S&P futures are down 0.5% Monday morning after U.S. equities finished higher last week, with the S&P 500 and Nasdaq up for a fifth straight week and both closing at new all-time highs. The Russell 2000 rose for a sixth straight week. Global markets are mixed, with Asia mostly higher overnight, led by South Korea and Taiwan, while Europe is down roughly 0.5%. Treasuries are weaker, with yields up 1–2 bp, the dollar index is up 0.1%, gold is down 1.1%, silver is off 1.9%, Bitcoin futures are up 1.8%, and WTI crude is up 0.9%.
Middle East risk is back in focus, though Trump’s recently announced Project Freedom initiative to help vessels move through the Strait of Hormuz has not gained much traction. Weekend reports highlighted conflict-related fallout for airlines and autos, among other industries. The broader market narrative remains anchored by strong Q1 earnings, particularly AI compute demand, hyperscaler capex, consumer resilience, and pricing power.
March factory orders are due this morning, and New York Fed President Williams speaks at 12:50. The rest of the week brings ISM services, new home sales, JOLTS, ADP private payrolls, Challenger layoffs, productivity and unit labor costs, initial claims, construction spending, NY Fed inflation expectations, the April employment report, University of Michigan sentiment and inflation expectations, and Treasury’s quarterly refunding announcement. Fedspeak is also busy, with Bowman, Barr, Musalem, Goolsbee, Kashkari, Hammack, Williams, Cook, Waller, and Daly all scheduled to speak this week.
Corporate Highlights
Consumer Discretionary
- GME / EBAY: GameStop offered to acquire eBay for roughly $56B in cash and stock, representing about a 20% premium to Friday’s close. eBay is roughly four times GameStop’s size.
- Autos / airlines: Weekend press continued to highlight the industries as among the hardest hit by fallout from the Middle East conflict.
Financials
- BRK.B: Berkshire Hathaway reported Q1 revenue and EPS ahead of expectations, with insurance underwriting income up nearly 30%. Cash and equivalents stood just below $400B, nearly 40% of market cap.
- Anthropic / Wall Street firms: Anthropic is reportedly finalizing a joint venture with Wall Street firms to sell AI tools to private-equity-backed companies.
Information Technology
- AAPL: Apple is boosting the starting price for the Mac Mini amid AI-driven demand and component supply constraints.
Crypto / Digital Assets
- COIN: Coinbase is higher after saying a deal was reached on a stablecoin yield provision, potentially clearing a path for crypto legislation.
U.S. equities finished mostly higher Friday, though off best levels, with the Dow down 0.31%, S&P 500 up 0.29%, Nasdaq up 0.89%, and Russell 2000 up 0.46%. The session capped peak Q1 earnings week, with more than 60% of the S&P 500 now reported and the broader profit backdrop still supportive. AI compute, hyperscaler capex, memory demand, and related infrastructure spending remained the dominant themes, helping big tech, software, semis, and memory names outperform. Geopolitics stayed in focus as reports of a new Iranian peace proposal helped ease crude prices, though the U.S.-Iran stalemate remains an overhang given energy-supply disruption risk, bond-market spillovers, and monetary-policy complications. WTI crude fell 2.8% to $102.13, though oil still finished the week up 8.0%. Treasuries were unchanged to slightly firmer at the long end, with the 10-year yield down 1 bp to 4.38% and the 30-year down 2 bp to 4.97%. The dollar index rose 0.2%, gold slipped 0.2%, silver gained 3.2%, and Bitcoin futures rose 2.6%. On the data front, ISM manufacturing printed at 52.7, unchanged from March but below 53.2 consensus, with new orders improving, production and employment lower, and prices paid rising sharply.
Sector Highlights.
Sector performance was narrow but growth-led. Technology was the clear leader, up 1.41%, helped by Apple, software, semis, and memory. Consumer Discretionary rose 0.51%, supported by select online, travel, and retail-related strength. Most other sectors finished lower: Energy fell 1.32% as crude pulled back, Industrials declined 0.93%, Utilities lost 0.69%, Healthcare fell 0.52%, Financials declined 0.37%, Materials slipped 0.32%, Real Estate fell 0.24%, Consumer Staples lost 0.09%, and Communication Services edged down 0.02%. The tape favored AI infrastructure, software resilience, memory pricing, and select consumer-platform stories, while energy, machinery, managed care, biotech, restaurants, hotels, homebuilders, food/beverage, and trucking lagged.
Information Technology
- AAPL +3.3%: Fiscal Q2 results and June-quarter guidance came in ahead. Services and gross margin were the standouts, iPhone was slightly better than expected, China improved, and management highlighted strong iPhone 17 demand despite supply constraints. Apple also announced a $100B buyback.
- TEAM +29.6%: Q1 EPS and revenue beat, while FY26 revenue-growth guidance was raised. Analysts highlighted seat expansion, more cloud migrations, AI momentum, and stronger-than-expected Cloud revenue acceleration.
- TWLO +23.8%: Posted its biggest beat in more than three years, with nearly 16% organic growth, strength in messaging and voice, AI tailwinds for voice, cross-sell momentum, and a FY26 guidance raise.
- SNDK / WDC: Both memory names beat and raised, with positive takeaways around memory demand and pricing, though expectations were elevated into the prints.
- MPWR -1.9%: Q1 revenue and EPS beat, helped by enterprise data and communications demand tied to hyperscaler capex, and Q2 revenue guidance was ahead; shares still slipped after a 45% April rally.
- INGM: Among notable tech laggards.
- VEEV +10.0%: Rose after news it will replace Coterra in the S&P 500, effective May 7.
- NVT +11.2%: Beat Q1 expectations, guided Q2 ahead, and raised FY guidance. Takeaways focused on infrastructure momentum, orders up roughly 40% organically, new-product strength, and data-center leverage.
Communication Services
- RDDT +13.1%: Q1 earnings, revenue, margins, DAUs, and ARPU beat expectations. Q2 guidance was ahead, with analysts positive on lower-funnel ad revenue, resilient advertiser spending, and Reddit Max potential.
- RBLX -18.3%: Q1 bookings missed, DAUs were well below consensus, and FY bookings guidance was cut. Management cited the global rollout of age checks for chat and weaker user acquisition and engagement.
- ROKU +6.0%: Q1 revenue, gross margin, and earnings beat, helped by strong advertising and subscription growth, plus Olympic and Super Bowl tailwinds. Platform revenue rose 28% y/y, Q2 earnings guidance was ahead, and FY26 guidance was raised.
Consumer Discretionary
- RIVN -8.4%: Q1 revenue was in line, EPS beat, and EBITDA loss was better than expected. The company reaffirmed FY26 delivery guidance of 62–67K vehicles, though investors focused on future capex needs as the Georgia facility ramps.
- NWL +11.5%: Q1 revenue and EBITDA beat, FY26 guidance moved slightly higher, and management highlighted stronger-than-expected consumer demand, productivity, pricing, cost control, and better margin performance.
- JBLU +4.4%: Rose alongside ULCC after reports that Spirit Airlines may shut down after failing to secure a government rescue deal.
- Restaurants / hotels / homebuilders / retail apparel: Broadly lagged, reflecting softer consumer and rate-sensitive trends despite strength in select consumer names.
Consumer Staples
- CL +2.2%: Q1 EPS and revenue beat, with organic growth ahead as Latin America and Asia-Pacific offset North America weakness. FY26 guidance was reaffirmed.
- CLX -9.7%: Fiscal Q3 EPS beat and revenue was in line, but the company cut FY26 EPS guidance and said net sales and organic sales growth would come in at the low end of prior ranges. Management also flagged a larger gross-margin decline tied to the GOJO acquisition, inventory step-up, and higher energy costs.
- SAM -9.6%: Q1 revenue and EPS missed, depletions declined, and shipments fell 6.9%. Guidance was largely maintained, but litigation expenses weighed on the reaction.
- Food/beverage: Among the broader market laggards.
Energy
- CVX: Notable earnings laggard as Energy was the weakest sector.
- Energy sector -1.32%: Fell as WTI crude declined 2.8% on reports of a new Iranian peace proposal, though crude remained up 8.0% for the week and geopolitical supply risk remains unresolved.
Financials
- CBOE +9.0%: Q1 earnings and revenue beat, helped by strength in Cash and Spot Markets and Derivatives, including record index-options volume. The company raised FY revenue-growth guidance, trimmed expense guidance, and announced a restructuring that includes a roughly 20% workforce reduction.
- AON: Notable earnings outperformer.
- ARES: Notable earnings outperformer.
- RYAN -11.3%: Q1 revenue and EPS beat on stronger margins and roughly 12% organic growth, but management lowered FY26 organic growth guidance to 4–6% from high-single digits, citing property-market headwinds.
- LAZ -7.0%: Q1 EPS missed by nearly 18%, with Advisory and Asset Management both light and compensation ratio higher than expected.
Healthcare
- AMGN -4.8%: Q1 revenue and EPS beat, but portfolio performance was mixed. Repatha, Evenity, and Uplizna outperformed, while Prolia underdelivered due to biosimilar competition. FY26 guidance was slightly raised.
- DXCM +3.0%: Q1 revenue and EPS beat, with analysts highlighting stronger-than-expected margins. U.S. revenue was a bit light, and the key catalyst remains a pending CMS decision on CGM coverage for non-insulin Type 2 patients.
- SMMT -24.9%: Fell after disclosing that the HARMONi-3-Sq interim PFS analysis missed statistical significance on conservative alpha spending.
- MRNA -1.2%: Q1 revenue and EPS beat, driven by ex-U.S. COVID deliveries, though shares slipped as cash guidance was lowered.
- Managed care / biotech: Among the weaker groups.
Industrials
- MTZ +5.9%: Q1 beat and guidance raise, with strength in Pipeline Infrastructure, better execution, 7% backlog growth to a record $23B, and leverage to power/infrastructure themes.
- Machinery / trucking / building products: Among the market laggards.
Materials
- EMN +6.1%: Q1 EBIT and EPS beat, and Q2 guidance came in roughly 8% ahead despite maintenance-cost headwinds. Takeaways highlighted AFP upside, $500M of pricing to offset raw-material inflation from the U.S.-Iran conflict, and Middle East-related commodity-spread tailwinds.
- Diversified chemicals / containerboard: Outperformed within Materials even though the sector overall finished lower.
Eco Data Releases | Monday May 4th, 2026
S&P 500 Constituent Earnings Announcements | Monday May 4th, 2026
Data sourced from FactSet Research Systems Inc.
