S&P futures are down 0.1% Thursday morning after U.S. equities finished narrowly mixed Wednesday, though the S&P 500 and Nasdaq still eked out fresh record highs. Momentum slipped after a five-day run, and money-center banks lagged, while Consumer Discretionary was the standout, with retail/apparel, restaurants, travel/tourism, and homebuilders outperforming. Global tone is softer, with Hong Kong and Australia down more than 1%, Europe off roughly 0.2%, Treasuries slightly weaker, the dollar up 0.1%, gold and silver lower, Bitcoin futures down 2.7%, and WTI crude up 2.0% after Wednesday’s sharp decline.
The tone is slightly more defensive as oil rebounds following fresh U.S. strikes on Iranian military sites and drones. However, markets continue to price in a potential near-term framework to end the conflict and reopen the Strait of Hormuz, even as concrete headlines remain limited. Tech earnings were the main overnight focus, with results mostly better but reactions mixed. Snowflake was the clearest positive narrative shift, with AI becoming a stronger tailwind. The broader $5T+ semi rally remains central to market leadership, while hawkish Fed commentary and this morning’s PCE inflation data are key macro watchpoints.
Economic Calendar
April personal income and spending, including PCE inflation, is the key release this morning. Consensus expects core PCE up 0.3% m/m and 3.3% y/y. Revised Q1 GDP, initial claims, durable goods orders, and new home sales are also due. Treasury will sell $44B of 7-year notes, and Fed speakers include Williams, Musalem, and Barkin today, followed by Schmid, Bowman, Paulson, and Daly on Friday.
Company News
- MRVL: Guided above Street expectations, cited exceptional AI-related bookings, and raised FY27/FY28 guidance, though expectations were high.
- CRM: Largely in line, with some positive AI metrics but not enough to materially change the narrative.
- SNOW: Big gainer after a strong Q1 product revenue beat, better Q2 and FY27 guidance, and upbeat AI commentary. Also announced a $6B AWS deal for agentic computing chips.
- SNPS: Beat and raised, though organic guidance was largely unchanged; also announced a settlement with Elliott.
- HPQ: Fiscal Q2 was better than feared, helped by PC pull-forward, though margins remain a concern.
- A: Big gainer after a beat-and-raise despite a difficult macro backdrop.
- HEI: Standout, with takeaways positive on 18% organic growth and expectations for stronger sales momentum in FSG and ETG.
- DELL: Higher after receiving a $9.7B U.S. military contract.
- FDXF: Set to join the S&P 500.
U.S. equities were narrowly mixed Wednesday, with the Dow up 0.36%, S&P 500 up 0.02%, Nasdaq up 0.07%, and Russell 2000 down 0.02%. The S&P 500 and Nasdaq edged out fresh record closes, though trading was fairly rangebound as oil and yields moved lower. WTI crude fell 4.8% to $89.38, its lowest level since April 20, while Treasury yields declined 1–2 bp across the curve after Tuesday’s larger rally. The dollar rose 0.1%, gold fell 1.1%, silver declined 2.2%, and Bitcoin futures slipped 1.3%. The macro backdrop remained quiet, with little incremental progress on U.S.-Iran negotiations; Iranian media claimed a draft MOU existed, while the White House suggested the report was fabricated, and Trump said negotiations are continuing but the U.S. is not satisfied yet. Economic data were mixed: ADP weekly private payrolls slowed to a 35.75K four-week average from 42.25K, while the Richmond Fed manufacturing index improved to +13 versus +2 consensus. The $70B 5-year Treasury auction tailed by 0.1 bp, marking the 12th consecutive tail for that tenor, though foreign demand improved.
Sector performance was mixed, with Consumer Discretionary leading, up 1.89%, helped by retail, apparel, restaurants, travel, homebuilders, and consumer cyclicals. Consumer Staples gained 0.97%, Communication Services rose 0.72%, Healthcare added 0.22%, and Industrials edged up 0.02%. Energy was the weakest sector, down 1.52%, as crude sold off sharply. Financials fell 0.82%, Utilities declined 0.48%, Technology lost 0.39%, Real Estate slipped 0.31%, and Materials was roughly flat, down 0.01%. Momentum paused for the first time in five sessions, with semis weaker but memory still firm. Outperformers included transports, building materials, steel, pharma/biotech, managed care, credit cards, payments, staples, media, space, and most-shorted names, while laggards included energy, cybersecurity, software, networking/IT equipment, money-center banks, P&C insurers, exchanges, machinery, waste, copper/aluminum, nuclear, and quantum computing.
Information Technology
- ZS -31.5%: Fiscal Q3 results beat, but shares fell sharply on unchanged FY26 ARR guidance, a lower free-cash-flow guide, a disappointing FY27 outlook, slower new-logo growth, sales leadership changes, and competitive concerns.
- SMTC: Lower despite a beat, better guidance, and management commentary that data-center growth should accelerate through the year.
- BOX -3.7%: Q1 earnings, revenue, and margins were slightly ahead, and billings beat consensus, but Q2 guidance was only in line and FY guidance was only marginally increased.
- IREN +13.5%: Announced an agreement to purchase air-cooled Blackwell systems from Dell for roughly $1.6B.
- Semis / memory: Semis weakened after recent strength, while memory remained a relative bright spot.
Communication Services
- META +3.7%: Announced subscription plans for Instagram, Facebook, and WhatsApp, with additional features expected over time, including AI-focused offerings.
- PSKY / WBD: Semafor reported the Justice Department is ready to approve Paramount Skydance’s takeover of Warner Bros. Discovery.
- Media: Outperformed, helping Communication Services gain 0.72%.
Consumer Discretionary
- DY +25.8%: Big Q1 beat, Q2 guidance well ahead of consensus, and FY guidance raised by more than the Q1 beat. Management highlighted record backlog, fiber infrastructure demand, data-center builds, and strategic expansion.
- BBWI +9.7%: Q1 EPS and revenue beat. Q2 EPS guidance was ahead, though revenue decline guidance was weaker than expected. Analysts highlighted SG&A improvement offsetting oil and tariff cost pressure.
- ANF +8.9%: Q1 earnings and margins beat, with revenue in line. Comps missed consensus, but Americas and APAC grew, while EMEA was pressured by Middle East conflict. FY ranges were reaffirmed.
- MGM +9.1%: Upgraded by JPMorgan and Truist, with analysts citing resilient Las Vegas demand and positive proprietary survey results.
- NCLH +6.3%: CEO John Chidsey disclosed a purchase of 153K shares, increasing ownership to 1.1M shares.
- LULU +2.9%: Confirmed an agreement with founder Chip Wilson that adds his two nominees to the board and another new board member by October, with Wilson agreeing to standstill and related provisions.
- TSLA +1.6%: European April new-car registrations rose 46.5% y/y, continuing a recovery after a weak 2025.
- DKS -6.0%: Q1 revenue beat and comps topped consensus, but earnings were largely in line, margin impact from Foot Locker was mixed, and FY earnings and revenue guidance were only reaffirmed.
- MNRO: Missed expectations, announced a strategic review, and is considering a potential sale.
Consumer Staples
- CELH +6.7%: COO Eric Hanson disclosed the purchase of 7.5K shares, increasing ownership to 76.4K shares.
- Staples sector +0.97%: Outperformed, helped by broader strength in defensive consumer names.
Energy
- Energy sector -1.52%: The weakest sector as WTI crude fell nearly 5% to its lowest level since April 20.
Financials
- JPM: Pressured after saying it is likely over-earning and raising expense guidance, contributing to weakness in money-center banks.
- Credit cards / payments: Outperformed within the market, even as Financials declined overall.
- Exchanges / P&C insurers: Lagged within Financials.
Healthcare
- BSX -12.5%: Flagged a decline in standalone Watchman growth and trimmed internal guidance. Management also noted more competition in electrophysiology and some softness in urology, though it remained comfortable with Q2 and FY26 guidance.
- PODD -5.1%: Announced a voluntary medical-device correction affecting roughly 7M Omnipod pods due to possible tubing tears; about 60% have already been consumed or expired.
- HIMS +5.7%: Director David Wells disclosed a purchase of 48.4K shares, increasing beneficial ownership to 224.4K shares.
- Pharma / biotech / managed care: Outperformed within Healthcare.
Industrials
- VRRM -70.6%: Avis Budget terminated its contract with Verra Mobility effective September 2026. The company cut FY26 revenue, EBITDA, and EPS guidance, leading to multiple downgrades.
- KMT -5.9%: Downgraded to underweight from equal weight at Barclays, which cited valuation.
- Transports / building materials / space: Outperformed, while machinery and waste lagged.
Materials
- AKZOY +19.0%: Akzo Nobel rejected a €73/share cash offer from Nippon Paint and Sherwin-Williams, saying it undervalued the company, and continued to recommend its merger with Axalta.
- Steel / building materials: Outperformed, while copper and aluminum lagged.
Top of Form
Bottom of Form
Eco Data Releases | Thursday May 28th, 2026
S&P 500 Constituent Earnings Announcements | Thursday May 28th, 2026
Data sourced from FactSet Research Systems Inc.
