S&P futures are little changed Monday morning after another strong week for U.S. equities, with the S&P 500 and Nasdaq both rising for a sixth straight week and closing at fresh all-time highs. Semis, memory, big tech, and software led last week, while Energy and parcel/logistics lagged. Global markets are mixed, with Asia mostly higher, led by South Korea up nearly 4.5%, while Europe is down 0.4%. Treasuries are weaker, with yields up roughly 2 bp, the dollar is slightly firmer, gold is down 1.2%, Bitcoin futures are up 0.8%, and WTI crude is up 2.1%.
The market continues to look through Middle East risk despite Trump calling Iran’s response to the U.S. peace proposal “unacceptable.” Ceasefire stability and skepticism around renewed military action ahead of this week’s Trump-Xi summit are keeping geopolitics from driving risk sentiment. The dominant equity narrative remains AI compute and capex demand, which has been the key theme of Q1 earnings season. Support has also come from a firmer macro backdrop, with the Citi Economic Surprise Index up more than 25 points since late April, along with supportive technical and mechanical flows.
Economic Calendar
April existing home sales are the lone data release today, while Treasury will sell $58B of 3-year notes. The Senate is also scheduled to vote on Kevin’s nomination for Fed Chair.
The key macro event this week is April CPI on Tuesday, alongside NFIB small business optimism and a $42B 10-year Treasury auction. Wednesday brings April PPI and remarks from Fed officials Collins and Kashkari. Thursday includes April retail sales, import/export prices, initial claims, and comments from Hammack and Barr. Friday brings the May Empire manufacturing index and April industrial production.
Corporate News
- APO / MFIC: Apollo has reportedly held talks to sell its publicly listed BDC, MidCap Financial Investment Corp.
- Cerebras: The AI chipmaker is reportedly considering raising its IPO price range to $150–$160/share from $115–$125, while increasing shares marketed to 30M from 28M.
U.S. equities finished higher Friday, ending near session highs, with the Dow up 0.02%, S&P 500 up 0.84%, Nasdaq up 1.71%, and Russell 2000 up 0.76%. The S&P 500 and Nasdaq both posted fresh record closes, though breadth was only narrowly positive and the equal-weight S&P 500 lagged the cap-weighted index by roughly 50 bp. The macro backdrop remained constructive as the April employment report showed a stronger-than-expected 115K gain in nonfarm payrolls versus roughly 62K consensus, while average hourly earnings were softer. The unemployment rate held at 4.3%, though it rose on an unrounded basis. University of Michigan sentiment fell to a fresh series low of 48.2, with current conditions the main drag, while year-ahead inflation expectations eased to 4.5% from 4.7% and five-year expectations dipped to 3.45%. Treasuries firmed across the curve, with the 2-year yield down 2 bp to 3.89%, the 10-year down 3 bp to 4.37%, and the 30-year down 3 bp to 4.94%. The dollar index fell 0.2%, gold rose 0.5%, silver gained 0.8%, Bitcoin futures were flat, and WTI crude settled little changed at $94.74, down more than 6% for the week. Markets continued to look past U.S.-Iran flare-ups, with the U.S. saying the ceasefire remains intact, while investors shifted focus toward next week’s inflation data and the Trump-Xi summit.
Sector Highlights
Sector performance was dominated by Technology, which surged 2.74% on another semi-led rally and strength in mega-cap tech, memory, and networking/communications. Consumer Discretionary rose 0.50%, Materials gained 0.45%, Real Estate added 0.15%, Staples rose 0.05%, and Communication Services was flat. Utilities fell 0.91%, Healthcare declined 0.86%, Financials lost 0.58%, Energy slipped 0.56%, and Industrials fell 0.45%. The tape remained highly concentrated, with AI compute, capex, semis, and big tech driving index upside, while software, integrated energy, large-cap banks, insurers, credit cards, exchanges, payments, MedTech, defense, staples retailers, apparel, cruise lines, and dollar stores lagged.
Information Technology
- INTC +13.9%: Rallied on reports that Intel and Apple reached a preliminary chip-manufacturing agreement.
- AKAM +26.6%: Q1 results were largely in line, but shares surged after the company announced a seven-year, $1.8B committed-capacity deal with a leading frontier model provider.
- FROG +23.7%: Q1 EPS, revenue, operating income, gross margin, operating margin, deferred revenue, and billings all beat. Q2 and FY guidance were also ahead, with analysts citing AI and agentic software tailwinds.
- GEN +12.4%: Fiscal Q4 earnings and revenue beat, helped by record bookings and strong Cyber Safety demand. FY27 guidance came in ahead of Street expectations.
- BILL +11.1%: Revenue was in line and platform businesses were light, but margins drove a 20%+ operating-income beat. The company also announced a 30% headcount reduction to accelerate AI adoption and a $1B buyback.
- CRWV -11.4%: Q1 revenue beat, but margin was light. Backlog rose to more than $99B, up 284% y/y, but investors focused on the lack of a FY guidance raise.
- NET -23.6%: Q1 revenue beat, but Q2 guidance was only in line, annual guidance was raised only by the Q1 beat, gross margin deteriorated by more than 200 bp, and RPO decelerated after a sharp rally.
- UI -9.1%: Fiscal Q3 revenue and EPS missed, with revenue declining q/q across both Enterprise Technology and Service Provider Technology platforms.
- SOUN -7.8%: Q1 EPS and revenue beat, but EBITDA missed. FY26 revenue guidance was reaffirmed, though margins were pressured by acquisition-related costs.
Communication Services
- WMG +7.5%: Fiscal Q2 revenue, margins, and earnings beat, with subscription streaming the key driver. Revenue growth accelerated to 15%, supported by subscriber growth, pricing, and market-share gains.
- TTD -1.8%: Q1 revenue beat and EPS slightly missed, but weak Q2 guidance, decelerating revenue growth, CPG macro pressure, Middle East impacts, and competitive concerns weighed on sentiment.
Consumer Discretionary
- TXRH +12.3%: Q1 revenue was largely in line, but better restaurant-level margins drove an EBITDA and EPS beat. QTD comps were up 6.5%, and analysts highlighted demand strength, beef-cost stabilization, share gains, and execution.
- CALY +18.6%: Q1 revenue and EPS beat, Q2 guidance was ahead, and FY26 EBITDA guidance was raised by roughly $40M at the midpoint, helped by stronger demand and tariff-related benefits.
- RKT +10.9%: Q1 earnings and revenue beat, with origination volume ahead of consensus and net rate-lock volume up 19% q/q.
- WEN +5.0%: Q1 revenue and EPS beat, while comps were slightly below consensus. FY26 guidance was reaffirmed, and the company announced a franchise agreement to build up to 1,000 restaurants in China over 10 years.
- DKNG +1.2%: Q1 revenue and adjusted EBITDA beat, though KPIs were mixed as softer iGaming trends offset stronger sports-betting performance.
- MAT +2.6%: Rose after Southeastern Asset Management, which owns more than 4% of shares, called on the company to consider a sale.
- ABNB: Beat and raised, with positive takeaways around growth initiatives, though the stock lagged.
- EXPE -9.0%: Q1 was mixed, with gross bookings, revenue, and EBITDA better, but room-night growth light. Investors were disappointed by reiterated FY guidance and Middle East/travel-advisory headwinds.
- TOST -14.7%: Q1 revenue was in line and adjusted EBITDA beat, but Q2 EBITDA guidance was softer than expected. Hardware supply and memory-cost headwinds are expected to pressure margins.
- MELI -12.7%: Q1 revenue beat by 6%, but EBIT missed as investment spending weighed on margins. GMV growth of 36% and Fintech momentum remained bright spots.
- WYNN -4.2%: Q1 adjusted EBITDAR and revenue beat on Macau and Las Vegas strength, but sentiment was pressured by UAE project delays.
- REAL -17.3%: Revenue, GMV, and EBITDA were ahead of prior guidance, but gross margin, orders, and consignment take rate were light, while Q2 margin guidance raised some caution.
Consumer Staples
- MNST +13.6%: Q1 sales and EPS beat, helped by stronger-than-expected April sales growth, zero-sugar offerings, innovation, and manageable gross-margin headwinds. The company is evaluating additional pricing actions.
- Staples retailers / dollar stores: Laggards within the sector.
Energy
- Energy sector -0.56%: Underperformed as WTI ended roughly flat on the day but down more than 6% for the week.
- Integrated energy: Lagged, while refiners and oil services outperformed within the broader energy complex.
Financials
- XYZ +6.7%: Q1 earnings and revenue beat, GPV topped consensus, and Q2 guidance was ahead. Management highlighted Cash App gross-profitability strength, commerce enablement, and financial-solutions momentum.
- Large-cap banks / P&C insurers / credit cards / exchanges / payments: Underperformed as Financials lagged the broader market.
Healthcare
- GILD -2.0%: Q1 revenue and EPS beat, driven by HIV franchise strength and Yeztugo momentum. Full-year revenue guidance was raised, but EPS guidance was cut due to R&D and business-development expenses tied to recent acquisitions.
- GMED: Earnings laggard.
- MedTech: Underperformed within Healthcare.
Industrials
- RKLB +34.3%: Q1 revenue and gross margin beat, earnings were in line, backlog hit a record, and Q2 revenue guidance came in above Street expectations. The company also announced a $30M Anduril launch contract and the largest launch contract in its history with a confidential customer.
- OSK -9.9%: Q1 earnings missed despite better revenue. Vocational results were light due to lower sales volume, higher costs, and adverse mix, while Transport benefited from USPS vehicle production ramp-up.
- FLR -15.2%: Q1 revenue, adjusted EBITDA, and EPS missed. FY26 adjusted EBITDA guidance was cut at the high end due to cost growth on an Americas mining project and Middle East-related slowdown.
- Defense: Underperformed within Industrials.
Materials
- IREN +7.7%: Secured a $3.4B AI cloud contract with Nvidia, adding to the broader AI infrastructure narrative.
- Materials sector +0.45%: Outperformed the broader cyclical complex but trailed Technology, with precious-metals miners among the stronger groups.
Real Estate
- Travel/leisure REITs: Outperformed within Real Estate.
- Real Estate sector +0.15%: Modestly higher, helped by lower Treasury yields.
Utilities
- Utilities sector -0.91%: The weakest sector, lagging as investors favored AI-linked growth and semis over defensive yield proxies.
Eco Data Releases | Monday May 11th, 2026
S&P 500 Constituent Earnings Announcements | Monday May 11th, 2026
Data sourced from FactSet Research Systems Inc.
