Morning Preview: May 06, 2026

Early Look

Wednesday, May 6, 2026

U.S. futures rise to new all-time highs as oil prices slide for a second day as US President Donald Trump said “Great Progress” has been made on a final agreement to end the war with Iran and steepened the decline after Axios said that the US and Iran are nearing a deal on a one-page memorandum of understanding on how to conclude the conflict. Following the report, both WTI and Bret crude benchmarks were on track for their biggest daily declines in both percentage and absolute terms since mid-April, having shed about 4% in the previous session (Brent and WTI crude are both down over -9% this morning). In Asian markets, The Nikkei Index was closed for holiday a third day while the Shanghai Index gained 48 points to 4,160, and the Hang Seng Index advanced 315 points to 26,213. In Europe, the German DAX is surging 658 points or 2.7% to 25,059, while the FTSE 100 jumps 225 points or 2.2% to 10,444. In corporate earnings, the surge in semiconductors continues, as the SOX rises to another record high overnight after AMD shares surged 18% following its earnings and revenue guidance, SMCI gained 15% and ALAB jumps 7%. Disney (DIS) also reported better results and tightened guidance sending those shares higher too. Overall, Treasury yields fall, the dollar slides and precious metal prices surge with global stock markets as the momentum remains higher.

Another day, another record for the Nasdaq and S&P 500 on Tuesday after a brief pause on Monday, as the technology sector continues to pace the market gains, with the semiconductor index (SOX) surging another 4% yesterday, paced by record highs for Intel (INTC) which is up 193% YTD, and AMD adds to gains overnight after its earnings results. The SOX index is up 55% so far this year helping pace market gains in the Nasdaq, with anything “AI” related seeing massive momentum buying for weeks now. At the same time, a U.S.-Iran ceasefire held firm on Tuesday allowing investors to focus on strong quarterly earnings. Nearly all eleven S&P sectors closed higher Tuesday with Tech and Materials the big winners and only Communications ending lower. Today economic data turns to private payrolls after data showed a narrower-than-expected March trade deficit, slightly stronger JOLTS openings and softer ISM services Tuesday.

• The Dow Jones Industrial Average rose 356.35 points, or 0.73%, to 49,298.25
• The Nasdaq Composite gained 258.32 points, or 1.03%, to 25,326.13
• The Russell 2000 Index advanced 49.01 points, or 1.75% to 2,845.00

• 8:15 AM ET ADP Private Payrolls Employment for April
• 10:30 AM ET                Weekly DOE Inventory Data

• Earnings After the Close: ACAD ADVA ADMA AEE AEVA AIRG ALB ALTO AMH AMPL AOSL APA APP ARAY ARM ARQT ARRY ATNI ATO AXON BBSI BKD BKH BLBD BLLN BROS BYND CAPL CDE CENTA CF CGNX CHGG CHYM CLOV CMP CODI COHR CPK CPS CRUS CSV CW CXW DASH DLX DV ECPG EE EHTH EPR EQX ES EVTC FLNC FLUT FNF FORR FSK FSLY FTNT GNK GT HDSN HLF HMN HNST HRB HST IONQ IPI KLIC KMPR KRO KTOS LB LFMD LIFE LTC LZ MAC MEG MET MGNI MIRM MKSI MNKD MTDR MUR NGVT NTR NVST O OEC ORA PAHC PAYC PLMR PR PRI PTC QGEN RDN RELY ROOT RRX RUN RXST RYN SEZL SGHT SKWD SM SNAP SRPT SVC SVV SYM TASK TKO TPC TS UGI USPH UTI VRRM WBI WES WHD WHR WTS XRN Z ZG ZVIA

• Oppenheimer 21st Annual Industrial Growth Conference, 5/4-5/7

• Carter’s (CRI) Q1 adj EPS $0.39 vs. est. $0.13; Q1 revenue $681M vs. consensus $660.8M; Q4 U.S. Retail comparable sales increased 10.5%; sees Q2 adjusted EPS $0.02-$0.06 vs. consensus (14c) and sees Q2 low-single-digit percentage growth in net sales, vs. consensus $603.2M.
• Live Nation (LYV) Q1 revenue rose 12% to $3.8B vs. est. $3.57B; Q1 adj op income for Q1 grew 9% to $371M; posted op loss due to $450M legal accrual; said expects double-digit AOI growth for 2026 across concerts, ticketing, and sponsorship; Ticketmaster primary fee-bearing ticket volume expected to grow MSD for full year.

• Centrus Energy (LEU) Q1 revs $76.7M vs. est. $79.5M (and above $73.1M y/y); raising full year 2026 revenue guidance to $450M-$500M from prior view $425M-$475M based on commercial progress; backlog across both segments is $3.9 billion as of March 31, 2026, and extends to 2040; year capex seen $350M-$500M.
• Devon Energy (DVN) Q1 core EPS $1.04 vs. est. $1.06; Q1 adj net income $641M vs. est. $639M; expects Q2 production to average 851,000 to 868,000 Boe per day; said oil production averaged 387,000 barrels per day in Q1; said invested $848M of capital in Q1, 6% below midpoint guidance.
• EOG Resources (EOG) Q1 EPS $3.41 vs. est. $3.19 and revs $6.92B vs. est. $5.98B; Q1 adj Net Income $1.82B vs. est. $1.6B; raises full-year 2026 oil and NGL production guidance due to capital reallocation; maintains full-year 2026 capital expenditures guidance at $6.3B-$6.7B.
• Occidental Petroleum (OXY) Q1 adj EPS $1.06 above consensus $0.58; Q1 revs $5.23B vs. consensus $5.55B; Q1 capital expenditures of $1.6B; for year, guide FY oil & gas total production 1,410-1,460 MBoed and FY oil & gas Permian production 793-819 MBoed with year capex $5.5B-$5.9B.
• Entergy (ETR) announces $2.175B common stock offering.

• Dave Inc. (DAVE) Q1 adj EPS $3.64 vs. consensus $3.08; Q1 revenue $158.4M vs. est. $153.66M; Q1 28-Day Past Due rate improved both sequentially and y/y to 1.69%, the lowest Q1 rate in company history; raises FY26 adjusted EPS view to $16.25-$16.75 from $14.00-$15.00, boosts FY26 revenue view to 710M-$720M from $690M-$710M, and up FY26 adjusted EBITDA view $305M-$315M from $290M-$305M.
• Prudential Inc. (PRU) Q1 adj EPS $3.61 vs. consensus $3.11; said Higher asset management fees and strong investment performance drove PGIM’s income growth, partly offset by higher expenses from growth initiatives; Q1 net income fell y/y to $597M.
• Upstart Holdings (UPST) Q1 net loss of $6.6M vs. $2.4M y/y while adj EBITDA declined y/y; Q1 total originations rose 61% y/y, driving higher revenue to $277.6M; reiterated full-year 2026 revenue and adjusted EBITDA outlook

• Cytokinetics (CYTK) announces $650M common stock offering
• Oscar Health (OSCR) Q1 EPS $2.07 vs. consensus $1.10; Q1 revs $4.65B vs. consensus $4.92B as Revenue growth was driven by increased membership and rate hikes, partially offset by higher net risk adjustment transfer accrual; reaffirmed full-year 2026 guidance and expects margin expansion.
• Tempus AI (TEM) Q1 adj EPS loss (-$0.13) vs. est. loss (-$0.20); Q1 revs $348.1M vs. est. $345.44M; raises FY26 revenue view to $1.59B-$1.6B from $1.59B (consensus $1.59B) and reaffirms FY26 adj EBITDA view roughly $65M; guides FY adj Ebitda $65M vs. est. $70M; Q1 diagnostics revenue grew 34.7% y/y, driven by 28% Oncology volume growth and 54% Hereditary volume growth.
• TransMedics (TMDX) Q1 adj EPS $0.30 misses the consensus $0.61; Q1 revs rose 21% y/y to $173.9M in-line with consensus; Q1 Gross margin declined to 58%; said revenue growth was primarily due to increased use of the Organ Care System; reaffirms FY26 revenue view $727M-$757M vs. consensus $739.04M.

• Emerson Electric (EMR) Q2 adj EPS $1.54 vs. consensus $1.53 and revs $4.56B vs. consensus $4.59B; sees Q3 adjusted EPS $1.65-$1.70 vs. consensus $1.68 and Q3 net sales growth 5.5%; narrows FY26 adjusted EPS view to $6.45-$6.55 from $6.40-$6.55, while lowers FY26 net sales growth view to about 4.5% from 5.5%.
• GXO Logistics (GXO) Q1 adj EPS $0.50 vs. est. $0.37; Q1 revs rose 10.8% y/y to $3.3B vs. est. $3.22B; Q1 adj Ebitda $200M vs. est. $180M; raises 2026 guidance for adj EBITDA to $935M-$975M from $930M-$970M prior and boosts 2026 adjusted diluted EPS of $2.90-$3.20, up from $2.85-$3.15.
• Joby Aviation (JOBY) Q1 revs $24.2M vs. est. $20.2M; and EPS loss (-$0.12).
• Primoris (PRIM) shares tumble on miss; Q1 adj EPS $0.59 misses the consensus $0.84 on light revs $1.6B vs. consensus $1.73B; said Q1 results reflected cost pressures on a limited number of renewables projects;Q1 adj Ebitda $60.5M vs. est. $92.9M and Q1 adj net income $32.2M vs. est. $44.8M; lowers FY26 adjusted EPS view to $4.80-$5.00, from previous view $5.80-$6.00 and below consensus $5.93.
• SpaceX estimates $55 bln investment for initial phases of Terafab project in grimes county, Texas, per filing; SpaceX estimates $119 billion in total capital investment if additional phases are constructed.

• Disney (DIS) Q2 revs rose 5% to $25.17B topping the $24.87B consensus on adj EPS $1.57, above $1.45 y/y and consensus of $1.49; now expects adjusted per-share earnings growth of about 12% for the fiscal year, excluding the impact of an extra week, which will chip in about 4% of full-year earnings; said it expects double-digit adjusted earnings growth to continue in fiscal 2027.
• Anthropic commits to spending $200 billion on Google’s (GOOGL) Cloud and Chips – The Information reported. Anthropic CEO Dario Amodei says software-as-a-service (SaaS) companies that don’t evolve with AI could face ruin. Amodei made his comments as part of a conversation with journalist Andrew Ross Sorkin and JPMorgan (JPM) CEO Jamie Dimon during Anthropic’s The Briefing: Financial Services event.
• Arista Networks (ANET) Q1 revs $2.71B vs. est. $2.61B; guides Q2 revs rose 35.1% y/y to $2.8B vs. est. $2.77B; Q1 EPS was $0.87 beating $0.81 and sees Q2 EPS $0.88 vs. est. $0.86; Q1 GAAP and non-GAAP operating margin of 42.7% and 47.8%, respectively.
• Astera Labs (ALAB) Q1 adj EPS $0.61 vs. est. $0.54 and revs rose 93% y/y to $308.4M vs. est. $292.2M; Q1 adj gross margin 76.4% and adj net income $110.1M vs. est. $97.5M; Now shipping newly announced Scorpio(TM) X-Series 320-lane AI Fabric switch and expanded Scorpio P-Series PCIe 6 switch family supporting 32 to 320 lanes
• Hut 8 (HUT) announced the commercialization of the first phase of its Beacon Point data center campus in Nueces County, Texas through a 15-year, $9.8 billion lease for 352 megawatts (MW) of IT capacity.
• Klaviyo (KVYO) Q1 revs $3598M vs. est. $348.3M; said CFO to step down; raised FY26 revenue outlook to $1.514B-$1.522B for 23% YoY growth; sees Q2 revs $359M-$363M vs. est. $360M; authorized $500 mln share buyback; reported total customers rose to over 196,000, with customers generating over $50,000 of ARR.
• Lumentum Holdings (LITE) Q3 adj EPS $2.37 vs. est. $2.27; Q3 adj net income $225.7M vs. est. $202.5M; Q3 revs $808.4M vs. est. $804.3M; sees Q4 adjusted EPS $2.85-$3.05 vs. consensus $2.69 and sees Q4 revenue $960M-$1.01B, above consensus $917.27M.
• Skyworks Solutions (SWKS) Q2 adj EPS $1.15 vs. est. $1.03 and revs $944M vs. est. $899M; Q2 adj op income $189M vs. est. $169M; guides Q3 adj EPS $1.03 vs. est. $0.93 and revs $900M-$950M vs. est. $861.3M; Broad Markets segment delivered double-digit yr/yr growth, led by Wi-Fi and automotive.
• Strategy (MSTR) Q1 EPS loss (-$38.25) as operating loss for q1 includes an unrealized loss on digital assets of $14.46B; Q1 revenue $124.3M, vs consensus $125.1M. 818,334 bitcoin holdings, a 22% growth year to date 2026; 9.4% BTC Yield achieved year to date.
• Super Micro (SMCI) shares surge 15% overnight;  Q3 sales $10.24B vs. est. $12.33B; Q3 adj EPS $0.84 vs. est. $0.62; guides Q4 EPS $0.65-$0.79 above consensus $0.55 and sales $11B-$12.5B vs. consensus $11.07B; said are exceptionally well-positioned to meet the massive demand for various AI and enterprise verticals.
• Wolfspeed (WOLF) Q3 revs $150.2M misses est. $195M; posted negative adjusted gross margin and significant net loss for the quarter; Q4 revs seen $140M-$160M; said expects operating expenses to be about flat with Q3 2026 and gross margins to remain negative Q4.