S&P futures are up 0.1% Friday morning after Thursday’s strong cash session, when the S&P 500, Nasdaq, and Russell 2000 all set record highs and the S&P posted its best month since November 2020. The tone is quieter into month-end and a holiday-thinned global session, with most Asian markets closed or lightly traded and Europe closed. Treasuries and the dollar are little changed, gold is down 1.1%, silver is off 0.6%, Bitcoin futures are up 1.2%, and WTI crude is up 0.7%. The broader narrative remains constructive around Q1 earnings, with just over 60% of the S&P 500 now reported and results continuing to support a favorable profit backdrop. AI compute and infrastructure demand remain the dominant secular theme, while consumer resilience and pricing power are still helping protect margins. Middle East risk remains an overhang through energy supply, bond-market spillovers, and Fed-policy complications, though the earnings impact has been limited so far. ISM manufacturing is the key data point today, expected to rise to 53.1 in April from 52.7 in March, which would mark a fourth straight month of expansion.
Thursday’s sector tape was strongly risk-on. Small caps, most-shorted stocks, and retail favorites led, while biopharma, machinery, banks, private equity, semis, homebuilders, retail, tobacco, chemicals, and industrial metals also outperformed. Big tech was mixed, with Alphabet the standout from the latest Mag 7 earnings batch, while Meta and Microsoft lagged after their reports. Software, payments, managed care, and containerboard were notable underperformers.
Key Data Ahead
- Today: April ISM manufacturing, expected at 53.1, up from 52.7 in March.
- Next week: ISM services, new home sales, JOLTS job openings, 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.
U.S. equities finished higher Thursday, ending near best levels, with the Dow +1.62%, S&P 500 +1.02%, Nasdaq +0.89%, and Russell 2000 +2.21%. The S&P, Nasdaq, and Russell 2000 set fresh record closes, while the S&P and Nasdaq posted their best months since the November 2020 vaccine-breakthrough rally. The macro backdrop improved as oil and rates pulled back following Wednesday’s pressure: WTI crude fell 1.1% to $105.67 after the prior day’s ~7% rally, the 2-year yield declined 5 bp to 3.88%, the 10-year fell 3 bp to 4.38%, and the dollar index dropped 0.9% for its worst session in more than a year. Gold rose 1.5%, silver gained 2.7%, and Bitcoin futures rose 1.3%. Economic data remained consistent with a solid but uneven macro backdrop: Q1 GDP grew 2.0% SAAR, below the 2.3% consensus; March personal income rose 0.6% m/m; personal spending increased 0.9%; core PCE matched consensus at +0.3% m/m; initial jobless claims fell to 189K, the lowest since 1969; ECI rose 0.9% q/q; and Chicago PMI slipped back into contraction at 49.2.
Sector Highlights
Sector performance was broadly positive, with strong breadth and equal-weight outperformance. Communication Services led, up 3.98%, helped by Alphabet’s post-earnings rally. Industrials gained 2.76% on strength in machinery, E&C, and select data-center infrastructure beneficiaries. Utilities rose 2.55%, Healthcare gained 2.20%, Real Estate added 1.78%, Staples advanced 1.69%, Consumer Discretionary rose 1.24%, and Materials gained 1.06%. Energy rose 0.81% despite the pullback in crude, while Technology gained 0.63% and Financials rose 0.40%, both relative underperformers amid mixed mega-cap tech and payments results.
Communication Services
- GOOGL +10.0%: Best of the Mag 7 prints, with Q1 upside driven by 63% Google Cloud growth, near doubling of Cloud backlog, 19% Search growth, a large operating-income beat, and positive read-throughs on Alphabet’s full-stack AI platform.
- META -8.7%: Fell despite strong Q1 revenue and operating income, as investors focused on underwhelming Q2 revenue guidance, expected revenue-growth deceleration, and a $10B FY capex guide raise to $125–145B.
- X: Announced a rebuilt AI-powered ad platform.
Information Technology
- MSFT -3.9%: Fiscal Q3 results beat, with Azure growth accelerating to +39% constant currency and Q4 Azure guidance of 39–40%, but another capex ramp and a more muted beat versus some mega-cap peers weighed on the stock.
- QCOM +15.1%: FQ2 earnings beat, with handset weakness in China offset by optimism around a custom-silicon ramp with a leading hyperscaler, a $20B buyback, and a dividend increase.
- KLAC -3.6%: FQ3 earnings and revenue beat, but shares fell on underwhelming FY26 guidance, supply-constraint concerns, and a high bar after strength in semicap equipment.
- TER +12.1%: Rebounded after Q1 EPS and revenue beat, supported by broad AI demand and early GPU production wins.
- PI +20.7%: Q1 revenue and EPS beat, with record bookings driven by custom ASIC ramp and retail rebuys; Q2 guidance was well ahead of consensus.
- VIAV +15.1%: FQ3 EPS and revenue beat, Q4 guidance topped consensus, and management highlighted strength in data-center and aerospace/defense end markets.
- CHKP -19.6%: Fell after Q1 revenue, operating income, deferred revenue, and billings missed expectations, with analysts citing execution and go-to-market challenges.
Consumer Discretionary
- ORLY +8.4%: Q1 comp growth of 8.1% beat by roughly 300 bp and EPS came in ahead; FY26 EPS guidance was raised.
- CMG +3.0%: Q1 revenue beat and comps turned positive, helped by transaction growth; restaurant margin was ahead and FY26 comp guidance was reaffirmed.
- F -1.3%: Q1 EPS beat, helped by a $1.3B one-time tariff benefit, but revenue was light; FY26 EBIT guidance was raised, though commodity-cost concerns remained.
- W -12.8%: Revenue beat and U.S. growth improved, but EPS missed on lower gross margin and higher interest expense.
- CHH -15.6%: EPS and EBITDA missed despite a revenue beat; analysts flagged weaker economy-segment performance and softer U.S. domestic rooms growth.
- H +5.5%: Mixed Q1 results, with slight EBITDA miss but solid RevPAR-driven fee growth; FY RevPAR guidance was raised.
- RCL +3.8%: Q1 EPS and net yield beat, while a lighter Q2 guide and lower FY guidance were better than feared given geopolitical and fuel pressures.
- EBAY: GMV accelerated, though commentary pointed to a high bar into the print.
Consumer Staples
- SFM +15.1%: Q1 revenue, comps, and EPS were slightly ahead; FY26 EPS guidance was raised, while management noted loyal customers remain engaged despite macro pressure on lower-income consumers.
- MO +6.5%: Q1 EPS and revenue beat, with smokable and oral tobacco volume declines better than feared; FY26 EPS guidance was reaffirmed.
- HSY -1.8%: Q1 organic sales growth and EPS beat, but shares slipped as investors focused on pricing-driven upside, timing benefits, and no increase to FY guidance.
- Unilever: Said it plans to implement frequent but smaller price increases and could raise prices by roughly 3% if inflation pressure persists.
- Molson Coors: Beer shipments were hurt by a glass shortage linked to tariffs and the Iran war.
- RNDC: Reportedly planning widespread layoffs and facility closures across the U.S
Financials
- OWL +9.8%: Q1 FRE beat expectations on stronger management fees and fee rate, though FPAUM and fundraising were below consensus.
- MA -4.3%: Q1 revenue and EPS beat, but shares lagged as analysts pointed to slightly weaker international trends, softer cross-border travel growth, and a potentially weaker Q2 setup versus Visa.
- WTW -11.7%: Q1 earnings beat with revenue in line, but organic growth missed expectations, with global macro headwinds and softer Risk & Broking results flagged.
- AFL -2.2%: Q1 earnings were light despite better revenue, with Japan results again softer than expected and margins weaker.
- ALL / IVH: Earnings laggards.
- Blue Owl: Said it took haircuts on software-company valuations but has not seen a meaningful increase in defaults or financial stress.
Healthcare
- LLY +9.8%: Big Q1 earnings and revenue beat, with Mounjaro and Zepbound sales ahead of consensus; FY guidance was raised.
- GKOS +22.8%: Q1 revenue and EPS beat, glaucoma sales rose 47% y/y, and FY26 guidance was raised on better iDose performance.
- CAH -4.9%: Q3 EPS beat but revenue missed; margins improved in some segments, while GMPD underperformed on softer Rx and hospital trends.
- Managed care / hospitals / distributors: Relative underperformers within Healthcare despite broader sector strength.
Industrials
- PWR +15.8%: Big Q1 earnings and revenue beat, driven by Electric Infrastructure Solutions; backlog reached record levels and FY EPS/revenue guidance was raised.
- CAT +9.9%: Q1 EPS beat by 19%, with strong bookings, 52% y/y order growth, construction strength, power-demand momentum, and higher FY sales, margin, and FCF guidance.
- WCC +14.4%: Q1 revenue, organic growth, adjusted EBITDA, and EPS beat, with outperformance across all three business segments and backlog up 22% y/y.
- CARR +8.8%: Q1 revenue and EPS beat, orders rose 11%, and Commercial HVAC orders gained 35%, helped by data-center demand up more than 500% in the quarter.
- TXT +6.9%: Q1 revenue and EPS beat on strong Aviation deliveries; company reiterated 2026 guidance and announced plans to separate its Industrial segment.
- FLS -12.6%: Q1 revenue and core EPS missed excluding tariff benefits, and FY26 organic-growth guidance was lowered due to Middle East-related headwinds.
- HUBB -6.9%: Q1 revenue and EPS beat, but shares fell on lowered margin guidance and high investor expectations.
- PH -4.0%: FQ3 EPS and revenue beat and FY26 guidance was raised, but limited margin growth and weaker North America Industrial margins weighed.
Materials
- FMC: Notable earnings gainer.
- IP -9.4%: Q1 revenue and EBITDA missed, Q2 EBITDA guidance was well below expectations, and FY EBITDA guidance was lowered amid inflation and weather-related headwinds.
- SW -3.3%: Q1 EBITDA and Q2 EBITDA guidance were light, though FY guidance was reiterated; management cited macro uncertainty and adverse weather.
- Chemicals / industrial metals: Outperformed as Materials participated in the broader cyclical rally.
Real Estate
- Real Estate sector +1.78%: Benefited from lower yields and the broader risk-on tape.
- SBAC: Earnings laggard.
Eco Data Releases | Friday May 1st, 2026
S&P 500 Constituent Earnings Announcements | Friday May 1st, 2026
Data sourced from FactSet Research Systems Inc.
