn 70%; says to acquire AMI and expects immediately accretive to adj gr mgn, FCF and EPS.
  • On Semiconductor (ON) Q1 EPS $0.64 vs. est. $0.60; Q1 revs $1.51B vs. est. $1.487B; said Q1 AI data center business accelerated, growing more than 30% sequentially; sees Q2 EPS $0.65-$0.77 vs. est. $0.67 and revs $1.535B-$1.635B, vs. consensus $1.53B; Q1 adj gross margin 38.5%.
  • Paramount Skydance (PSKY) Q1 adj EPS $0.23 vs est $0.15, adj EBITDA $1.16B on revs $7.35B vs est $7.28B; guides Q2 revs $6.75-6.95B vs est $7.07B and FY revs $30B vs est $29.91B; says on track to deliver at least $3B in efficiencies through 2027; sees FY26 revenue ‘relatively more weighted’ to 2H26.
  • Pinterest (PINS) shares rise; Q1 adj EPS $0.27 vs est $0.23, adj EBITDA $206.51Mm vs est $177.4Mm on revs $1.008B vs est $966.2Mm; guides Q2 revs $1.13-1.15B vs est $1.11B and adj EBITDA $256-$276Mm vs est $261.3Mm; ends Q1 with 631 million global monthly active users, up from 570 million last year.

_________________________________________________________________

Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.

Back to Knowledge Center