Morning Preview: May 08, 2026

Early Look

Friday, May 8, 2026

Despite the United States and Iran clashing again late yesterday near the Strait of Hormuz, with US forces targeting missile and drone launch sites and other military assets in Iran, U.S. futures are firmly in positive territory as nothing appears able to dent this resilient market that remains just off record highs. In futures, oil headed for a deep weekly loss as President Donald Trump said that a ceasefire with Iran still held despite renewed clashes between US and Iranian forces, sustaining speculation a deal may be struck. Oil prices jumped last night when the news was first reported but is now down on the morning. In Asian markets, The Nikkei Index dropped -120 points to 62,713, the Shanghai Index was little changed at 4,179, and the Hang Seng Index dropped -232 points to 26,393. In Europe, the German DAX is down -225 points to 24,438, while the FTSE 100 is down -38 points to 10,238. With the bulk of earnings season now behind us after last nights deluge, attention turns this morning back to data with the monthly nonfarm payrolls report and then next week with key CPI and PPI inflation data. It has been nonstop winning for Wall Street, on track for its 6^th straight week of advances (following 5 straight weeks of losses prior in March) as Bank America data noted Investors flocked to cash and bonds last week and emerging market stocks saw their biggest outflows since January, according to Bank of America. The US had its sixth week of equity inflows at $9.3 billion, the firm said. Of the 425 S&P 500 companies to have reported thus far, 84% have beaten analysts’ estimates, while 11% have missed.

The rallying U.S. stock market will take its cues next week from fresh inflation and consumer spending data, developments in the war in Iran, and a high-stakes meeting between the leaders of the U.S. and China. U.S. equities have been on a tear, with the ‌benchmark S&P 500 up more than 15% from its low for the year, hit in late March. The strongest U.S. quarterly earnings season in more than ‌four years has lifted sentiment for equities, while worries about worst-case economic fallout from the Iran war have abated and investors are jumping in for fear of missing out on gains. Energy prices have soared in the wake of the Iran war, with U.S. crude up more than 60% for the year but has failed to dent global stock markets with many trading near their all-time best levels.

• The Dow Jones Industrial Average fell -313.62 points, or 0.63%, to 49,596.97
• The Nasdaq Composite dropped -32.75 points, or 0.13%, to 25,806.20
• The Russell 2000 Index declined -47.15 points, or 1.63% to 2,839.63

• 8:30 AM ET                  Private Payrolls for April…est. 75K (prior +186K)
• 8:30 AM ET                  Manufacturing Payrolls for April…est. 5K (prior +15k)
• 8:30 AM ET                  Average Hourly Earnings M/M and Y/Y for April…est. +0.3% and +3.8% respectively
• 8:30 AM ET                   Unemployment Rate for April…est. 4.3%
• 10:00 AM ET                University of Michigan Confidence for May, preliminary…49.5
• 10:00 AM ET                University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• The Nasdaq 100 Index on Thursday reached an “extreme” spread of 13% above its 50-day moving average while also touching a 52-week high, according to BTIG LLC. The last time that happened, other than in September 2020, was in March 2000, at the peak of the dot-com bubble.

• DraftKings (DKNG) Q1 adj EPS $0.20 vs. est. $0.17; Q1 revs rose 17% y/ y to $1.65B vs. consensus $1.63B; Q1 Monthly Unique Payers (MUP) decreased 4% to 4.2M compared to the three months ended March 31, 2025; maintains FY26 revs $6.5B-$6.9B and adj Ebitda $700M-$900M.
• Expedia Inc. (EXPE) Q1 EPS of $1.96 vs. est. $1.38; Q1 revs $3.43B vs. est. $3.35B; Q1 booked room nights grew 6%, total gross bookings grew 13%, while B2B gross bookings grew 22% and B2C grew gross bookings 10%; announces new $5B buyback authorization; affirms year outlooks for revs and bookings.
• MercadoLibre (MELI) Q1 revs $8.8B vs. est. $8.3B; Q1 Ebit $857M vs. est. $931M; Q1 net profit of $417M, a 15.6% drop compared to year prior; Q1 GMV $19B, total payment volume $87.2B.
• Monster Beverage (MNST) Q1 EPS $0.58 vs. est. $0.53; Q1 revs rose 26.9% y/y to $2.35B above consensus $2.16B; did not provide specific financial guidance for the current quarter or full year; Q1 Net sales in the Monster Energy Drinks segment rose 27.6% y/y, driven by increased consumer demand.
• Toyota Motor (TM) said it expects the effects of the Iran war to cost it about $4.3 billion this financial year and reported an almost 50% drop in quarterly earnings while saying full-year profit is expected to fall by a fifth in the year just started, as rising costs from the war outweigh surging demand for hybrid vehicles.
• Wynn Resorts (WYNN) Q1 adj EPS $1.25 tops consensus $1.18; Q1 revs 1$.86B vs. est. $1.83B; Q1 adj net income $129.7M vs. est. $131.6M; said Q1 Macau saw a meaningful increase in gaming volumes, Las Vegas Q1 revenue and EBITDAR at Wynn Palace rose sharply.

• Fluor (FLR) Q1 adj EPS $0.14 vs. est. $0.62 on revs $3.66B vs. consensus $3.89B; is narrowing its adjusted EBITDA guidance for 2026 from $525M-$585M to $525-$560M as upper end of guidance reflects Q1 recognition of cost growth on a mining project in the Americas, and a temporary slowdown on another project due to Middle East.
• Forward Air (FWRD) shares plunge as Q1 revs fell -5% y/y to $582M missing the $620M consensus though Q1 net loss narrowed and operating income improved y/y; said to sell non-core assets after strategic review; major customer may transition business in 2027.
• MP Materials (MP) Q1 adj EPS $0.03 vs. consensus flat; Q1 revs $90.65M vs. est. $72.14M; said Q1 results were boosted by $42.3M in price protection agreement income from the U.S. government as part of a 2025 investment deal; expects Q2 NDPR rare earths prices to be in low to mid $90 per kilogram range.
• Olin Corp. (OLN) Q1 revs $1.58B vs. est. $1.6B; Q1 adj Ebitda $86.2M vs. est. $63.4M driven by cost actions and improved demand; posts Q1 net loss, citing higher raw material costs and lower pricing; forecasts Q2 adjusted EBITDA between $160M-$200M.
• Republic Service Group (RSG) Q1 EPS $1.70 tops consensus $1.64 and revs $4.11B, in-line with consensus $4.1B; Q1 adj net income $526M vs. est. $504.5M; said pricing and effective cost management drove solid earnings growth and 50 basis points of adjusted EBITDA margin expansion
• Rocket Labs (RKLB) Q1 revs rose 63.5% y/y to $200.35M vs. est. $190M; guides Q2 revs $225M-$240M vs. est. $201M; said record number of new launch and space systems contracts signed in Q1, including 31 Electron and HASTE contracts and five Neutron launches; posted Q1 net loss -$45M.
• Nuscale Power (SMR) Q1 revs $565K vs. est. $14.7M as net loss widened; said its Q1 rev decline due to the absence of revenue recognized from the RoPower technology license agreement and completed engineering services in the prior year; did not provide guidance.

• Coinbase (COIN) Q1 revenue fell 21% q/q to $756M as total crypto market capitalization and trading volumes dropped more than 20% q/q; Q1 adj EBITDA fell -46% q/q and posted net loss of -$394.1M vs. $65.6M profit y/y; sees Q2 transaction revenue of $565-$645M and subscription and services revenue approximately flat vs. Q1.
• Rocket Companies (RKT) Q1 adj EPS $0.15 vs. est. $0.12; Q1 revs $2.82B vs. est. $2.79B; guides Q2 revs $2.7B-$2.9B vs. est. $2.97B; Q1 net income $297M and adj net income $422M.
• Toast Inc. (TOST) Q1 EPS $0.20 vs. est. $0.15; Q1 revs $1.63B, in-line with consensus $1.63B; Q1 Payment volumes flat y/y at 22% while Q1 net income more than doubled y/y to $126M; added about 7,000 net new locations in Q1; raises 2026 full-year non-GAAP subscription services and Fintech solutions gross profit outlook to $2.29B-$2.32B and boosts 2026 full-year adjusted EBITDA forecast to $790M-$810M
• XYZ Corp.(XYZ) Q1 adj EPS $0.85 vs. est. $0.68; Q1 revs $6.06B vs. consensus $6.03B; Q1 Cash App registered a 38% jump in gross profit in the quarter; sees FY26 adjusted EPS $3.85, consensus $3.64 and raises FY26 gross profit forecast to $12.33B, or +19% y/y and above prior view of $12.2B, while sees FY adj op income $3.34B.

• Guardant Health (GH) Q1 revs $301.7M vs. est. $279.2M and adj EPS loss (-$0.45) vs. est. loss (-$0.76); raised 2026 revenue guidance, citing strong oncology and screening growth and sees revs $1.3B-$1.32B from prior $1.25B-$1.28B and screening revs $186M-$198M from prior $162M-$174M on higher expenses.
• McKesson Corp. (MCK) Q4 EPS $11.69, tops consensus $11.57 on revs $96.3B, below consensus $101.4B; reaffirms long-term adjusted EPS growth target of 13% to 16% while targets long-term segment operating profit growth of 5%-8% for North American Pharmaceutical, 13%-16% for Oncology & Multispecialty.
• Natera Inc. (NTRA) Q1 revs rose 39% y/y to $696.6M vs. est. $617M; raises 2026 revenue guidance to $2.74B-42.82B from prior $2.62B-42.7B; expects 2026 gross margin of approximately 64% to 66%.

• Applied Optoelectronics (AAOI) Q1 revs $151.1M vs. est. $157.1M; Q1 adj net income -$4.9M vs. est. -$3.84M; Q1 GAAP gross margin was 29.1%, compared with 30.6% y/y and 31.2% in the fourth quarter of 2025.
• Bill Holdings (BILL) says to cut up to 30% of workforce and sees $30M-$60M of charges in connection with the restructuring; announces $1M share repurchase authorization; Q3 adj EPS $0.68 vs. est. $0.55 on revs $406.6M vs. est. $403.3M; guides year EPS and revs above consensus.
• Cloudflare Inc. (NET) Q1 adj EPS $0.25 vs. est. $0.23; Q1 revs $639.8M vs. est. $622.61M; guides Q2 EPS $0.27, in line on revs $664M-$665M, vs. consensus $665.3M; raises FY26 EPS view to $1.19-$1.20 from $1.11-$1.12 (est. $1.12) and boosts FY26 revenue view to $2.805B-$2.813B from $2.785B-$2.795B, consensus $2.8B; cuts jobs.
• Coreweave Inc. (CRWV) Q1 GAAP revs $2.08B vs est. $1.96B; said believe well on way to more than 8 GW by 2030; Q1 adj op income $21M vs. est. $24.6M and adj net income -$589M vs. est. -$446M; Q1 backlog was $99.4B end of March; Q1 adj Ebitda margin 56%.
• HubSpot (HUBS) shares tumble over -20% after Q1 results beat at $2.73 vs. est. $2.47 on revs $881M vs. est. $863.3M; while guides FY26 revs $3.7B-$3.71B vs. est. $3.7B, with Bank America, Cantor and William Blair all downgrading shares this morning. Bank America noted the “biggest surprise” is that HubSpot is reorienting its go-to-market model to be agent-first, with reps now expected to position AI agents as “the tip of the spear” during sales conversations.
• Iren Ltd. (IREN) shares rise as Nvidia Corp (NVDA) to purchase up to 30M shares of ordinary stock at an exercise price of $70 per share, resulting in a right to invest up to $2.1B
• Taiwan Semi (TSM) posted its slowest pace of monthly revenue expansion since October as sales rose 17.5% to NT$410.7 billion ($13.1 billion), their smallest rise in about six months.
• Trade Desk (TTD) shares fell as Q1 adj EPS $0.28 misses est $0.32 on revs $689M vs. est. $679.2M; guides Q2 revs at least $750M vs. est. $771.3M saying advertisers turned more cautious with their budgets in an uncertain macroeconomic environment.