Morning Preview: May 27, 2026

Early Look

Wednesday, May 27, 2026

U.S. futures are pointing to more gains, on track for a 5^th straight day in a row and the S&P 500 looking to make it an impressive 9^th week in a row of gains as the strength in semiconductor chips (SOX) pushes this market further and higher daily. On Tuesday, Wall Street returned to another day, another record for the S&P 500 (SPX), Nasdaq Composite, Nasdaq 100 (tops 30K), Russell 2000 and the Semiconductor Index (SOX) as Bulls are large and in charge on Wall Street as the ongoing AI boom propels markets to record highs. The S&P 500 posted its 19th record closing high of the year, while the Nasdaq Composite scored its 15th record finish, as AI-fueled optimism helped offset concerns over Middle East peace talks and recent U.S. strikes on Iran. Micron (MU) led the charge Tuesday as the memory chip maker, which has been an S&P market leader the last 2 years, jumped another 19% and crossed $1 trillion in market cap, dragging the entire memory chip group higher while overnight, South Korean memory maker SK Hynix became the next $1 trillion club member. The tech sector (XLK) jumped 2.6% and is now up 28.6% YTD and is leading futures overnight again. Reuters noted in the 39 trading days since the SOX index’s March 30 close, it has surged 80.3%. That marks its second-largest rolling 39-day gain based on LSEG data going back to mid-1994. The record gain, 80.978%, was reached on March 3, 2000, just five trading days before the index’s Y2K-era closing peak.

In Asian markets, The Nikkei Index was little changed, edging higher 3 points to 64,999, the Shanghai Index tumbled -51 points to 4,093, and the Hang Seng Index declined -271 points to 25,328. In Europe, the German DAX is up 188 points to 25,372, while the FTSE 100 is up 26 points to 10,517. Sk Hynix Inc. has surged past a $1 trillion market valuation after its shares soared more than 900%in the past year, reflecting investor confidence in its position as the leading supplier of advanced memory chips powering artificial Intelligence. The Kospi index jumped 5% helped by SK Hynix. While semiconductor chips continue to lead tech, software continues to be used as a source of funds, as shares of Zscaler (ZS) tumble over -23% after mixed guidance last night. Treasury yields extend decline, with the 10-yr down 2 bps to 4.46% after sliding 8 bps yesterday and down from 4.687% last week, its highest level since January 2025. The uncertainty around the Middle East ceasefire/negotiation continues after US forces conducted self-defense strikes against Iranian missile launch sites and small boats attempting to lay mines around the Strait of Hormuz this week, but not weighing on market sentiment.

• The Dow Jones Industrial Average fell -117.16 points, or 0.23%, to 50,462.54
• The Nasdaq Composite gained 312.21 points, or 1.19%, to 26,656.18
• The Russell 2000 Index advanced 51.32 points, or 1.79% to 2,920.54

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                Richmond Fed Index for May
• 1:00 PM ET US Treasury to sell $70B in 5-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: A ARXS BRZE CRM HEI HPQ MRVL NCNO NOAH NTNX P PHR SNOW SNPS

• Deutsche Bank 16th Annual Global Financial Services Conference, 5/27-5/28, in New York
• Keybanc Industrial & Basic Materials Conference, 5/26-5/28, in Boston
• TD Cowen 54th Annual Technology, Media & Telecom Conference, 5/27-5/28, in New York

• Verra Mobility (VRRM) receives termination of agreement notice from Avis Budget Group (CAR) saying they are reviewing contractual rights and obligations after termination notice; the co said the termination is expected to reduce 2026 commercial services revenue by $135M-$145M; cuts FY26 adjusted EPS view to $1.19-$1.25 from $1.32-$1.38 and lowers FY26 revenue view to $985M-$995M from $1.020B-$1.030B; cuts FY adj Ebitda as well.
• Winnebago (WGO) downgraded to Neutral from Buy at Citigroup and cut tgt to $30 from $46 saying recent recreational vehicle dealer checks indicate a persistently challenged retail environment with no meaningful near-term recovery expected.

• Firefly Aerospace Inc (FLY) offers 4M shares; selling securityholders offer 8M shares. The announcement comes after shares jumped Tuesday after NASA said Firefly Aerospace will deliver the first drones to the lunar surface, while Blue Origin was chosen to transport the first lunar terrain vehicle.
• Intuitive Machines (LUNR) shares moved lower Tuesday after NASA announced new lunar exploration contract awards that did not include the company.
• Modine Manufacturing (MOD) Q4 adj EPS $1.71 tops consensus $1.55; Q4 revs rose 47% y/y to $954.4M vs. est. $920.7M; Q4 adj EBITDA $146.1M vs. EST $144M; said Q4 sales growth was driven primarily by strong demand from data center customers in the Climate Solutions segment; sees FY27 adjusted EBITDA $650M-$680M.
• Solv Energy (MWH) announces 14M share offering of Class A common stock.
• Westlake Chemical (WLK) downgraded to Neutral from buy at Citigroup in while maintain positive view on PE producers DOW, LYB; updating estimates across PE & PVC producers given price normalization from peak and evidence of some supply normalization and demand destruction. Citi generally tempers 2H26 and 2027 expectations on normalizing PE & PVC prices from the Q2 peak.

• Scotiabank (BNS) Q2 adjusted EPS C$2.02 vs. C$1.52 last year; Q2 revenue C$9.84B vs. C$9.08B last year; raised quarterly dividend by 4%; provision for credit losses fell yr/yr, mainly due to a lower provision on performing loans, though impaired loan provisions increased; maintains 14%+ ROE target for fiscal 2027.

• Insulet (PODD) announced a voluntary Medical Device Correction for specific lots of Omnipod 5, Omnipod DASH, and Omnipod Insulin Management System Pods due to a manufacturing issue, identified through ongoing product monitoring, that could result in insulin under-delivery. This action is separate from the voluntary Medical Device Correction issued on March 12, 2026, affecting certain Omnipod 5 Pods in the U.S.

• Digital Turbine (APPS) Q4 adj EPS $0.16 tops consensus $0.09 on revs $142.5M vs. est. $133.2M; Q4 adj net income $19.7M vs. est. $10.11M; Q4 adj Ebitda $31.4M vs. est. $25.14M; says results driven by improved use of first-party data and AI tools; sees FY27 revenue $630M-$650M vs. $565.3M in FY26.
• Ooma (OOMA) Q1 EPS $0.35 vs. est. $0.32; Q1 revs rose 25% y/y to $81.1M vs. consensus $79.8M; raises FY27 EPS view to $1.29-$1.34 from $1.26-$1.31, above consensus $1.29; raises FY27 revenue view to $326M-$328.5M from $326M-$328.5M, vs. consensus $322.8M; said expect to continue to see accelerating market demand for AirDial & to derive further contributions from acquisitions of fluent stream &phone.com.
• SanDisk (SNDK) upgraded to Overweight from Equal Weight at Barclays and raise tgt to $2,300 from $1,200 saying it sees Memory and Storage as the most attractive vertical below accelerators and also believes that continued upside to pricing with supply-demand imbalance will persist through 2027.
• Semtech (SMTC) Q1 adj EPS $0.51 vs. consensus $0.45; Q1 sales rose 16% y/y to $291M vs. consensus $283.45M citing expanding design wins in data center and LoRa businesses as growth drivers; guides Q2 EPS $0.59-$0.63 above consensus $0.51 and revs $323M-$333M, vs. consensus $300.7M; sees Q2 adj EBITDA $76.9M-$81.5M.
• Zscaler (ZS) Q3 adj EPS $1.08 vs. consensus $1.01 and revs $850.48M vs. est. $835.4M; Q3 adj net income $177.9M vs. est. $168.2M; Q3 ARR grew 25%, or 21%, excluding the contribution from the Red Canary acquisition, and non-GAAP operating margin reached an all-time high of 23%; guides Q4 adj EPS $1.08-$1.09 vs. est. $1.03 while sees Q4 revenue $875M-$878M, consensus $878.66M; raises year EPS and rev outlook.