Morning Preview: May 15, 2026

Early Look

Friday, May 15, 2026

Following a jump in Treasury yields, a spike in oil prices and a sell-off in Asian markets on inflation fears, U.S. futures are looking lower on this final day of the trading week, but still on track for a 7^th straight week of gains. Global stock markets had earlier appeared to shake off inflation concerns tied to the Iran conflict, with enthusiasm around artificial intelligence powering a rally and keeping major indexes on track for weekly gains. But inflation fears arise overnight in Japan with “hotter” PPI data, sending US yields higher, with the benchmark 10-year yield rising over 8 bps to 4.541%, its highest level since early June 2025 and the 2-yr yield jumps 6.6 bps to 4.058%. Gold and silver prices tumble 2.6% and 7% respectively while oil prices jump over 3.5% as the Strait of Hormuz remained closed, heightening concerns over global energy supplies. The odds of the U.S. Federal Reserve hiking interest rates by 25 basis points in December have more than doubled over the past week to about 40%, according to CMEGroup’s FedWatch tool after hotter CPI, PPI readings. The pullback in global stock markets comes a day after the Dow reclaimed 50,000 and the S&P 500 (SPX) topped 7,500 for the first time, while the tech heavy Nasdaq outperformed them both in another strong finish for stocks on Thursday, with new record highs attained again on surging AI investment demand by Wall Street investors. In Asian markets, The Nikkei Index tumbled -1,244 points or 2% to 61,409, the Shanghai Index fell 42 points or 1% to 4,135, the Hang Seng Index dropped -426 points to 25,962 and the South Korean Kospi slumps more than 6.5%. In Europe, the German DAX is down -378 points to 24,077, while the FTSE 100 is down -144 points to 10,228. Investors also closely watched the U.S.-China summit, which wrapped up on Friday with no major breakthrough. The yen was on the weaker side of 158 per dollar and the euro fell to a one-month low of $1.1632 and was set to lose more than 1% this week. Sterling touched its weakest in five weeks against the dollar, dropping to 1.3345.

• The Dow Jones Industrial Average rose 370.26 points, or 0.75%, to 50,063.46
• The Nasdaq Composite jumped 232.88 points, or 0.88%, to 26,635.22
• The Russell 2000 Index advanced 19.16 points, or 0.67% to 2,863.09

• 9:15 AM ET                  Industrial Production M/M for April…est. +0.3%
• 9:15 AM ET                  Capacity Utilization M/M for April…est. 75.8%
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• OPEC+ monthly crude oil production fell to a new five-year low in April. Eighteen of the 22 OPEC+ members participating in the group’s production cut deal recorded output below quota levels for the ninth consecutive month.

• KinderCare Learning (KLC) Q1 adj EPS $0.04 vs est ($0.01), adj EBITDA $52.1Mm vs est $46.8Mm on revs $672.5Mm vs est $669.2Mm; guides FY revs $2.7-2.75B vs est $2.71B, adj EBITDA $215-235Mm and adj EPS $0.15-0.25 vs est $0.15.
• Papa John’s (PZZA) shares rose overnight after Reuters reported Investment firm Irth Capital is working with Papa John’s largest U.S. franchisee, who operates roughly 10% of domestic stores, on a potential take-private deal that would include a significant investment from franchise operator Nadeem Bajwa https://tinyurl.com/4c5yc6ea
• Hyatt Hotels Corp (H) files for offering of up to 8.4M shares of Class A common stock by the selling stockholders

• Boeing (BA) shares slumped -4.7%, its largest fall in six months, after Trump told Fox News that China would order 200 Boeing aircraft, its first order in nearly a decade. In March media reports indicated a deal for 500 737 Max jets was possible.
• Unusual Machines (UMAC) Q1 EPS $0.21 vs est $0.14 on revs $8.1Mm vs est $5.03Mm, gr mgn approx 33%.
• Virgin Galactic (SPCE) Q1 EPS loss (-$0.81) on revs $227K vs. est. $190K; said raised $11M in Q1 via share issuance and maintains strong cash position; expects Q2 free cash flow of (-$87M-$92M) but sees sequential improvement in quarterly CFC rest of ’26; says flight testing remains on track for Q3 2026, first spaceflight for Q4 2026; offers up to $40.2M in securities for at-the-market offering program.

• Figma Inc. (FIG) Q1 adj EPS $0.10 vs est $0.06 on revs $333.4Mm vs est $313.2Mm; guides Q2 revs $348-350Mm vs est $327Mm; sees FY revs $1.422-1.428B vs est $1.36B and adj EBIT $125-135Mm with adj EBIT mgn 9% at midpoint.
• Gemini Space Station (GEMI) Q1 revs rose 42% y/y to $50.3M vs. est. 449.3M; Q1 EPS loss (-$0.93) vs. est. loss (-$1.03); Q1 Transaction revenue remained stable y/y at $24.1M; Q1 Exchange revenue decreased 27% y/y to $17.2M, reflecting lower spot trading activity/lower crypto market volumes, with total trading volume declining to $6.3B from $13.5B y/y; Q1 OTC revenue increased to $6.3Mn from $0.1M in Q1 2025
• StoneCo Ltd (STNE) Q1 Total revenue & income R$3.58B vs. R$3.36B y/y and consensus R$3.5B; Q1 adj. net income: R$549.1M vs. R$530.7M y/y (+3.5%) and Q1 adj. EBT R$641.0M vs. R$653.4M y/y (-1.9%); Q1 Subscription & equipment rental revenue R$251.8M vs. R$215.9M y/y (+16.7%); Q1 adj. GM 41.6% vs. 44.4% y/y.
• Wex (WEX) announces $1B shares repurchase program.

• Dexcom (DXCM) says it has agreed to collaborate with Elliott Investment Management, one of Dexcom’s largest investors, to identify two new independent members to join the company’s board. The two independent directors with medtech and operations experience to be named at a later date.
• Eton Pharmaceuticals (ETON) Q1 adj EPS $0.14 vs est $0.09 on revs $24.3Mm vs est $22.31Mm; guides FY revs exceed $120Mm vs est $113.8Mm with at least 30% adj EBITDA mgn.
• Heartflow (HTFL) Q1 adj EPS ($0.16) vs est ($0.19) on revs $52.587Mm vs est $49.71Mm, adj gr mgn 80.5%; guides FY revs $228-232Mm vs est $220.41Mm and adj gr mgn approx 81%.

• Applied Materials (AMAT) Q2 adj EPS $2.86 vs est $2.68 on revs $7.91B vs est $7.647B, adj gr mgn 50%, adj EBIT mgn 32.1%; guides Q3 revs $8.45-9.45B vs est $8.089B and adj EPS $3.16-3.56 vs est $2.88; expects their Semiconductor Equipment business to grow more than 30% in calendar 2026.
• Blaize Holdings (BZAI) Q1 adj EBITDA ($13.9)Mm on revs $2.7Mm vs est $10.1Mm; guides FY revs approx $130Mm vs est $125.73Mm, adj EBITDA ($50.0)Mm – ($45.0)Mm.
• Cerebras Systems (CBRS) surged more than 68% on Thursday in a highly anticipated public debut by an Nvidia (NVDA) competitor. Shares surged 68% to close at $311.07 after reaching an intraday high of $385 each. The stock opened at $350, nearly double its IPO price of $185.
• Globant (GLOB) Q1 revs $607.1M vs/ est/$601.7M; Q1 adj EPS $1.5, in-line with consensus; Q1 gross margins 34.5%; vs. 34.9% y/y; guides Q2 adj EPS $1.45-$1.55 vs. est. $1.55 and revs $610-$616M vs. est. $613.3M.
• Bill Ackman says Pershing Square made Microsoft (MSFT) “a core holding” after it began building the position in February. He says Microsoft “offers compelling value.”
• Rumble (RUM) Q1 EPS ($0.12) vs est ($0.09) on revs $25.5Mm vs est $25.98Mm; avg MAUs 56Mm +8% sequentially.