Morning Preview: May 07, 2026

Early Look

Thursday, May 7, 2026

After another mind-boggling rally on Wednesday, lifting stocks to all-time highs, with the S&P 500 closing above 7,300, the Nasdaq closing in on 26,000 and the Dow 50,000, with bond yields falling as oil retreated on hopes the US and Iran are nearing a deal to end the war, U.S. futures are flat overnight awaiting the next set of earnings results and data. A gauge of stock market volatility briefly fell to the lowest since January, while WTI crude oil fell more 7% to below $95 per barrel (and extend losses this morning). The Nasdaq 100 outperformed amid ongoing positive feedback in the AI space as the Philadelphia Semiconductor Index (SOX) extending its year-to-date gains at 60% now after rallying over 40% in 2025, led by gains in INTC, AMD, NVDA and others. ADP private payroll data showed US companies boosted payrolls in April by the most in over a year (comes ahead of Friday nonfarm payrolls). Bonds rallied across the curve after the US Treasury kept its government bond auction sizes steady in its quarterly refunding. In Asian markets, Japanese equities played catch up with global peers after the Golden Week holidays as the Nikkei surges 3,320 points or almost 6% and Topix jumps more than 3%; the Shanghai Index rose 19 points to 4,180, while the Hang Seng Index jumped 412 points to 26,626. In Europe, the German DAX is down -68 points to 24,850, while the FTSE 100 is down -69 points to 10,369.

• The Dow Jones Industrial Average rose 612.34 points, or 1.24%, to 49,910.59
• The Nasdaq Composite surged 512.82 points, or 2.03%, to 25,838.94
• The Russell 2000 Index advanced 41.77 points, or 1.47% to 2,886.77

• 8:30 AM ET                  Weekly Jobless Claims…est. 205K
• 8:30 AM ET                  Continuing Claims…est. 1.8M
• 8:30 AM ET                  Nonfarm Productivity for Q1…est. 1.0%
• 8:30 AM ET                  Unit Labor Costs for Q1…est. 2.6%
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAOI ABNB ACLS AFRM AGO AHR AKAM ALRM AMN ARCT ASLO ARWR BBIO BILL BOBS CARG CCRN CLNE COIN CPAY CRNC CRSR CRWV CTRE CWAN CWEN DBX DH DIOD DKNG DNA DXC ED ESE EXPE FBIN FIGS FOXF FROG FWRD G GDRX GEN GH GILD GMED HHH HUBS ICFI UCUI III IIIV INOD IOSP IREN JYNT KINS LASR LOCO LYFT MAIN MBUU MCHP MCK MELI MNST MP MRVI MSI MTD NET NRDY NTRA NUS NWSA OFRM OLN OMDA OPEN OTEX OUT PAR PBA PGNY POST POWI PRAA PTCT PUBM QNST REAL RGA RKLB RKT RMAX RNG RSG SARO SERV SG SMR SPT SSP STTRZ SYNA TNDM TXRK UPWK VREX WEST WMG WPM WSC WYNN XPOF XYZ YELP ZD ZIP ZYME

• Oppenheimer 21st Annual Industrial Growth Conference, 5/4-5/7
• RBC Capital Technology Private Company Conference, 5/7, in Los Angeles

• DoorDash (DASH) Q1 EPS $0.42 vs. est. $0.36; Q1 revs $4.04B vs est. $4.14B; Q1 Total Orders increased 27% y/y to 933M. Marketplace GOV increased 37% Y/Y to $31.6B; sees Q2 marketplace GOV to be in the range of $32.4B-$33.4B vs. est. $31.8B after Q1 marketplace GOV $31.60B; continue to expect 2026 ADJ EBITDA as percent of marketplace gov to increase slightly vs 2025, excluding impact of Deliveroo.
• Flutter Entertainment (FLUT) Q1 adj EPS $1.22 vs. consensus $1.09; Q1 revs $4.3B vs. consensus $4.24B; Q1 adj Ebitda $631M vs. est. $614M and Q1 adj US Ebitda $119M, down -26% y/y; sees FY26 revenue $18.31B vs. est. $18.37B with adjusted EBITDA of $2.865B at the midpoint.  
• Tapestry (TPR) Q3 adj EPS $1.66 vs. consensus $1.30 and revs $1.92B vs. est. $1.79B; now expects to buy back approximately $1.3 billion in common stock in Fy26; said now expects FY26 revenue of about $7.95B, compared with its prior forecast of more than $7.75B (est. $7.82b) and sees adj EPS $6.40-$6.45 vs est. $6.52 per share.
• Tesla’s (TSLA) China-made EV sales jumped 36% year over year in April, a sixth month of gains, with deliveries of Model 3 and Model Y vehicles built at Tesla’s Shanghai plant totaling 79,478 units.
• Whirlpool Corp. (WHR) Q1 revenue $3.27B, consensus $3.44B; Q1 revs $3.27B vs. est. $3.44B; suspends common dividend to prioritize debt paydown; cuts FY26 adjusted EPS view to $3.00-$3.50 from about $7.00 (est. $4.73) and lowers FY26 revenue view to about $15B from $15.3B-$15.6B (vs. est. $15.27B).
• Zillow (Z) Q1 EPS $0.53 vs. est. $0.46; Q1 revs rose 18% y/y to $708M vs. est. $705M; company estimates Q1 purchase mortgage origination volume for the industry declined approximately 1% y/y; Q1 Adjusted EBITDA was $182 million, and Adjusted EBITDA margin was 26%, flat y/y.

• Fluence Energy (FLNC) shares jump after reported a narrower-than-estimated Q2 adj Ebitda loss; also maintained its 2026 total revenue forecast, which has a midpoint above the average analyst estimate.
• Helmerich and Payne (HP) Q2 revenue misses at $932M vs. est. $950M due to Mideast conflict; posted net loss of $59M, including $26M impairment charge; sees FY26 capex at $270M-$310M.
• Matador Resources (MTDR) Q1 adj Net Income $189.5M vs. est. $136.9M and adj EPS $1.53 vs. est. $1.27;
• MGE Energy (MGEE) 3.3M share Spot Secondary priced at $75.75.
• Murphy Oil (MUR) Q1 adj Ebitda $383M vs. est. $402.5M; Q1 production exceeded co’s guidance, driven by strong onshore and offshore output; sees Q2 production to dip slightly due to onshore well timing; maintains full-year production guidance despite Q2 decline; maintains 2026 CAPEX guidance.
• SM Energy (SM) Q1 adj EPS $1.55 vs. est. 41.13 and revs $1.48B vs. est. $1.42B; Average Q1 net daily production totaled 371.2 MBoe/d, including 190.3 MBbl/d of oil and sees Q2 average total production 435-450 MBoe/d; maintains fy2026 capital expenditure guidance of $2.65–$2.85B; raises fy2026 production guidance to 410–430 mboe/d, 222–228 MBbl/d of oil.

• MetLife (MET) Q1 adjusted EPS $2.42 tops consensus $2.27; Q1 revenue $19.07B vs. est. $19.42B; said adj earnings growth driven by higher variable investment income, volume growth and favorable underwriting; Adjusted PFOs, excluding pension risk transfers, increased 10%, with growth in all segments.
• Sezzle Inc. (SEZL) Q1 adj EPS $1.43 vs. consensus $1.24 and revs $135.54M vs. est. $129.16M; Q1 gross merchandise volume increased 37.3% to $1.1B; raises FY26 adjusted EPS view to $5.10 from $4.70 while boosts FY26 revenue view up 30%-35% from up 25%-30%.

• Cross Country Healthcare (CCRN) agreed to a buyout from investment firm Knox Lane for $437 million in cash, or $13.25 a share. The companies expect the deal to close in the third quarter, subject to shareholder approval and regulatory conditions.
• Sarepta (SRPT) Q1 revs fell -2% y/y to $730.8M; said lower volume of ELEVIDYS sales due to updated label restricting use to ambulatory patients; reiterates FY 2026 net product revenue guidance of $1.2-$1.4B.

• Axon Enterprises (AXON) Q1 revs $807M vs. est. $778.5M on EPS $1.61 vs. est. $1.60; raises FY26 revenue growth view to 30%-32% from 27%-30% (est. $3.59B) and guides FY26 adjusted EBITDA margin of 25.5%, in line with prior margin guidance; guides year capex $160M-$190M.
• CF Industries (CF) Q1 EPS $3.98 tops consensus $2.23 on revs $1.99B vs. consensus $1.83B; said conflict in the Middle East has significantly tightened the global nitrogen supply-demand balance further; believes global nitrogen supply-demand balance will remain tighter than expected in near and medium term.
• Curtiss-Wright (CW) Q1 adj EPS $3.48 vs. est. $3.33; Q1 sales $914M vs. est. $864M; Q1 adj op income $160M vs. est. $157M; raised full-year 2026 guidance for sales, operating income, margin, EPS, and free cash flow; guides FY adjusted operating income $712-729M vs. est. $716.1M; FY adjusted eps $14.9-$15.3 vs. estimate $15.1; sees 2026 free cash flow of $580M-$600M, up $5M from prior forecast.
• Nutrien Corp. (NTR) Q1 adj EPS $0.51 vs. est. $0.53; Q1 adj Ebitda $1.1B vs. est. $1.08B; Q1 sales $6.04B vs. est. $5.25B; maintain full year financial and operational guidance.

• AppLovin (APP) Q1 EPS $3.56 vs. consensus $3.40; Q1 revs $1.84B vs. est. $1.78B; Q1 adj Ebitda $1.55B vs. est. $1.48B; sees Q2 revenue $1.915B-$1.945B above consensus $1.9B and Q2 adjusted EBITDA $1.615B-$1.645B.
• Cirrus Logic (CRUS) Q4 EPS $1.95 above consensus $1.76; Q4 revenue $448.5M vs. est. $442.3M; Q4 GAAP operating expenses of $147.3M and non-GAAP operating expenses of $126.1M; sees Q1 revenue $430M-$490M, vs. consensus $414.7M.
• Coherent Corp. (COHR) Q3 adj EPS $1.41 vs. est. $1.40 and revs rose 21% y/y to $1.81B vs. est. $1.78B citing strong datacenter and communications demand for quarterly growth; guides Q4 EPS $1.52-$1.72, vs. consensus $1.54 and sees Q4 revenue $1.91B-$2.05B, vs. est. $1.91B.
• Fastly (FSLY) Q1 EPS $0.13 tops consensus $0.08 on revs rose 20% y/y to $173.02M vs. est. $170.26M; sees FY26 adjusted EPS $0.27-$0.33 vs. est. $0.28 on revs $710M-$725M vs. consensus $712.08M; Q1 GAAP gross margin of 62.5%, compared to 53.2% in the first quarter of 2025.
• Fortinet (FTNT) Q1 EPS $0.82 vs. est. $0.62; Q1 revenue rose 20% y/y to $1.85B above consensus $1.73B; Q1 billings grew 31% y/y; sees FY26 EPS $3.10-$3.16, vs consensus $2.98 and FY26 revenue $7.71B-$7.87B vs. est. $7.6B; raises 2026 revenue guidance to 15% year-over-year growth.
• IONQ Inc. (IONQ) Q1 revs $64.66M vs. est. $49.7M; reiterates FY26 adj ebitda loss guidance of $310M-$330M and said raises FY2026 revenue guidance to $260-$270M.
• MKS Instrument (MKSI) Q1 EPS $2.30 vs. consensus $2.05 and revs $1.08B vs. est. $1.05B; said raised quarterly dividend and completed major debt refinancing; sees Q2 EPS $2.90 plus or minus $0.30, vs. consensus $2.38; sees Q2 revenue $1.2B, plus or minus $40M vs. consensus $1.09B.
• Snap Inc. (SNAP) Q1 revs rose 12% y/y to reported in-line at $1.53B while guides Q2 revs $1.52B-$1.55B vs. est. $1.53B; Q1 adj Ebitda $233.3M vs. est. $204M; reported 483 million daily active users in Q1, adding 9M q/q, but daily active users in North America declined, while revenue growth in the region slowed to 2% in Q1.
• Symbotic Inc. (SYM) Q2 EPS $0.01 vs. est. $0.11; Q2 revs rose 23% y/y to $676.48M vs. consensus $663.5M as attributed growth to rising deployments and margin expansion; sees Q3 revenue $700M-$720M and adjusted EBITDA $80M-$85M.