Morning Preview: May 12, 2026

Early Look

Tuesday, May 12, 2026

It was a new day, but same story on Monday as the S&P 500 and Nasdaq Comp eked out new all-time highs as semiconductor chip stocks close at new records with the SOX index now up 15% this month and a whopping 70% YTD as the AI demand/growth story pushes tech sectors higher daily, with no slowing in sight to this point. What remains interesting, the CBOE Volatility index (VIX) moved up nearly 7% back around the 19 level, even though the S&P hit a record high and oil prices jumped, and there were more new lows than highs yet again. There has been no slowing the tech rally so far in 2026, though Nasdaq futures dip overnight (unfamiliar sight these days) after famed “Big Short” investor Michael Burry said in a Substack that the Nasdaq 100 Index is headed toward a dramatic reversal after a “parabolic” surge that has driven technology valuations to unsustainable heights. Also, of note later today inflation data as the April Consumer Price index (CPI) is expected at 8:30 am et where prices are expected to rise again given the stubbornly high energy prices due to the Iran/U.S. conflict. In Asian markets, The Nikkei Index gained 324 points to 62,742, the Shanghai Index fell -10 points to 4,214, and the Hang Seng Index dipped -58 points to 26,347. In Europe, the German DAX is lower by -250 points to 24,100, while the FTSE 100 is down -44 points to 10,225. Oil prices rise again overnight, Bitcoin prices fall along with metals, and the dollar bounces ahead of CPI data; stocks lower to start, will it stick this time after a 6-week tech market led rally?

Technology (XLK) was again among leaders in the S&P 500 on Monday, rising for the 8th time in 9 days and the Philly semi (SOX) index hit another record highs above 12,000 today +2.4%. note tech remains boss as @GlobalMktObserv noted on X, “Tech stocks are now THE MARKET: The AI Big 10 now accounts for a RECORD ~40% of the S&P 500’s market cap. This covers the Magnificent 7 stocks plus Broadcom, Micron, and AMD, according to BofA. This concentration matches the peak of the Nifty Fifty in 1965 and is also as high as Japan’s peak in 1989. It also matches the Tech and Telecom peak at the 2000 Dotcom Bubble.” Interesting stats: @RyanDetrick noted on X, “The S&P 500 is up six weeks in row and >10% during the win streak. This is only the 10th time that has ever happened (since 1950) and it was lower a year later only once (80 yrs ago), with an avg return of 17.1% (about 2x the avg year return).”

• The Dow Jones Industrial Average rose 95.31 points, or 0.19%, to 49,704.47
• The Nasdaq Composite gained 27.05 points, or 0.10%, to 26,274.13
• The Russell 2000 Index advanced 9.43 points, or 0.33% to 2,870.64

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:30 AM ET                  Consumer Price Index (CPI) headline M/M for April… est. +0.6% (prior +0.9%)
• 8:30 AM ET                  Consumer Price Index (CPI) headline Y/Y for April…est. +3.7% (prior +3.3%)
• 8:30 AM ET                  Core CPI Ex: Food & Energy M/M for April…+0.3% (prior +0.2%)
• 8:30 AM ET                  Core CPI Ex: Food & Energy Y/Y for April…est. est. +2.7% (prior +2.6%)
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 11:00 AM ET                Cleveland Fed CPI for April
• 12:00 PM ET WASDE crop report for May
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET                   Federal Budget for April…est. $220.0B
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEYE AKA ANDG ATRO BGS CAPR DDI EPM FNV GRWG GUTS JBS KRMN KURA NCMI NPCE NXT OPRX PAYS REZI STXS TELA VELO VRCA

• Bank America 2026 Industrials, Transportation and Airlines Key Leaders, 5/12-5/14
• Bank America 2026 Healthcare Conference Agena, 5/12-5/14
• BMO Capital Real Assets Conference, 5/12-5/13, in New York
• Goldman Sachs Global Staples Forum 5/12
• Needham 21st Annual Needham Technology, Media, & Consumer Conference, 5/12-/5/14, in NY

• The United Arab Emirates has carried out military strikes on Iran, people familiar with the matter said, casting the Gulf monarchy as an active combatant in a war in which it has been Iran’s biggest target. Its military is well-equipped with Western-made jet fighters and surveillance network, per WSJ late Monday.
• US President Donald Trump and Chinese counterpart Xi Jinping will meet Thursday morning in Beijing, according to the White House, for a high-stakes summit that will be dominated by discussions on trade and the war in Iran. The trip marks the first visit by a US president to China in nearly a decade.
• Bank of America now expects the Federal Reserve to delay rate cuts until mid–2027, pushing previous forecasts from late 2026. The bank cites a more hawkish Fed tone, persistent inflation above target, and continued oil-related price pressures. Stronger private Payroll growth and a stable unemployment rate also suggest weakening urgency for cuts. As a result, BOFA says recent data did not support the weaker labor market conditions needed to justify earlier easing.

• GameStop (GME) shares slide after EBAY (EBAY) rejected its $56B takeover bid, citing doubts over the deal’s financing; the Board concluded that GameStop proposal is neither “credible nor attractive” and is confident that Co, under its current management team, is well-positioned to continue to drive sustainable growth
• GoPro (GPRO) Board of Directors announces review of strategic alternatives; board to evaluate strategic alternatives including possible sale or merger.
• Lowe’s (LOW) upgrade to Buy in broadlines and hardlines preview at Citigroup.
• Activist investor Nelson Peltz’s Trian Fund Management is seeking investor backing for a bid to take fast-food chain Wendy’s (WEN) private, The Financial Times’ reports. Trian has held discussions with outside investors, including in the Middle East, about funding a potential takeover of Wendy’s https://tinyurl.com/y3ws4je8

• Power Solutions (PSIX) shares plunge on results; Q1 EPS 0.32 on margins 22.9%; said  given ongoing variability in order timing & market conditions, not providing formal FY guidance at this time while noted sees Q2 revs generally consistent with Q1 on a sequential basis; said demand related to data center applications remains solid
• Siemens (SIEGY) has agreed to buy Italian rail technology Company Mer Mec in a deal worth around 1 billion euros ($1.17 billion), a person familiar with the matter told Reuters on Tuesday.
• T1 Energy (TE) shares jump after earnings as Q1 revs $177.65M top consensus $110.5M and Q1 net income from continuing ops reached record high, though Q1 net loss widened due to discontinued operations losses; maintains 2026 production guidance of 3.1–4.2 GW from G1_Dallas.
• Shipping traffic in the Strait of Hormuz remained at a standstill on Tuesday, with oil rising after US President Donald Trump rejected Iran’s latest offer and suggested the ceasefire may not hold. Oil pushed higher as US President Trump cast doubt over the ceasefire with Iran after rejecting Tehran’s latest peace offer.

• Halozyme (HALO) Q1 EPS $1.60 vs. consensus $1.52 and revs $376.7M vs. consensus $359.05M; announces a new $1B share repurchase program; still sees 2026 non-GAAP EPS $7.75 to $8.25, vs. consensus $8.09 and still sees 2026 revenue $1.71B-$1.81B, vs. consensus $1.76B.
• Harrow Inc. (HROW) Q1 EPS ($0.74) vs est (0.40) on revs $44.2Mm vs est $52.42Mm, gross mgn 61%.
• Hims & Hers (HIMS) shares fall on rev miss; Q1 revs $608M vs. est. $617M; raises year revs to $2.8B-$3B from prior $2.7B-$2.9B but cuts FY adj Ebitda to $275M-$350M from prior $300M-$375M and vs. est. $322.8M; said have high conviction in 2030 targets of at least $6.5B in revenue and $1.3B in adjusted EBITDA.
• MacroGenics (MGNX) to sell GMP Manufacturing operations to Bora Pharmaceuticals; to receive $122.5M upfront payment from Bora upon closing; to enter supply arrangement with bora for process development and drug substance production for its internal pipeline needs.
• Novo Nordisk A/S (NVO) said Wegovy delivered substantial weight loss in women across all menopause stages, plus heart and migraine protection, shown in new data at the European Congress On Obesity; Wegovy showed average 22.6% weight loss for premenopausal women with obesity; women taking Wegovy had average 42-45% lower risk of migraine starting six months after initiation, and a 25% lower risk of depression
• PACS Group (PACS) Q1 EPS $0.50 vs est $0.40 on revs $1.42B vs est $1.36B; reaffirms FY revs guide $5.65-5.75B vs est $5.72B, raises adj EBITDA guide to $605-625Mm.
• STERIS Plc (STE) Q4 adj EPS $2.83 vs est $2.85 on revs $1.6B vs est $1.59B; guides FY revs +7-8%, organic revs +6-7%, adj EPS $1.10-11.30 vs est $11.10; board approves new $1B share repurchase program.

• Archer Aviation (ACHR) Q1 EPS loss (-$0.28) vs. est. loss (-$0.24); Q1 revs $1.6M vs. consensus $900K; highlighted record FAA certification progress and expects US operations to start in 2026; expects Q2 2026 Adjusted EBITDA loss of $170M-$200M.
• AST SpaceMobile (ASTS) Q1 revs $14.7M misses the $37.6M estimate and posted Q1 EPS loss (-$0.66) while noting remains on track to achieve fy2026 revenue guidance of $150M-$200M; said network deployment continues with next orbital launch in mid-June with BlueBird 8, BlueBird 9 and BlueBird 10 on a Falcon 9 vehicle.
• Helios Technologies (HLIO) Q1 adj EPS $0.80 vs est $0.65, adj EBITDA $46.5Mm vs est $43.5Mm on revs $228.4Mm vs est $220Mm, gr mgn 32.8%; guides FY revs $840-870Mm vs est $849.4Mm, adj EBITDA mgn 19.5-21% and adj EPS $2.75-3.00 vs est $2.63.

• iHeart Media (IHRT) Q1 adj EBITDA $93Mm vs est $102.6Mm on revs $884Mm vs est $871.5Mm; guides Q2 revs +low-single digits and adj EBITDA $140-160Mm; announces new $50Mm annualized cost saving program beginning 2H26; Digital Audio revenue rose 18% driven by strong podcast demand; podcast revs surged 27%.
• MARA Holdings (MARA) Q1 EPS loss (-$3.31) vs. est. loss (-$2.15); Q1 revs $174.6M vs. est. $179.2M.
• Navitas Semiconductor (NVTS) files $250M mixed securities shelf
• Qnity Electronics (Q) Q1 adj EPS $1.08 vs. consensus $0.92 on revs $1.32B vs. consensus $1.27B; raises FY26 adjusted EPS view to $3.80-$4.14 from $3.55-$3.95 (est. $3.81) and boosts FY26 revenue view to $5.225B-$5.375B from $4.97B-$5.17B, vs. consensus $5.12B; sees FY26 adjusted operating EBITDA $1.535B-$1.625B.
• Rigetti Computing (RGTI) Q1 revs $4.4M vs. est. $3.97M as revs driven by new on-premises quantum system sales and increased customer adoption; said new on-premises Novera QPU sales contributed to y/yr revenue growth; posted GAAP net income but non-GAAP net loss for Q1.
• Sea Ltd (SE) Q1 revs $7.1B vs. consensus $6.41B and says on track to deliver 2026 guidance.
• ServiceNow (NOW) plans to raise $4B in bond sale, Bloomberg reported.
• Vodafone (VOD) shares slide after reports FY26 adj earnings before interest, tax, depreciation and amortization after leases of 11.4B euros ($13.4B) at top end of guidance, but margin falls to 28.1% from 29.2%; said Germany organic FY adj EBITDA down 3.3%.
• ZoomInfo Technologies (GTM) shares tumbled after results; Q1 adj EPS $0.28 vs est $0.26 on revs $310.2Mm vs est $307.9Mm; guides Q2 revs $300-303Mm and adj EPS $0.26-0.28; sees FY revs $1.185-1.205B vs est $1.26B and adj EPS $1.10-1.12 vs est $1.11.