Markets Rally: U.S. equities climbed to record highs Tuesday, with the S&P 500 and Nasdaq Composite leading gains as easing U.S.–Iran tensions and strong earnings supported sentiment, while oil prices declined and Treasury yields held steady.
AMD Earnings Surge: Advanced Micro Devices shares jumped after a strong Q1 earnings beat and upbeat guidance, driven by continued momentum in its AI-powered data center business.
SEC Proposal: The U.S. Securities and Exchange Commission proposed allowing companies to move from quarterly to semiannual earnings reporting, potentially reducing short-term market pressures and reshaping disclosure practices.
Labor Market Update: New data from the U.S. Bureau of Labor Statistics showed job openings remained stable in March while hiring improved and layoffs edged higher, signaling continued resilience in the labor market.
Oil & Geopolitics: Oil prices pulled back from Monday’s surge as the U.S.–Iran ceasefire appeared to hold despite tensions in the Strait of Hormuz, with Brent and WTI crude both falling more than 3%.
Earnings Strength: First-quarter earnings season remains robust, with roughly 70% of S&P 500 companies reporting and overall earnings growth tracking near 25% year over year—well above expectations.
Trade Deficit: The U.S. trade deficit widened in March to $60.3 billion, as imports outpaced exports, according to the Commerce Department.
Semiconductor Rally: Chip stocks surged, with Micron Technology and Intel hitting record intraday highs as strong demand pushed the broader semiconductor index higher.
Company Highlights: Super Micro Computer issued strong forward guidance, while Palantir Technologies slipped despite strong growth, Pfizer rose on solid revenue, and PayPal declined on weaker near-term guidance.
Crypto Momentum: Coinbase Global and Circle Internet Group gained as bitcoin surged above $80,000 amid optimism around potential regulatory clarity.
Retail & Consumer Moves: Pinterest jumped on strong user growth and earnings, Shopify fell on a profit miss, and Anheuser-Busch InBev rose after reporting its first volume growth in three years.
FDA Blocks Publication of Vaccine Safety Studies, Citing Data Concerns
The U.S. Food and Drug Administration (FDA) has withdrawn multiple studies supporting the safety of Covid-19 and shingles vaccines, according to a spokesperson from the U.S. Department of Health and Human Services (HHS). The agency halted publication of studies that found Covid and shingles vaccines to be safe, citing concerns about unsupported conclusions.
Delta Scales Back Snacks and Drinks on Short-haul Flights as Service Model Changes
Delta Air Lines (Delta Air Lines) will reduce complimentary food and beverage service on hundreds of shorter flights starting May 19, eliminating its “express service” model as part of a broader effort to standardize onboard offerings. Under the new policy, only flights of 350 miles or longer will receive full snack and beverage service for Delta Main and Delta Comfort passengers. That full service includes a selection of beverages such as soda, juice, and mixers, along with four snack options.
Earnings Spotlight: Warner Bros. Discovery (WBD)
Warner Bros. Discovery (WBD) is scheduled to report its Q1 2026 earnings on May 6, 2026, with analysts looking for signs of growth following a Q4 2025 earnings miss. In their previous report, the company posted a Q4 2025 EPS of \(-\$0.10\) (missing estimates) with $9.46 billion in revenue.
What's Ahead
On the economic side, investors will receive further insight into labor-market conditions with Friday’s nonfarm payrolls report. Recent data suggest labor conditions remain resilient, with payrolls rebounding by 178,000 in March and initial jobless claims recently reaching one of their lowest levels on record.
May 6: ADP April employment and expected earnings from Walt Disney (DIS), Uber Technologies (UBER), Novo Nordisk (NVO), CVS Health (CVS), Marriott International (MAR), Apollo Global Management (APO), Medline (MDLN), Arm Holdings (ARM), AppLovin (APP), DoorDash (DASH), and Warner Bros. Discovery (WBD).
May 7: February construction spending and expected earnings from Shell (SHEL), McDonald's (MCD), Gilead Sciences (GILD), McKesson (MCK), CoreWeave (CRWV), Coinbase Global (COIN), and Airbnb (ABNB).
May 8: April nonfarm payrolls, preliminary May University of Michigan Consumer Sentiment, and expected earnings from Sony (SONY) and Enbridge (ENB).
May 11: April existing home sales and expected earnings from Constellation Energy (CEG) and Circle Internet Group (CRCL).
May 12: April CPI and core CPI, and expected earnings from JD.Com (JD).
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