Morning Preview: May 11, 2026

Early Look

Monday, May 11, 2026

After U.S. stocks advanced for a 6^th consecutive week last Friday as the S&P 500 and Nasdaq rose 2.3% and 4.4% respectively, while Dow booked a modest 0.6% uptick, supported again by a massive rally in semiconductor stocks (SOX), now up 63% year-to-date, U.S. futures are little changed/to down slightly as oil prices rise. Oil prices resumed its upward momentum last night after President Trump rejected Iran’s latest response to his proposal to end the Middle East as “totally unacceptable,” while the Strait of Hormuz remains mostly ​closed. Iran’s proposal reportedly ​emphasizes Iranian sovereignty over the strait while calling on the U.S. to end its naval blockade, guarantee no further attacks, lift sanctions, and end a U.S. ban on Iranian oil ​sales. Meanwhile, Israeli Prime Minister Netanyahu warned in a 60 Minutes interview that the war is “not over. Note last week WTI crude and Brent both fell over -6%. In Asian markets, The Nikkei Index declined -295 points to 62,417, the Shanghai Index gained 45 points to 4,225, and the Hang Seng Index edged higher 13 points to 26,406. In Europe, the German DAX is down -41 points to 24,297, while the FTSE 100 is up 20 points to 10,253.

Key items to watch outside of the Iran/U.S. war include the delayed but high-profile meeting of President Trump and China leader Xi, set to take place in Beijing (5/13-5/15), with expectations tempered but still market relevant, as well as both consumer (CPI) and producer (PPI) price inflation data this week in the U.S. as earnings ease. Headline CPI is expected to rise 3.8% YoY in April vs 3.8% the month before, with core anticipated to nudge higher to 2.7% from 2.6%. There is also China headline April CPI data expected this week.

• The Dow Jones Industrial Average rose 12.19 points, or 0.02%, to 49,609.16
• The Nasdaq Composite surged 440.88 points, or 1.71%, to 26,247.08
• The Russell 2000 Index advanced 21.58 points, or 0.76% to 2,861.21

• 10:00 AM ET                Employment Trends M/m for April
• 1:00 PM ET US Treasury to sell $58B in 3-year notes

• Earnings After the Close: ACHR ACM ASTS BKKT BLNK BW CDRE CHRS CLSK CNDT CNNE COOK CPRX DCGO DDD DSP FIGR GDOT GETY GTM HALO HCAT HIMS HLIT HROW IHRT ITGR MARA NGS NOVT OVV PANL PLNY PLUG QUBT REKR RGTI SIBN SPG STE WBTN

• MercadoLibre Inc. (MELI) mentioned positively in Barron’s this weekend saying last week’s selloff post earnings is an opportunity for investors as Latin America’s dominant e-commerce and fintech platform continues to invest to overcome its fourth consecutive profit miss. The stock has declined 30% from a record high in June on concern about Latin America’s economies, increased competition and a drop in margins.
• Sally Beauty (SBH) Q2 adj EPS $0.44 vs. vs. est. $0.41, Q2 comparable sales growth 1.3% and Q2 sales $903M vs. est. $900.8M; tightens FY26 net sales range and reiterates all other metrics; now sees year sales $3.725-$3.750B vs. est. $3.75B

• Kodiak Gas Services (KGS) Q1 adjusted EPS $0.59 vs. est. $0.54; Q1 revs $345.76M vs. est. $340.43M; raises FY26 adjusted EBITDA view to $820M-$860M from prior view $750M-$780M.

• Circle Internet (CRCL) launches Ai infrastructure to power the agentic economy for Autonomous fund management; Q1 total revs and reserve Income $694M vs. est. $722.4M; Q1 EPS $0.21 vs. est. $0.18; Circulation of USDC rose 28% from a year earlier to $77 billion at the end of the first quarter; affirming prior FY guidance;

• Liquidia (LQDA) Q1 EPS $0.52 vs $0.41 Est  as YUTREPIA Q1 product sales of $130M; more than 4,500 unique patient prescriptions and ~3,750 patients treated between launch in June’25 and April 30’26.
• Moderna (MRNA) shares add to last Friday’s gains on news last week it is developing a hantavirus vaccine in collaboration with VIC-K following an outbreak on a Dutch cruise ship that left at least three people dead and several seriously ill.

• CNH Industrial (CNH) downgraded to Neutral from Buy at Goldman Sachs and cut its tgt to $10.5 from $12 saying while age of equipment is high, higher fertilizer costs are likely to delay capex investments, particularly into large agricultural equipment which represent CNH’s higher margin products.
• GE Aerospace’s (GE) stock is poised to rise 15% over the next year, rebounding from weakened confidence in aviation stocks tied to the Iran war and rising oil prices, Barron’s reported this weekend. GE Aerospace has a dominant market share in single-aisle jet engines and 19% growth year-over-year in its defense propulsion business, which accounts for about one-quarter of sales, per Barron’s.
• Mosaic (MOS) Q1 adj EPS $0.05 vs. est. $0.22; Q1 revs $3B vs. consensus $2.9B; said business conditions were volatile in the first quarter, and they responded by curtailing uneconomic production, carefully managing working capital and using our market access to meet customer demand; lowers FY26 CapEx view to $1.25B from $1.5B.
• Primoris (PRIM) upgraded to Outperform from Neutral at Mizuho while lower price target to $135 from $175 saying following the post-earnings selloff, Primoris’ renewable execution issues, which are transitory, are now better reflected in estimates and the stock’s valuation.

• Dell Technologies (DELL) downgraded to Neutral from Buy at UBS
• Lumentum Holdings (LITE) is set to join the Nasdaq-100 (NDX) Index, replacing the real estate services provider CoStar Group (CSGP) later this month, Nasdaq Global Indexes said late Friday.
• Nintendo’s (NTDOY) shares fell overseas after the company hiked Switch 2 prices; said it would raise prices of its Switch 2, with the Japanese language Switch 2 Japan model to go up by 10,000 yen ($63.73) to 59,980 yen from May 25 and prices in markets such as the U.S. to rise from September 1.