S&P futures are down 1.1% Friday morning after U.S. equities finished higher Thursday. Networking, banks, private equity, and dollar stores outperformed, while Mag 7 was mixed and metals, aerospace, and financial data services lagged. Global risk tone is weaker, with South Korea down more than 6%, Japan off nearly 2%, Hong Kong down more than 1.5%, and Europe lower by roughly 1%. Treasuries are selling off, with yields up 5–7 bp, the dollar is up 0.4%, gold is down 2.9%, silver is down 8.4%, Bitcoin futures are off 1.3%, and WTI crude is up 3.5%.
The market is ending the week risk-off amid higher global yields, stretched positioning in parts of tech, weak breadth, and disappointment around limited deliverables from the Trump-Xi summit. Middle East escalation risk is also back in focus, helping push crude higher. AI momentum has remained the dominant equity theme, but the scale of recent gains has raised concerns about mechanical or forced buying, narrow leadership, and concentration risk. Inflation and rate concerns are also resurfacing after another round of global price-pressure headlines.
Economic Calendar
Today brings the May Empire manufacturing index and April industrial production. Empire is expected to fall to +7.5 from +11.0, while industrial production is expected to rise 0.2% m/m after March’s 0.5% decline. Next week’s macro calendar is lighter, with homebuilder sentiment, FOMC minutes, Philly Fed manufacturing, housing starts/permits, and flash PMIs as the main highlights.
Company News
- AMAT: Beat and guided above expectations despite a high bar. Takeaways were positive on 2026 semi equipment sales growth guidance of 30%+, up from prior 20%+, along with better gross margins and improved visibility.
- FIG: Big gainer after a beat-and-raise, with management highlighting stronger-than-expected AI credit monetization.
- DXCM: Higher on reports that Elliott has taken a stake and reached a settlement that will add two independent directors to the board.
- PZZA: Boosted by news that its largest U.S. franchisee is working with Irth Capital to take the company private.
- MSFT: Bill Ackman said Pershing Square has taken a stake.
- OpenAI: CFO said the company may look to raise additional capital.
U.S. equities finished higher Thursday, ending a bit off best levels, with the Dow +0.75%, S&P 500 +0.77%, Nasdaq +0.88%, and Russell 2000 +0.67%. The S&P 500 and Nasdaq again set fresh all-time highs, with the latest AI enthusiasm the main support. Cisco’s strong AI order commentary, Cerebras’ sharp IPO-day rally, and more constructive headlines around Nvidia H200 chip sales to China kept AI infrastructure in focus. Macro data were largely in line: April retail sales rose 0.5% m/m, matching consensus, while ex-auto sales rose 0.7% and control-group sales rose 0.5%, slightly ahead of expectations. Initial claims came in at 211K versus 205K consensus, and import prices rose 1.9% m/m, above the 1.0% forecast, highlighting continued inflation pressure from fuel and trade-related costs. Treasuries were mixed with curve flattening, the dollar rose 0.4%, gold fell 1.1%, silver dropped 4.5%, Bitcoin futures rose 2.4%, and WTI crude gained 0.9% to $101.92.
Sector Highlights
Sector performance was positive but still AI-led. Technology led, up 1.85%, helped by Cisco, semis, AI infrastructure, and networking/IT equipment. Energy rose 0.77%, while Utilities gained 0.55%, Financials rose 0.54%, and Consumer Staples and Industrials each added 0.50%. Materials was the weakest sector, down 0.80%, followed by Real Estate down 0.59%, Consumer Discretionary down 0.31%, Communication Services down 0.21%, and Healthcare down 0.08%. Outperformers included networking/IT equipment, banks, credit cards, private equity, road/rail, dollar stores, and retail-investor favorites, while laggards included managed care, biotech, China tech, aerospace and defense, homebuilders, food/beverage, copper/aluminum, and chemicals.
Information Technology
- CSCO +13.4%: Fiscal Q3 beat and guidance raise. Product orders rose 35% y/y, networking orders rose 50%, and management raised FY26 AI order guidance to $9B from $5B, while AI revenue guidance increased by $1B to $4B.
- CBRS +68.2%: Cerebras doubled in its trading debut after pricing its IPO at $185/share, already above the recent $150–$160 range. Management said the IPO was more than 25 times oversubscribed.
- POET +43.2%: Entered into a supply agreement with Lumilens to advance wafer-level photonic integration for AI optical networks.
- WIX -4.7%: Extended its post-earnings decline after multiple downgrades, with analysts citing soft partner revenue growth, elevated acquisition marketing costs, and AI compute costs weighing on margins.
- MSFT: Reportedly exploring AI startup acquisitions as it looks to diversify beyond OpenAI.
Communication Services
- TTWO +6.8%: Higher on speculation that GTA 6 pre-orders could open next week, according to a Best Buy leak.
- SNAP -4.5%: Fell after CTO Robert Murphy filed a notice of proposed sale of 2.0M shares through Wells Fargo.
- China tech: Underperformed after recent strength and amid continued uncertainty around the Trump-Xi summit and export restrictions.
Consumer Discretionary
- VIK +5.5%: Q1 revenue and adjusted EBITDA beat, helped by stronger-than-expected net yield growth of 9.5%. The company said it is already 92% booked for 2026 and appointed Leah Talactac as CEO.
- STUB +13.7%: Q1 earnings, revenue, margins, GMS, and free cash flow beat expectations. Management cited stronger LatAm and Asia-Pacific performance and reaffirmed FY guidance.
- YETI +6.2%: Q1 revenue, gross margin, and EPS beat, with Wholesale sales up 19%. FY26 revenue guidance was raised, and the company approved a $500M buyback.
- CAKE +3.1%: Upgraded to neutral from underweight at JPMorgan, which cited steady execution, margin-expansion visibility, and durable cash flow.
- SN +3.7%: SharkNinja rose on news it will join the S&P MidCap 400 on May 18.
- Homebuilders: Underperformed as rate sensitivity and consumer affordability concerns remained overhangs.
Consumer Staples
- KHC: CEO purchased roughly $5M of stock on Wednesday.
- Food/beverage: Lagged within Staples, while dollar stores outperformed.
Energy
- Energy sector +0.77%: Outperformed as WTI crude rose 0.9% to $101.92. Headlines remained focused on Strait of Hormuz transit, China potentially buying more U.S. oil, and efforts to oppose a Hormuz toll.
Financials
- FISV +2.1%: Ahead of investor day, Fiserv announced medium-term targets including revenue-growth acceleration through 2029. The company also announced a JV with Bridgeport Partners and a strategic partnership with OpenAI.
- FRMI +22.8%: Q1 EPS and operating income were light, but shares rallied after management outlined its “Fermi 2.0” plan, including efforts to secure a binding tenant agreement and hire a new CEO.
- Banks / credit cards / private equity: Outperformed as Financials rose 0.54%.
Healthcare
- DOCS -23.0%: FQ4 revenue was slightly ahead but EPS was slightly below, while FQ1 and FY27 guidance missed expectations. Management cited soft market conditions, shorter planning horizons, limited visibility, and rising investment needs.
- STAA +8.9%: Big Q1 beat, in line with its preannouncement, helped by strong China performance from the EVO+ launch and ICL share gains. Visibility remains limited, with the company still not providing guidance.
- Managed care / biotech: Underperformed, leaving Healthcare slightly lower.
Industrials
- BA -4.7%: Fell even after Trump said China would place an order for 200 Boeing aircraft. Prior reports had suggested China was close to a deal for as many as 500 planes.
- Aerospace & Defense: Lagged within Industrials.
- Road / rail: Outperformed, helping the sector finish higher.
Materials
- Materials sector -0.80%: The weakest group, pressured by weakness in copper, aluminum, and chemicals.
- USAR / LAC: Listed among notable earnings decliners.
Real Estate
- Real Estate -0.59%: Underperformed as the sector lagged despite mixed Treasury yields.
Utilities
- OKLO -3.5%: Announced an equity distribution of up to $1B in common stock, following Wednesday’s decline after a wider-than-expected loss.
- Utilities +0.55%: Finished higher, though performance was more muted than the AI-led strength in Technology.
Eco Data Releases | Friday May 15th, 2026
S&P 500 Constituent Earnings Announcements | Friday May 15th, 2026
No constituents report today
Data sourced from FactSet Research Systems Inc.
