Morning Preview: May 29, 2026

Early Look

Friday, May 29, 2026

Futures	Up/Down	%	Last
Dow	78.00	0.15%	50,818
S&P 500	7.25	0.10%	7,589
Nasdaq	29.50	0.10%	30,336

The amazing record run on Wall Street continued on Thursday as U.S. equities reversed earlier weakness and closed at record highs after reports of a potential 60-day US/Iran ceasefire extension eased geopolitical fears. The S&P 500 index (SPX) and Nasdaq Composite both extended their winning streaks to 6 days on Thursday, touching record highs along with the Dow Industrials and Russell 2000, putting the S&P on track for a 9^th consecutive week of gains on this final day of May. It has been two straight months of non-stop gains for U.S. averages, with the Technology sector (XLK) up about 17% this month (30% YTD), the SOX semi index +22% MTD, and the Nasdaq Comp +8% MTD. An Axios report yesterday morning that U.S./Iran negotiators agreed to a 60-day MoU to extend the ceasefire and restart nuclear talks, though Iran’s Tasnim later pushed back and said no final agreement had been reached. Also helping was cooler-than-expected April PCE data (though above prior month) and a downward Q1 GDP revision supported risk appetite and boosted Treasuries. Oil pared sharp overnight gains after the ceasefire headlines, though still finished modestly higher following renewed military strikes earlier in the session. It was a big night in tech earnings as shares of DELL (rallies 37% overnight), MDB, NTAP, PD all soar after results in hardware, software and storage (ESTC, AMBA, S all decline post results), while retailers AEO, GAP declined on results/guidance. In Asian markets, The Nikkei Index surged 1,636 points, or 2.53% to settle at 66,329, the Shanghai Index fell -30 points to 4,068, and the Hang Seng Index gained 176 points to 25,182. In Europe, the German DAX is up 50 points to 25,143, while the FTSE 100 rises 19 points to 10,445. A truly remarkable run for global markets, as rising Treasury yields the last few weeks globally (though took a breather the last week), higher energy prices (again prices off worst levels), and rising expectations of Fed rate hikes vs. the expected three cuts forecasted when the year started, have done nothing to investor confidence with the CBOE Volatility index (VIX) closing at lowest levels since January as the “all-in” AI growth demand story has revitalized this market, as evidenced by spectacular moves like DELL overnight and SNOW the day prior.

Market Closing Prices Yesterday

The S&P 500 Index climbed 43.27 points, or 0.58%, to 7,563.63

The Dow Jones Industrial Average rose 24.69 points, or 0.05%, to 50,668.97
The Nasdaq Composite gained 242.74 points, or 0.91%, to 26,917.47
The Russell 2000 Index advanced 16.65 points, or 0.57% to 2,936.59

Economic Calendar for Today

8:30 AM ET Advance Goods Trade Balance for April

9:45 AM ET Chicago PMI for May

1:00 PM ET Baker Hughes Weekly rig count data

Earnings Calendar:

Earnings Before the Open: BKE KNOP

Other Key Events:

American Society of Clinical Oncology (ASCO) 2026 Annual Meeting 5/29, 6/2, in Chicago

Stifel Jaws & Paws Conference, 5/28-5/29 in New York

Macro	Up/Down	Last
Nymex	-1.65	87.25
Brent	-1.17	92.54
Gold	37.90	4,570.30
EUR/USD	-0.0012	1.1642
JPY/USD	0.03	159.26
10-Year Note	-0.008	4.447%

World News

Japanese authorities spent 11.7 trillion yen ($73.5B) intervening in forex markets over the past month to support the yen, but with only limited effect as the currency hovers near the same levels that prompted Tokyo to act.

Oil prices dropped to a six-week low as the US and Iran tentatively agreed to extend a ceasefire by 60 days, stoking optimism the Strait of Hormuz may soon reopen. Brent traded near $92 a barrel, set for a 19% monthly drop, the biggest since 2020. President Donald Trump has yet to sign off on the terms of the agreement, according to a person familiar with the matter.
@MikeZaccardi noted on X, “BofA Private Client cash allocation plunges to a record low 10%”. An interesting read of low cash levels, especially heading into potentially three of the most highly anticipated IPOS of all time with SpaceX next month, OpenAI, and potentially Anthropic in coming months.

Sector News Breakdown

Consumer

American Eagle Outfitters (AEO) Q1 adj EPS $0.14 vs. est. $0.12; Q1 revs $1.19B vs. est. $1.18B; Q1 comp sales rose +8% as Aerie comparable sales grew 25%. American Eagle comparable sales decreased 2%; sees FY2026 comparable sales up mid-single digits and sees Q2 comparable sales up mid-to-high single digit; reiterates fiscal 2026 operating income guidance of $390 to $410M.

Clorox (CLX) CEO Linda Rendle has asked the Board of Directors to initiate a CEO search process, as she has made the decision to step down for health reasons. Rendle will remain Chair and CEO while the search is conducted and until the new CEO is appointed.
Costco Corp. (COST) Q3 EPS $4.93, vs. est. $4.91; Q3 net sales $69.15B (+11.6% YoY); total rev $70.53B vs est $69.813B; operating Income $2.82B vs est $2.842B; membership fees $1.37B; comps +9.8% (adj +6.6%); U.S. comps +9.4% (adj +6.8%); Canada comps +10.7% (adj +6.2%); International comps +11.2% (adj +5.9%).
Gap Inc. (GAP) Q1 EPS $0.38 on revs $3.5B vs. est. $0.38/$3.52B; raises FY26 net interest income view to $25M from $10M-$15M and ups FY26 adjusted EPS view to $2.30-$2.40 from $2.20-$2.35 but cut its FY26 revenue outlook to up 1% to 2% y/y from up 2% to 3% y/y and vs. consensus $15.74B; cut Q2 sales to be flat to down -1% vs. est. +2.1% at $3.8B; Q1 Athleta had another tough quarter, with same-store sales falling 11%, down from an 8% decline the year before.
International Flavors & Fragrances (IFF) is close to a deal to sell its food ingredients business to CVC Capital Partners for over $4B including debt in a deal that could be announced in the coming days. A sale of IFF’s largest division would be the company’s latest move to boost profitability – WSJ https://tinyurl.com/mupxcs5d

Energy, Industrials and Materials

Blue Origin Rocket blows up on Florida launchpad during test. The Rocket, built by the Jeff Bezos-owned space company, was to carry 48 satellites into space. Blue Origin reported on Social Media that “all personnel have been accounted for (seeing shares of ASTS, LUNR, RKLB, RDW weak overnight).

Karman Holdings’ (KRMN) shares fall after overnight $854 mln secondary offering priced; announced 14M shares offloaded by existing holders at $61 as the offering size boosted from 13.5M shares.
Park Aerospace (PKE) Q4 net sales $24.187M vs est $22.3M (+43% YoY); EPS $0.19 (+58% YoY); adj EBITDA $5.171M (+51% YoY); FY2026 net sales $73.301M (+18% YoY); FY2026 EPS $0.56 (+93% YoY); FY2026 adj EBITDA $15.761M (+35% YoY).
ViaSat inc. (VSAT) Q4 rev $1.171B vs est $1.196B (+2% YoY); adj EPS ($0.02) vs est ($0.36); adj EBITDA $370M (1% YoY) vs est $383.26Mm; backlog $4.073B (+3% YoY); Defense & Advanced Technologies rev +12% YoY; Communication Services rev (2%) YoY; Q4 awards $1.3B (+3% YoY).

Healthcare

BeOne Medicines (ONC) data represents the longest reported follow-up for a next-generation BTK inhibitor in CLL, showing sustained disease control and benefit that extends beyond first-line therapy. BRUKINSA plus next-generation BCL2 inhibitor sonrotoclax (ZS) delivered deep, durable, and rapid uMRD responses, raising the bar for potential time-limited treatments in CLL.

HealthEquity (HQY) Q1 EPS $1.24 vs. est. $1.11; Q1 revs rose 7% y/y to $354.64M vs. est. $352.17M; Q1 adj Ebitda rose 17% y/y to $164.5M vs. est. $152.32M; said increases in HSA accounts and total HSA assets supported revenue and profit growth; announces additional $1B of common stock repurchases; raises FY27 EPS view to $4.66-$4.73 from $4.56-$4.65 (est. $4.63) while backs FY27 revenue view $1.41B-$1.42B.

Technology Software

Ambarella (AMBA) Q1 EPS $0.11 vs. est. $0.10; Q1 revs rose 17% y/y to $100.36M vs. est. $100.15M; announces $50M share repurchase program; sees Q2 revenue $105M-$111M vs. est. $106.99M, sees Q2 gross margin 59%-60.5% and sees Q2 operating expenses $56M-$59M; said Q1 automotive revenue reached a record high due to rapid AI adoption in commercial vehicles

Asana Inc (ASAN) Q1 adj EPS $0.10 vs. est. $0.08; Q1 revs $205.1M vs. est. $203.5M; Q1 GAAP operating margin, up 1,600 bps y/y; record non-GAAP operating margin of 11.5%, up 720 bps y/y; raises FY27 EPS view to $0.37 and revs view to $855.5M-$863.5M from $850M-$858M, vs. consensus $854.3M.
Autodesk (ADSK) Q1 non-GAAP EPS $2.99 tops est. $2.84; Q1 revs $1.93B vs. est. $1.89B; sees Q2 EPS $3.10-$3.14 vs. est. $3.04 and revs $2.005B-$2.015B vs. consensus $1.99B; said it would acquire MaintainX, a maintenance and operations solutions company, for about $3.6 billion in cash.
Elastic NV (ESTC) Q4 rev $451M vs est $446.6M (+16% YoY, +14% cc); adj EPS $0.61 vs est $0.56; adj operating income $67M vs est $64.8M (adj operating margin 14.8%); subscription rev $422M (+17% YoY); Elastic Cloud rev $217M; cRPO $1.203B (+20% YoY); RPO $1.982B (+28% YoY); Q1 rev $469M–$470M vs est $469Mm, adj operating margin ~14.0%, adj EPS $0.57–$0.59 vs est $0.64.
MongoDB (MDB) Q1 adj EPS $1.32 vs. est. $1.18; Q1 revs $687.6M vs. est. $663.79M; Q1 Atlas revenue +29% y/y, RPO $1.46B +88% y/y and cRPO $766.3M +69% y/y; sees Q2 revs $729M-$734M vs. est. $699.7M and adj EPS $1.58-$1.61 vs. est. $1.28 and year revs $2.92B-$2.96B vs. est. $2.90B.
Okta Inc. (OKTA) Q1 adj EPS $0.91 vs est $0.85; rev $765M vs est $751.9M +11% YoY; subscription rev $750M (+11% YoY); adj EBIT $191M vs est $179.97M; adj gross margin 82%; FCF $271M; op cash flow $277M; cRPO $2.499B (+12% YoY); guides Q2 rev $790M–$794M vs est $791.4M; guides Q2 adj EPS $0.95–$0.97 vs est $0.96; guides FY2027 rev $3.185B–$3.205B vs est $3.18B; guides FY2027 adj EPS $3.79–$3.87 vs est $3.79.
PagerDuty (PD) Q1 rev $121.0M vs est $119.6M (+1% YoY); adj EPS $0.32 vs est $0.25; adj op income $29.7M (adj operating margin 24.6%); adj gr mgn 85.5% (GAAP 84.3%); ARR $496M (flat YoY); RPO $441M; customers >$100K ARR 860; new $100M share repurchase program announced; Q2 rev $122M–$124M vs est $122.8M, adj EPS $0.29-$0.31 vs est $0.32; FY rev $488.5M–$496.5M vs est $493.39Mm, adj EPS $1.27–$1.32 vs est $1.25
SentinelOne (S) Q1 adj EPS $0.04 vs. est. $0.02 on in-line revs of $277M, up 21% y/y; Q1 Annualized recurring revenue (ARR) grew 23% y/y; guides Q2 EPS $0.06-$0.08 vs. est. $0.08 and revs $289M-$291M vs. est. $292M; backs FY27 adjusted EPS view $0.32-$0.38 9est. $0.34) and backs FY27 revenue view $1.195B-$1.205B, vs. consensus $1.2B
UiPath Inc. (PATH) Q1 EPS $0.15 vs. est. $0.16; Q1 revs $418.4M vs. est. $397.5M; Q1 ARR of $1.9B as of April 30, 2026, increased 12% y/y and net new ARR of $49M; sees Q2 revenue $395M-$400M, vs. consensus $396.6M and raises FY27 revenue view to $1.776B-$1.781B, from $1.754B-$1.759B prior (est. $1.76B).

Technology Hardware

Dell Inc. (DELL) Q1 rev $43.84B vs est $35.42B (+88% YoY); adj EPS $4.86 vs est $2.94 (+214% YoY); adj operating income $4.24B vs est $2.73B; record Q1 cash flow from operations $4.1B; adj free cash flow $3.17B; AI orders booked $24.4B in Q1; Q2 guidance: rev $44B–$45B vs est $34.97B, adj EPS ~$4.80 vs est $2.98; FY2027 guidance (raised): rev $165B–$169B (midpoint $167B, up ~50% YoY) vs est $142.49B, adj EPS ~$17.90 vs est $13.09.

NetApp Inc. (NTAP) Q4 adj EPS $2.43 vs est $2.27; rev $1.948B vs est $1.872B +12% YoY; adj EBIT $624M; adj gross margin 70.5%; all-flash array rev $1.216B (+18% YoY); public cloud rev $182M (+11% YoY); billings $2.163B; FCF $900M; guides Q1 FY2027 rev $1.75B–$1.90B vs est $1.674B; guides Q1 FY2027 adj EPS $2.05–$2.15 vs est $1.84; guides FY2027 rev $7.325B–$7.575B vs est $7.196B; guides FY2027 adj EPS $8.70–$9.00 vs est $8.55.

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Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.